Magnite, Inc. (NASDAQ:MGNI) Receives $26.20 Average Price Target from Analysts

Magnite, Inc. (NASDAQ:MGNI) has been assigned a consensus rating of “Moderate Buy” from the ten ratings firms that are currently covering the firm, Marketbeat.com reports. Two research analysts have rated the stock with a hold recommendation and eight have issued a buy recommendation on the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $27.00.

MGNI has been the topic of several recent analyst reports. Weiss Ratings reissued a “hold (c)” rating on shares of Magnite in a research note on Wednesday, October 8th. Wall Street Zen downgraded Magnite from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. Rosenblatt Securities restated a “buy” rating and set a $39.00 price objective on shares of Magnite in a report on Thursday, November 6th. Finally, Wells Fargo & Company lowered their price objective on Magnite from $22.00 to $20.00 and set an “equal weight” rating for the company in a research report on Friday, November 7th.

Insiders Place Their Bets

In related news, insider Sean Patrick Buckley sold 4,426 shares of the company’s stock in a transaction that occurred on Tuesday, November 18th. The shares were sold at an average price of $13.36, for a total transaction of $59,131.36. Following the completion of the transaction, the insider owned 271,125 shares of the company’s stock, valued at approximately $3,622,230. This represents a 1.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Robert F. Spillane sold 12,500 shares of the stock in a transaction that occurred 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 directly owned 53,917 shares in the company, valued at approximately $766,699.74. This represents a 18.82% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 49,439 shares of company stock worth $763,671 over the last 90 days. Corporate insiders own 3.80% of the company’s stock.

Institutional Investors Weigh In On Magnite

Institutional investors have recently added to or reduced their stakes in the company. Neo Ivy Capital Management acquired a new stake in Magnite during the 3rd quarter worth approximately $27,000. GAMMA Investing LLC grew its stake in Magnite by 355.6% during the second quarter. GAMMA Investing LLC now owns 1,517 shares of the company’s stock worth $37,000 after buying an additional 1,184 shares during the period. US Bancorp DE increased its position in shares of Magnite by 75.8% in the third quarter. US Bancorp DE now owns 1,596 shares of the company’s stock worth $35,000 after acquiring an additional 688 shares in the last quarter. State of Wyoming purchased a new position in shares of Magnite in the 3rd quarter valued at $39,000. Finally, CWM LLC raised its stake in shares of Magnite by 133.6% in the 2nd quarter. CWM LLC now owns 1,775 shares of the company’s stock valued at $43,000 after acquiring an additional 1,015 shares during the period. Hedge funds and other institutional investors own 73.40% of the company’s stock.

Magnite Stock Performance

NASDAQ MGNI opened at $16.77 on Thursday. Magnite has a fifty-two week low of $8.22 and a fifty-two week high of $26.65. The stock has a market cap of $2.41 billion, a price-to-earnings ratio of 44.13, a price-to-earnings-growth ratio of 0.87 and a beta of 2.35. The business has a fifty day moving average of $15.63 and a 200-day moving average of $20.06. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.43.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings data on Wednesday, November 5th. The company reported $0.20 EPS for the quarter, meeting analysts’ consensus estimates of $0.20. The business had revenue of $179.49 million for the quarter, compared to analyst estimates of $163.29 million. Magnite had a return on equity of 8.74% and a net margin of 8.25%.The business’s revenue for the quarter was up 11.6% compared to the same quarter last year. During the same quarter last year, the company earned $0.17 earnings per share. As a group, analysts predict that Magnite will post 0.33 earnings per share for the current fiscal year.

About Magnite

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).