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

Shares of Magnite, Inc. (NASDAQ:MGNI) have earned a consensus recommendation of “Moderate Buy” from the eleven research firms that are covering the firm, Marketbeat Ratings reports. Two research analysts have rated the stock with a hold recommendation and nine have assigned a buy recommendation to the company. The average 12-month price target among analysts that have covered the stock in the last year is $26.20.

Several equities research analysts have issued reports on the stock. Rosenblatt Securities reiterated a “buy” rating and set a $39.00 price objective on shares of Magnite in a research note on Thursday, November 6th. Wells Fargo & Company reduced their target price on shares of Magnite from $22.00 to $20.00 and set an “equal weight” rating on the stock in a report on Friday, November 7th. Wall Street Zen cut Magnite from a “buy” rating to a “hold” rating in a research note on Saturday, November 8th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Magnite in a research report on Wednesday, October 8th.

Magnite Stock Performance

Shares of NASDAQ:MGNI opened at $14.65 on Friday. The business has a 50-day moving average of $16.91 and a two-hundred day moving average of $20.15. The firm has a market capitalization of $2.10 billion, a PE ratio of 38.55, a P/E/G ratio of 1.11 and a beta of 2.49. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.01 and a quick ratio of 1.01. Magnite has a 12 month low of $8.22 and a 12 month high of $26.65.

Magnite (NASDAQ:MGNI) last issued its earnings results on Wednesday, November 5th. The company reported $0.20 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.20. The business had revenue of $179.49 million during the quarter, compared to analysts’ expectations of $163.29 million. Magnite had a return on equity of 8.74% and a net margin of 8.25%.The company’s revenue for the quarter was up 11.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.17 EPS. As a group, research analysts forecast that Magnite will post 0.33 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Adam Lee Soroca sold 10,857 shares of the firm’s stock in a transaction on Tuesday, November 18th. The shares were sold at an average price of $13.23, for a total transaction of $143,638.11. Following the completion of the sale, the insider directly owned 326,114 shares of the company’s stock, valued at approximately $4,314,488.22. This trade represents a 3.22% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Robert F. Spillane sold 12,500 shares of Magnite stock in a transaction on Friday, November 21st. The stock was sold at an average price of $14.22, for a total transaction of $177,750.00. Following the sale, the director directly owned 53,917 shares in the company, valued at $766,699.74. This trade represents a 18.82% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 79,985 shares of company stock valued at $1,653,958. Corporate insiders own 3.80% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Neo Ivy Capital Management purchased a new position in Magnite in the third quarter valued at about $27,000. Smartleaf Asset Management LLC increased its holdings in Magnite by 74.9% during the 1st quarter. Smartleaf Asset Management LLC now owns 2,810 shares of the company’s stock worth $33,000 after purchasing an additional 1,203 shares during the last quarter. US Bancorp DE increased its holdings in Magnite by 75.8% during the 3rd quarter. US Bancorp DE now owns 1,596 shares of the company’s stock worth $35,000 after purchasing an additional 688 shares during the last quarter. GAMMA Investing LLC raised its position in shares of Magnite by 355.6% in the 2nd quarter. GAMMA Investing LLC now owns 1,517 shares of the company’s stock valued at $37,000 after purchasing an additional 1,184 shares in the last quarter. Finally, State of Wyoming purchased a new position in shares of Magnite during the 3rd quarter valued at approximately $39,000. Institutional investors and hedge funds own 73.40% of the company’s stock.

About Magnite

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.