BTIG Research upgraded shares of Magnite (NASDAQ:MGNI – Free Report) to a strong-buy rating in a research report report published on Tuesday,Zacks.com reports.
A number of other analysts have also recently weighed in on MGNI. Evercore reissued an “outperform” rating and issued a $21.00 target price on shares of Magnite in a research note on Thursday, May 7th. Needham & Company LLC reissued a “buy” rating and issued a $25.00 target price on shares of Magnite in a research note on Thursday, April 16th. Benchmark lowered their target price on shares of Magnite from $31.00 to $30.00 and set a “buy” rating on the stock in a research note on Thursday, February 26th. Rosenblatt Securities restated a “buy” rating and issued a $39.00 price target on shares of Magnite in a research report on Thursday, February 26th. Finally, Scotiabank boosted their price target on shares of Magnite from $16.00 to $17.00 and gave the company a “sector outperform” rating in a research report on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, Magnite presently has a consensus rating of “Moderate Buy” and a consensus target price of $23.89.
Check Out Our Latest Report on Magnite
Magnite Stock Performance
Magnite (NASDAQ:MGNI – Get Free Report) last posted its earnings results on Wednesday, May 6th. The company reported $0.13 earnings per share for the quarter, beating analysts’ consensus estimates of $0.11 by $0.02. The business had revenue of $164.37 million for the quarter, compared to analysts’ expectations of $159.24 million. Magnite had a net margin of 21.96% and a return on equity of 8.40%. The firm’s revenue for the quarter was up 5.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.12 earnings per share. As a group, research analysts forecast that Magnite will post 0.6 earnings per share for the current fiscal year.
Insider Buying and Selling
In other Magnite news, Director Robert F. Spillane sold 10,000 shares of the business’s stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $13.33, for a total value of $133,300.00. Following the transaction, the director directly owned 43,917 shares in the company, valued at $585,413.61. The trade was a 18.55% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 4.30% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On Magnite
A number of large investors have recently modified their holdings of the stock. Smartleaf Asset Management LLC lifted its position in shares of Magnite by 20.5% during the second quarter. Smartleaf Asset Management LLC now owns 3,387 shares of the company’s stock worth $82,000 after purchasing an additional 577 shares in the last quarter. US Bancorp DE lifted its position in shares of Magnite by 75.8% during the third quarter. US Bancorp DE now owns 1,596 shares of the company’s stock worth $35,000 after purchasing an additional 688 shares in the last quarter. PNC Financial Services Group Inc. lifted its position in shares of Magnite by 45.1% during the third quarter. PNC Financial Services Group Inc. now owns 2,428 shares of the company’s stock worth $53,000 after purchasing an additional 755 shares in the last quarter. AYAL Capital Advisors Ltd lifted its position in shares of Magnite by 0.5% during the fourth quarter. AYAL Capital Advisors Ltd now owns 200,000 shares of the company’s stock worth $3,246,000 after purchasing an additional 1,000 shares in the last quarter. Finally, CANADA LIFE ASSURANCE Co lifted its position in shares of Magnite by 2.4% during the third quarter. CANADA LIFE ASSURANCE Co now owns 44,552 shares of the company’s stock worth $992,000 after purchasing an additional 1,047 shares in the last quarter. 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).
Featured Stories
- Five stocks we like better than Magnite
- The Bank of Mom and Dad Is Booming—3 Stocks to Watch
- Corning Is Paving AI’s Future With Glass
- Why’s Amazon Suddenly Lagging the S&P 500, and Is It a Warning?
- Crypto Winter Is Here: 3 Stocks To Put On Ice This Summer
Receive News & Ratings for Magnite Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Magnite and related companies with MarketBeat.com's FREE daily email newsletter.
