Brokerages Set Magnite, Inc. (NASDAQ:MGNI) Target Price at $26.20

Shares of Magnite, Inc. (NASDAQ:MGNI) have been assigned a consensus rating of “Moderate Buy” from the eleven ratings firms that are currently covering the firm, Marketbeat.com reports. Two analysts have rated the stock with a hold rating and nine have issued a buy rating on the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $26.20.

A number of research analysts recently issued reports on MGNI shares. Wells Fargo & Company cut their price target on Magnite from $22.00 to $20.00 and set an “equal weight” rating for the company in a report on Friday, November 7th. Weiss Ratings restated a “hold (c)” rating on shares of Magnite in a research report on Wednesday, October 8th. Rosenblatt Securities reiterated a “buy” rating and set a $39.00 target price on shares of Magnite in a research report on Thursday, November 6th. Finally, Wall Street Zen lowered shares of Magnite from a “buy” rating to a “hold” rating in a report on Saturday, November 8th.

Insider Activity at Magnite

In other news, Director Robert F. Spillane sold 12,500 shares of the company’s stock in a transaction on Friday, November 21st. The stock was sold at an average price of $14.22, for a total transaction of $177,750.00. Following the transaction, the director owned 53,917 shares of the company’s stock, valued at $766,699.74. This represents a 18.82% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Adam Lee Soroca sold 10,857 shares of Magnite stock in a transaction dated Tuesday, November 18th. The stock was sold at an average price of $13.23, for a total value of $143,638.11. Following the completion of the sale, the insider owned 326,114 shares of the company’s stock, valued at approximately $4,314,488.22. The trade was a 3.22% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 54,985 shares of company stock valued at $1,024,758 over the last quarter. 4.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Magnite

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Cetera Investment Advisers raised its position in shares of Magnite by 42.5% during the 1st quarter. Cetera Investment Advisers now owns 33,821 shares of the company’s stock valued at $386,000 after acquiring an additional 10,089 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Magnite by 1.0% during the first quarter. Vanguard Group Inc. now owns 13,743,521 shares of the company’s stock worth $156,814,000 after purchasing an additional 138,417 shares during the period. Swiss National Bank increased its holdings in Magnite by 9.1% in the first quarter. Swiss National Bank now owns 272,600 shares of the company’s stock valued at $3,110,000 after purchasing an additional 22,700 shares during the last quarter. King Luther Capital Management Corp lifted its stake in Magnite by 9.0% in the first quarter. King Luther Capital Management Corp now owns 582,786 shares of the company’s stock valued at $6,650,000 after buying an additional 48,219 shares during the period. Finally, Aigen Investment Management LP acquired a new position in Magnite in the first quarter valued at about $154,000. 73.40% of the stock is owned by institutional investors.

Magnite Stock Performance

NASDAQ MGNI opened at $15.51 on Friday. Magnite has a 1-year low of $8.22 and a 1-year high of $26.65. The company has a 50 day moving average of $16.64 and a 200-day moving average of $20.18. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.43. The firm has a market cap of $2.23 billion, a price-to-earnings ratio of 40.82, a PEG ratio of 1.13 and a beta of 2.49.

Magnite (NASDAQ:MGNI) last released its quarterly earnings results on Wednesday, November 5th. The company reported $0.20 EPS for the quarter, hitting analysts’ consensus estimates of $0.20. Magnite had a return on equity of 8.74% and a net margin of 8.25%.The business had revenue of $179.49 million for the quarter, compared to analyst estimates of $163.29 million. During the same period in the prior year, the company earned $0.17 EPS. Magnite’s revenue for the quarter was up 11.6% on a year-over-year basis. On average, equities analysts forecast that Magnite will post 0.33 earnings per share for the current fiscal year.

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.