Magnite, Inc. (MGNI) – What Are Analysts Saying About This Stock?

Shares of Magnite, Inc. (NASDAQ:MGNI) have earned an average recommendation of “Moderate Buy” from the twelve brokerages that are covering the company, MarketBeat reports. Two equities research analysts have rated the stock with a hold recommendation and ten have given a buy recommendation to the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $29.36.

A number of research analysts have weighed in on the company. Royal Bank Of Canada increased their target price on Magnite from $20.00 to $27.00 and gave the company an “outperform” rating in a report on Thursday, August 6th. Needham & Company LLC boosted their price target on Magnite from $25.00 to $30.00 and gave the company a “buy” rating in a research note on Thursday, September 3rd. Benchmark upped their price target on shares of Magnite from $30.00 to $33.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Craig Hallum reiterated a “buy” rating and issued a $32.00 price objective on shares of Magnite in a research note on Thursday, September 17th. Finally, Susquehanna raised their price objective on shares of Magnite from $22.00 to $30.00 and gave the stock a “positive” rating in a report on Thursday, August 6th.

Insider Buying and Selling at Magnite

In other Magnite news, Director Robert Spillane sold 10,363 shares of the stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $23.76, for a total value of $246,224.88. Following the transaction, the director directly owned 57,715 shares in the company, valued at approximately $1,371,308.40. This trade represents a 15.22% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Paul Caine sold 7,500 shares of Magnite stock in a transaction on Thursday, September 17th. The stock was sold at an average price of $26.50, for a total transaction of $198,750.00. Following the transaction, the director owned 137,401 shares in the company, valued at $3,641,126.50. This represents a 5.18% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 667,759 shares of company stock valued at $15,677,119 in the last quarter. Insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On Magnite

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Allworth Financial LP raised its holdings in Magnite by 63.7% during the second quarter. Allworth Financial LP now owns 1,567 shares of the company’s stock valued at $30,000 after acquiring an additional 610 shares during the period. GAMMA Investing LLC boosted its stake in shares of Magnite by 32.1% in the third quarter. GAMMA Investing LLC now owns 2,916 shares of the company’s stock worth $74,000 after acquiring an additional 708 shares during the period. Versant Capital Management Inc boosted its stake in shares of Magnite by 20.1% in the third quarter. Versant Capital Management Inc now owns 5,662 shares of the company’s stock worth $143,000 after acquiring an additional 947 shares during the period. AYAL Capital Advisors Ltd grew its position in shares of Magnite by 0.5% during the fourth quarter. AYAL Capital Advisors Ltd now owns 200,000 shares of the company’s stock worth $3,246,000 after purchasing an additional 1,000 shares in the last quarter. Finally, Nykredit A S purchased a new stake in shares of Magnite during the second quarter worth about $25,000. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

Magnite Price Performance

Shares of MGNI opened at $25.40 on Friday. The firm has a market cap of $3.64 billion, a PE ratio of 23.30, a P/E/G ratio of 0.83 and a beta of 2.33. The company has a current ratio of 1.02, a quick ratio of 1.03 and a debt-to-equity ratio of 0.37. The firm has a fifty day simple moving average of $24.06 and a two-hundred day simple moving average of $18.50. Magnite has a 1-year low of $10.82 and a 1-year high of $26.84.

Magnite (NASDAQ:MGNI) last released its quarterly earnings results on Wednesday, August 5th. The company reported $0.26 earnings per share for the quarter, beating 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 for the quarter, compared to analysts’ expectations of $179.15 million. During the same period in the prior year, the firm earned $0.20 EPS. The company’s revenue was up 11.3% compared to the same quarter last year. On average, equities analysts anticipate that Magnite will post 0.61 EPS for the current year.

About Magnite

Magnite, Inc is an independent sell-side advertising technology company that helps publishers, broadcasters and other content owners monetize digital advertising inventory. Its platform connects sellers of advertising space with brands, agencies and demand-side platforms, facilitating the automated buying and selling of ads across connected television (CTV), streaming video, mobile applications, websites, audio and digital out-of-home media.

The company offers tools for managing, packaging and selling advertising inventory, including programmatic auctions, direct and private marketplace transactions, audience targeting, yield optimization and measurement.