Brokerages Set Magnite, Inc. (NASDAQ:MGNI) PT at $14.78

Shares of Magnite, Inc. (NASDAQ:MGNI) have been given a consensus rating of “Moderate Buy” by the ten brokerages that are currently covering the firm, MarketBeat.com reports. Two analysts have rated the stock with a hold recommendation and eight have issued a buy recommendation on the company. The average 12-month price target among analysts that have covered the stock in the last year is $14.39.

Several research analysts recently commented on MGNI shares. B. Riley started coverage on Magnite in a research note on Friday. They issued a “buy” rating and a $14.50 price target on the stock. Susquehanna boosted their price objective on Magnite from $11.00 to $14.00 and gave the company a “positive” rating in a report on Thursday, February 29th. Royal Bank of Canada reissued an “outperform” rating and issued a $15.00 price objective on shares of Magnite in a report on Thursday, March 7th. Bank of America boosted their price objective on Magnite from $11.00 to $13.00 and gave the company a “neutral” rating in a report on Thursday, February 29th. Finally, Benchmark reissued a “buy” rating and issued a $18.00 price objective on shares of Magnite in a report on Monday, March 25th.

Magnite Stock Performance

NASDAQ:MGNI opened at $8.69 on Tuesday. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.76. Magnite has a one year low of $6.28 and a one year high of $15.73. The business’s 50-day simple moving average is $10.30 and its 200 day simple moving average is $9.05.

Magnite (NASDAQ:MGNI) last released its quarterly earnings results on Wednesday, February 28th. The company reported $0.16 EPS for the quarter, topping the consensus estimate of $0.03 by $0.13. Magnite had a positive return on equity of 2.52% and a negative net margin of 25.69%. The business had revenue of $165.28 million for the quarter, compared to analysts’ expectations of $160.24 million. Research analysts forecast that Magnite will post 0.47 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Michael G. Barrett sold 75,000 shares of the stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $11.21, for a total value of $840,750.00. Following the completion of the transaction, the chief executive officer now directly owns 1,234,662 shares of the company’s stock, valued at approximately $13,840,561.02. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 4.30% of the company’s stock.

Hedge Funds Weigh In On Magnite

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in Magnite by 1.7% in the 4th quarter. Vanguard Group Inc. now owns 12,651,675 shares of the company’s stock worth $118,167,000 after buying an additional 209,771 shares in the last quarter. Rubric Capital Management LP lifted its position in Magnite by 80.7% in the third quarter. Rubric Capital Management LP now owns 4,000,000 shares of the company’s stock worth $30,160,000 after purchasing an additional 1,785,978 shares during the period. Wellington Management Group LLP lifted its position in Magnite by 1.8% in the fourth quarter. Wellington Management Group LLP now owns 2,939,541 shares of the company’s stock worth $27,455,000 after purchasing an additional 52,129 shares during the period. Kennedy Capital Management LLC lifted its position in Magnite by 2.8% in the third quarter. Kennedy Capital Management LLC now owns 2,692,371 shares of the company’s stock worth $20,300,000 after purchasing an additional 74,367 shares during the period. Finally, Burgundy Asset Management Ltd. lifted its position in Magnite by 3.2% in the fourth quarter. Burgundy Asset Management Ltd. now owns 2,431,110 shares of the company’s stock worth $22,707,000 after purchasing an additional 75,852 shares during the period. 73.40% of the stock is owned by institutional investors.

Magnite Company Profile

Magnite, Inc, together with its subsidiaries, operates an independent omni-channel sell-side advertising platform in the United States and internationally. The company's platform offers applications and services for sellers of digital advertising inventory or publishers that own and operate CTV channels, applications, websites, and other digital media properties to manage and monetize their inventory; and applications and services for buyers, including advertisers, agencies, agency trading desks, and demand side platforms to buy digital advertising inventory, as well as an independent marketplace that connects buyers and sellers.