Magnite (NASDAQ:MGNI) Coverage Initiated at B. Riley

Investment analysts at B. Riley began coverage on shares of Magnite (NASDAQ:MGNI) in a research report issued on Friday, Marketbeat Ratings reports. The brokerage set a “buy” rating and a $14.50 price target on the stock. B. Riley’s target price indicates a potential upside of 71.39% from the company’s current price.

Several other brokerages have also issued reports on MGNI. Susquehanna upped their target price on Magnite from $11.00 to $14.00 and gave the stock a “positive” rating in a research note on Thursday, February 29th. Bank of America increased their target price on shares of Magnite from $11.00 to $13.00 and gave the company a “neutral” rating in a report on Thursday, February 29th. Needham & Company LLC reissued a “buy” rating and issued a $15.00 price target on shares of Magnite in a research note on Thursday, March 21st. Royal Bank of Canada reaffirmed an “outperform” rating and set a $15.00 price objective on shares of Magnite in a research note on Thursday, March 7th. Finally, Benchmark reissued a “buy” rating and issued a $18.00 target price on shares of Magnite in a research note on Monday, March 25th. Two equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $14.39.

Magnite Stock Down 2.1 %

Shares of NASDAQ:MGNI opened at $8.46 on Friday. The firm has a market capitalization of $1.15 billion, a PE ratio of -6.82, a price-to-earnings-growth ratio of 0.54 and a beta of 2.25. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.09 and a current ratio of 1.09. Magnite has a 52-week low of $6.28 and a 52-week high of $15.73. The firm has a fifty day moving average of $10.32 and a 200 day moving average of $9.03.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings results on Wednesday, February 28th. The company reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.03 by $0.13. The firm had revenue of $165.28 million during the quarter, compared to analyst estimates of $160.24 million. Magnite had a positive return on equity of 2.52% and a negative net margin of 25.69%. As a group, research analysts anticipate that Magnite will post 0.47 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Michael G. Barrett sold 75,000 shares of the company’s stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $11.21, for a total transaction of $840,750.00. Following the completion of the transaction, the chief executive officer now owns 1,234,662 shares in the company, valued at $13,840,561.02. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Company insiders own 4.30% of the company’s stock.

Hedge Funds Weigh In On Magnite

Hedge funds and other institutional investors have recently modified their holdings of the stock. JPMorgan Chase & Co. boosted its position in Magnite by 12.2% during the 1st quarter. JPMorgan Chase & Co. now owns 333,176 shares of the company’s stock valued at $4,401,000 after acquiring an additional 36,176 shares in the last quarter. Raymond James & Associates lifted its stake in shares of Magnite by 13.9% in the 1st quarter. Raymond James & Associates now owns 16,682 shares of the company’s stock valued at $220,000 after purchasing an additional 2,038 shares during the period. Cambridge Investment Research Advisors Inc. boosted its position in shares of Magnite by 27.8% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 25,361 shares of the company’s stock valued at $335,000 after purchasing an additional 5,512 shares in the last quarter. HighTower Advisors LLC grew its stake in Magnite by 8.7% in the first quarter. HighTower Advisors LLC now owns 111,260 shares of the company’s stock worth $1,470,000 after purchasing an additional 8,892 shares during the period. Finally, MetLife Investment Management LLC raised its holdings in Magnite by 55.0% in the first quarter. MetLife Investment Management LLC now owns 69,690 shares of the company’s stock worth $921,000 after purchasing an additional 24,725 shares in the last quarter. Hedge funds and other institutional investors own 73.40% of the company’s stock.

About Magnite

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.