Brokerages Set Magnite, Inc. (NASDAQ:MGNI) Target Price at $24.38

Magnite, Inc. (NASDAQ:MGNI) has been given an average rating of “Moderate Buy” by the nine analysts that are currently covering the stock, Marketbeat.com reports. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The average twelve-month target price among analysts that have covered the stock in the last year is $24.3750.

MGNI has been the subject of several analyst reports. Evercore reaffirmed an “outperform” rating and set a $21.00 price target on shares of Magnite in a research note on Thursday, May 7th. Royal Bank Of Canada reaffirmed an “outperform” rating on shares of Magnite in a research note on Thursday, May 28th. Needham & Company LLC reaffirmed a “buy” rating and set a $25.00 price target on shares of Magnite in a research note on Thursday, April 16th. Wells Fargo & Company raised their price target on shares of Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a research note on Friday, May 8th. Finally, Weiss Ratings raised shares of Magnite from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, May 11th.

Insider Activity

In other news, Director Robert F. Spillane sold 10,000 shares of the firm’s stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $13.33, for a total transaction of $133,300.00. Following the completion of the transaction, the director owned 43,917 shares of the company’s stock, valued at approximately $585,413.61. This trade represents a 18.55% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 3.80% of the company’s stock.

Hedge Funds Weigh In On Magnite

Several large investors have recently modified their holdings of the business. Optiver Holding B.V. raised its stake in shares of Magnite by 2,746.4% during the first quarter. Optiver Holding B.V. now owns 5,579 shares of the company’s stock valued at $66,000 after acquiring an additional 5,383 shares during the last quarter. Bank of America Corp DE raised its stake in Magnite by 72.6% during the first quarter. Bank of America Corp DE now owns 1,125,196 shares of the company’s stock worth $13,367,000 after buying an additional 473,243 shares during the last quarter. Amundi raised its stake in Magnite by 74.8% during the first quarter. Amundi now owns 22,817 shares of the company’s stock worth $271,000 after buying an additional 9,764 shares during the last quarter. California State Teachers Retirement System raised its stake in Magnite by 29.3% during the first quarter. California State Teachers Retirement System now owns 176,528 shares of the company’s stock worth $2,097,000 after buying an additional 40,004 shares during the last quarter. Finally, Quantinno Capital Management LP raised its stake in Magnite by 144.3% during the first quarter. Quantinno Capital Management LP now owns 128,133 shares of the company’s stock worth $1,522,000 after buying an additional 75,686 shares during the last quarter. Institutional investors own 73.40% of the company’s stock.

Magnite Stock Performance

Shares of Magnite stock opened at $14.86 on Friday. Magnite has a fifty-two week low of $10.82 and a fifty-two week high of $26.65. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.02 and a quick ratio of 1.02. The firm has a market capitalization of $2.13 billion, a P/E ratio of 14.29, a P/E/G ratio of 0.68 and a beta of 2.32. The company’s 50 day moving average price is $13.05 and its two-hundred day moving average price is $13.80.

Magnite (NASDAQ:MGNI) last issued 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. Magnite had a net margin of 21.96% and a return on equity of 8.40%. The firm had revenue of $164.37 million for the quarter, compared to analyst estimates of $159.24 million. During the same quarter last year, the business posted $0.12 earnings per share. The company’s quarterly revenue was up 5.5% on a year-over-year basis. On average, equities analysts forecast that Magnite will post 0.6 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).