Magnite, Inc. (NASDAQ:MGNI) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Shares of Magnite, Inc. (NASDAQ:MGNI) have received an average recommendation of “Moderate Buy” from the ten research firms that are currently covering the stock, MarketBeat.com reports. Two analysts have rated the stock with a hold rating and eight have issued a buy rating on the company. The average 1-year price target among analysts that have covered the stock in the last year is $23.8889.

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

Magnite Price Performance

Shares of Magnite stock opened at $20.28 on Thursday. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.38. The stock has a market capitalization of $2.90 billion, a price-to-earnings ratio of 19.50, a price-to-earnings-growth ratio of 0.97 and a beta of 2.25. Magnite has a twelve month low of $10.82 and a twelve month high of $26.65. The company has a 50-day simple moving average of $14.98 and a two-hundred day simple moving average of $14.18.

Magnite (NASDAQ:MGNI) last announced its earnings results on Wednesday, May 6th. The company reported $0.13 earnings per share (EPS) for the quarter, topping 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 in the prior year, the business posted $0.12 EPS. The business’s revenue was up 5.5% compared to the same quarter last year. Analysts forecast that Magnite will post 0.55 EPS for the current year.

Insider Buying and Selling

In related news, CTO David Buonasera sold 11,233 shares of the stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $18.00, for a total transaction of $202,194.00. Following the sale, the chief technology officer owned 280,494 shares in the company, valued at approximately $5,048,892. This trade represents a 3.85% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Sean Patrick Buckley sold 19,233 shares of Magnite stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $19.00, for a total transaction of $365,427.00. Following the completion of the transaction, the insider directly owned 373,514 shares in the company, valued at $7,096,766. This trade represents a 4.90% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 456,806 shares of company stock worth $7,955,840. 3.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On Magnite

Large investors have recently modified their holdings of the business. Capital Research Global Investors increased its stake in shares of Magnite by 85.0% in the 4th quarter. Capital Research Global Investors now owns 12,920,289 shares of the company’s stock valued at $209,696,000 after purchasing an additional 5,937,428 shares during the last quarter. Wellington Management Group LLP boosted its stake in Magnite by 67.7% in the fourth quarter. Wellington Management Group LLP now owns 8,629,238 shares of the company’s stock valued at $140,053,000 after buying an additional 3,484,689 shares in the last quarter. Ophir Asset Management Pty Ltd acquired a new stake in Magnite in the fourth quarter valued at about $38,695,000. 325 Capital LLC grew its position in Magnite by 208.5% in the fourth quarter. 325 Capital LLC now owns 2,005,387 shares of the company’s stock valued at $32,547,000 after acquiring an additional 1,355,326 shares during the last quarter. Finally, Blue Grotto Capital LLC grew its position in Magnite by 443.8% in the third quarter. Blue Grotto Capital LLC now owns 1,548,796 shares of the company’s stock valued at $33,733,000 after acquiring an additional 1,263,992 shares during the last quarter. Institutional investors and hedge funds own 73.40% of the company’s stock.

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).