Magnite’s (MGNI) “Outperform” Rating Reaffirmed at Royal Bank of Canada

Royal Bank of Canada reaffirmed their outperform rating on shares of Magnite (NASDAQ:MGNI) in a report released on Friday, Benzinga reports. The firm currently has a $19.00 target price on the stock.

Other equities analysts have also recently issued research reports about the company. Bank of America boosted their price objective on Magnite from $15.00 to $17.00 and gave the stock a buy rating in a research report on Monday, July 29th. Lake Street Capital initiated coverage on shares of Magnite in a report on Thursday, July 25th. They set a buy rating and a $21.00 price objective on the stock. Evercore ISI upped their price objective on shares of Magnite from $13.00 to $15.00 and gave the company an outperform rating in a research report on Monday, June 3rd. Wolfe Research assumed coverage on Magnite in a research report on Tuesday, July 16th. They set an outperform rating and a $16.00 target price on the stock. Finally, Craig Hallum restated a buy rating and set a $20.00 price target on shares of Magnite in a research note on Wednesday, August 21st. Ten investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Magnite presently has a consensus rating of Buy and an average price target of $17.25.

Magnite Stock Performance

MGNI stock opened at $13.72 on Friday. The company has a market capitalization of $1.94 billion, a price-to-earnings ratio of -21.44, a P/E/G ratio of 1.15 and a beta of 2.41. The firm has a 50 day moving average of $13.46 and a two-hundred day moving average of $12.18. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.77. Magnite has a 12 month low of $6.28 and a 12 month high of $15.92.

Magnite (NASDAQ:MGNI) last posted its earnings results on Wednesday, August 7th. The company reported $0.14 earnings per share for the quarter, missing the consensus estimate of $0.15 by ($0.01). The company had revenue of $162.88 million for the quarter, compared to the consensus estimate of $144.04 million. Magnite had a negative net margin of 0.83% and a positive return on equity of 3.74%. Magnite’s quarterly revenue was up 6.8% on a year-over-year basis. During the same quarter last year, the business earned ($0.04) earnings per share. As a group, equities analysts anticipate that Magnite will post 0.31 EPS for the current fiscal year.

Insider Transactions at Magnite

In related news, CRO Sean Patrick Buckley sold 2,623 shares of the business’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $12.53, for a total value of $32,866.19. Following the sale, the executive now owns 331,742 shares of the company’s stock, valued at approximately $4,156,727.26. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, CEO Michael G. Barrett sold 100,000 shares of Magnite stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $15.00, for a total value of $1,500,000.00. Following the completion of the transaction, the chief executive officer now owns 1,052,493 shares in the company, valued at $15,787,395. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CRO Sean Patrick Buckley sold 2,623 shares of the stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $12.53, for a total value of $32,866.19. Following the sale, the executive now owns 331,742 shares in the company, valued at $4,156,727.26. The disclosure for this sale can be found here. In the last ninety days, insiders sold 250,383 shares of company stock valued at $3,519,150. Corporate insiders own 4.30% of the company’s stock.

Institutional Trading of Magnite

Hedge funds and other institutional investors have recently made changes to their positions in the business. Maven Securities LTD acquired a new stake in shares of Magnite in the 2nd quarter valued at $357,000. Dana Investment Advisors Inc. bought a new stake in Magnite during the 2nd quarter worth about $6,556,000. New Century Financial Group LLC acquired a new position in Magnite in the second quarter valued at approximately $640,000. Truist Financial Corp lifted its stake in shares of Magnite by 42.9% in the 2nd quarter. Truist Financial Corp now owns 68,307 shares of the company’s stock valued at $908,000 after purchasing an additional 20,517 shares during the period. Finally, Algert Global LLC boosted its position in shares of Magnite by 6.6% in the 2nd quarter. Algert Global LLC now owns 142,155 shares of the company’s stock worth $1,889,000 after purchasing an additional 8,807 shares during the last quarter. 73.40% of the stock is currently owned by institutional investors and hedge funds.

Magnite Company Profile

Magnite, Inc, together with its subsidiaries, operates an independent omni-channel sell-side advertising platform in the United States and internationally. The company's platform offers applications and services for sellers of digital advertising inventory or publishers that own and operate CTV channels, applications, websites, and other digital media properties to manage and monetize their inventory; and applications and services for buyers, including advertisers, agencies, agency trading desks, and demand side platforms to buy digital advertising inventory, as well as an independent marketplace that connects buyers and sellers.