Magnite, Inc. (NASDAQ:MGNI) Receives Average Recommendation of “Moderate Buy” from Analysts

Magnite, Inc. (NASDAQ:MGNI) has earned a consensus recommendation of “Moderate Buy” from the thirteen ratings firms that are covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $19.27.

A number of equities research analysts have issued reports on the stock. Susquehanna increased their price objective on shares of Magnite from $16.00 to $22.00 and gave the company a “positive” rating in a report on Thursday, February 27th. Benchmark restated a “buy” rating and set a $25.00 target price on shares of Magnite in a research report on Monday, March 10th. Needham & Company LLC reiterated a “buy” rating and issued a $20.00 price target on shares of Magnite in a report on Wednesday. Royal Bank of Canada increased their price objective on shares of Magnite from $19.00 to $22.00 and gave the company an “outperform” rating in a report on Friday, January 3rd. Finally, Wells Fargo & Company boosted their target price on Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a research report on Thursday, January 16th.

Magnite Stock Performance

Shares of NASDAQ MGNI opened at $9.08 on Tuesday. The stock has a market cap of $1.30 billion, a PE ratio of 151.33, a price-to-earnings-growth ratio of 1.00 and a beta of 2.69. Magnite has a 1 year low of $8.38 and a 1 year high of $21.29. The firm has a fifty day moving average price of $15.50 and a 200-day moving average price of $15.09. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings results on Wednesday, February 26th. The company reported $0.25 EPS for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.14). The business had revenue of $180.20 million for the quarter, compared to the consensus estimate of $183.90 million. Magnite had a net margin of 2.62% and a return on equity of 4.64%. Equities analysts anticipate that Magnite will post 0.33 earnings per share for the current fiscal year.

Insider Activity

In related news, CAO Brian Gephart sold 6,250 shares of the stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $16.00, for a total value of $100,000.00. Following the sale, the chief accounting officer now directly owns 132,909 shares of the company’s stock, valued at $2,126,544. This represents a 4.49 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Paul Caine sold 5,000 shares of the firm’s stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $20.35, for a total transaction of $101,750.00. Following the completion of the sale, the director now directly owns 182,837 shares of the company’s stock, valued at approximately $3,720,732.95. The trade was a 2.66 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 244,905 shares of company stock valued at $4,718,855. 4.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Magnite

Hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings in Magnite by 1.9% during the 4th quarter. Vanguard Group Inc. now owns 13,605,104 shares of the company’s stock valued at $216,593,000 after buying an additional 257,032 shares in the last quarter. Capital Research Global Investors purchased a new position in shares of Magnite during the fourth quarter worth approximately $122,986,000. Wellington Management Group LLP raised its stake in shares of Magnite by 6.8% during the fourth quarter. Wellington Management Group LLP now owns 7,030,011 shares of the company’s stock valued at $111,918,000 after acquiring an additional 450,341 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Magnite by 3.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 5,524,643 shares of the company’s stock valued at $87,957,000 after purchasing an additional 170,532 shares during the period. Finally, Boston Partners grew its stake in Magnite by 39.1% in the fourth quarter. Boston Partners now owns 4,756,323 shares of the company’s stock worth $76,061,000 after purchasing an additional 1,336,458 shares in the last quarter. 73.40% of the stock is currently owned by hedge funds and other 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.