Rosenblatt Securities Initiates a Buy Rating on Magnite (MGNI)

In a report released today, Barton Crockett from Rosenblatt Securities initiated coverage with a Buy rating on Magnite (MGNI – Research Report) and a price target of $18.00. The company's shares closed today at $12.35.
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Crockett covers the Communication Services sector, focusing on stocks such as Alphabet Class A, Comcast, and Stagwell. According to TipRanks, Crockett has an average return of 4.9% and a 53.01% success rate on recommended stocks.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Magnite with a $19.67 average price target.
Based on Magnite's latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $193.97 million and a net profit of $36.41 million. In comparison, last year the company earned a revenue of $186.93 million and had a net profit of $30.91 million
Based on the recent corporate insider activity of 102 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of MGNI in relation to earlier this year. Last month, Brian Gephart, the CAO of MGNI sold 6,250.00 shares for a total of $100,000.00.

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