Magnite (NASDAQ:MGNI) Earns “Buy” Rating from Rosenblatt Securities

Magnite (NASDAQ:MGNI)‘s stock had its “buy” rating reissued by investment analysts at Rosenblatt Securities in a research report issued on Thursday,Benzinga reports. They currently have a $39.00 price target on the stock. Rosenblatt Securities’ price objective would suggest a potential upside of 225.81% from the company’s previous close.

Other analysts have also recently issued reports about the stock. Wells Fargo & Company decreased their price objective on shares of Magnite from $22.00 to $20.00 and set an “equal weight” rating on the stock in a research note on Friday, November 7th. Benchmark restated a “buy” rating on shares of Magnite in a research report on Monday, January 12th. Wall Street Zen downgraded Magnite from a “buy” rating to a “hold” rating in a research note on Saturday, November 8th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Magnite in a research note on Thursday, January 22nd. Eight equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $27.00.

Magnite Stock Performance

NASDAQ:MGNI opened at $11.97 on Thursday. The firm’s 50-day moving average is $14.37 and its 200-day moving average is $17.71. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.01 and a current ratio of 1.01. The company has a market cap of $1.72 billion, a price-to-earnings ratio of 31.50, a PEG ratio of 0.64 and a beta of 2.39. Magnite has a 52-week low of $8.22 and a 52-week high of $26.65.

Insider Activity

In related news, insider Adam Lee Soroca sold 21,529 shares of the company’s stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $12.00, for a total transaction of $258,348.00. Following the completion of the sale, the insider owned 388,425 shares of the company’s stock, valued at $4,661,100. This represents a 5.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 3.80% of the company’s stock.

Institutional Trading of Magnite

A number of institutional investors and hedge funds have recently bought and sold shares of MGNI. Capital Research Global Investors boosted its stake in Magnite by 85.0% during the fourth quarter. Capital Research Global Investors now owns 12,920,289 shares of the company’s stock worth $209,696,000 after acquiring an additional 5,937,428 shares in the last quarter. Wellington Management Group LLP raised its holdings in shares of Magnite by 67.7% in the fourth quarter. Wellington Management Group LLP now owns 8,629,238 shares of the company’s stock valued at $140,053,000 after purchasing an additional 3,484,689 shares during the last quarter. Ophir Asset Management Pty Ltd purchased a new stake in Magnite in the 4th quarter valued at about $38,695,000. American Century Companies Inc. lifted its holdings in Magnite by 63.1% during the second quarter. American Century Companies Inc. now owns 4,829,197 shares of the company’s stock worth $116,480,000 after acquiring an additional 1,868,188 shares during the period. Finally, Frontier Capital Management Co. LLC raised its stake in shares of Magnite by 419.4% during the 2nd quarter. Frontier Capital Management Co. LLC now owns 1,793,830 shares of the company’s stock worth $43,267,000 after purchasing an additional 1,448,456 shares during the period. 73.40% of the stock is currently owned by institutional investors and hedge funds.

Magnite Company Profile

Magnite, Inc (NASDAQ: MGNI) operates as an independent sell-side advertising platform that enables publishers and digital media owners to monetize their inventory through programmatic advertising. Formed in 2020 through the merger of Rubicon Project and Telaria, Magnite combines technologies for desktop, mobile, connected television (CTV) and digital out-of-home (DOOH) ad exchanges. The company provides an end-to-end solution designed to help media owners optimize yield across open marketplaces, private marketplaces and programmatic guaranteed deals.

At the core of Magnite’s offering is its supply-side platform (SSP), which connects publishers’ ad impressions to demand-side platforms (DSPs) through real-time bidding (RTB).