Magnite, Inc. (NASDAQ:MGNI) Stock Has Average Target Price of $29.36 According to Analysts

Shares of Magnite, Inc. (NASDAQ:MGNI) have been given a consensus rating of “Moderate Buy” by the twelve ratings firms that are covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a hold rating and eleven have issued a buy rating on the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $29.36.

Several research firms have recently commented on MGNI. Rosenblatt Securities reaffirmed a “buy” rating and issued a $40.00 price objective on shares of Magnite in a report on Friday, October 2nd. Royal Bank Of Canada raised their target price on shares of Magnite from $20.00 to $27.00 and gave the stock an “outperform” rating in a report on Thursday, August 6th. Needham & Company LLC boosted their target price on shares of Magnite from $25.00 to $30.00 and gave the company a “buy” rating in a research report on Thursday, September 3rd. Evercore reaffirmed an “outperform” rating and issued a $25.00 price target on shares of Magnite in a report on Thursday, August 6th. Finally, Benchmark increased their price target on Magnite from $30.00 to $33.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th.

Insiders Place Their Bets

In other news, Director Douglas Knopper sold 37,337 shares of the company’s stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $22.72, for a total value of $848,296.64. Following the sale, the director owned 88,473 shares in the company, valued at $2,010,106.56. This represents a 29.68% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Aaron Saltz sold 40,000 shares of the firm’s stock in a transaction dated Thursday, September 10th. The stock was sold at an average price of $23.41, for a total value of $936,400.00. Following the sale, the insider directly owned 224,389 shares in the company, valued at approximately $5,252,946.49. This trade represents a 15.13% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 680,259 shares of company stock worth $15,993,244. 3.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Magnite

A number of hedge funds and other institutional investors have recently made changes to their positions in MGNI. Meros Investment Management LP purchased a new stake in shares of Magnite during the 2nd quarter valued at approximately $18,815,538. Jupiter Topco LLC purchased a new position in Magnite in the second quarter worth approximately $1,109,000. Manatuck Hill Partners LLC purchased a new position in Magnite in the second quarter worth approximately $8,541,000. WINTON GROUP Ltd purchased a new position in Magnite in the second quarter worth approximately $2,314,000. Finally, Norwood Investment Partners LP acquired a new stake in Magnite during the second quarter worth $4,460,300. Institutional investors and hedge funds own 73.40% of the company’s stock.

Magnite Stock Up 3.2%

Magnite stock opened at $22.34 on Wednesday. The business’s 50-day simple moving average is $23.92 and its two-hundred day simple moving average is $17.68. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.03 and a current ratio of 1.02. The company has a market cap of $3.20 billion, a PE ratio of 39.35, a PEG ratio of 0.71 and a beta of 2.44. Magnite has a fifty-two week low of $10.82 and a fifty-two week high of $26.84.

Magnite (NASDAQ:MGNI) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.02. Magnite had a return on equity of 9.33% and a net margin of 22.49%. The firm had revenue of $192.82 million during the quarter, compared to analysts’ expectations of $179.15 million. During the same period last year, the business posted $0.20 earnings per share. The company’s revenue for the quarter was up 11.3% compared to the same quarter last year. Equities analysts anticipate that Magnite will post 0.61 EPS for the current year.

Magnite Company Profile

Magnite, Inc operates an independent omnichannel sell-side advertising platform that helps publishers and digital media owners monetize their content while enabling advertisers to reach audiences across multiple channels. Its platform supports the buying and selling of digital advertising inventory through automated auctions and direct transactions.

The company’s solutions serve connected television and streaming video, online display and mobile advertising, audio, and digital out-of-home media.