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

Shares of Magnite, Inc. (NASDAQ:MGNI) have earned an average recommendation of “Moderate Buy” from the ten brokerages that are currently covering the company, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation and eight have assigned a buy recommendation to the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $27.00.

A number of equities analysts have commented on the stock. Wells Fargo & Company cut their price objective 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. Rosenblatt Securities reissued a “buy” rating and issued a $39.00 price target on shares of Magnite in a report on Thursday, November 6th. Weiss Ratings restated a “hold (c)” rating on shares of Magnite in a research note on Thursday. Finally, Benchmark reaffirmed a “buy” rating on shares of Magnite in a research report on Monday, January 12th.

Magnite Stock Up 2.2%

Shares of NASDAQ:MGNI opened at $15.41 on Monday. The company has a market capitalization of $2.21 billion, a price-to-earnings ratio of 40.55, a price-to-earnings-growth ratio of 0.84 and a beta of 2.35. The company has a 50 day moving average of $15.44 and a two-hundred day moving average of $19.38. Magnite has a 52-week low of $8.22 and a 52-week high of $26.65. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.43.

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

Insider Buying and Selling

In other news, insider Sean Patrick Buckley sold 4,426 shares of the business’s stock in a transaction dated Tuesday, November 18th. The shares were sold at an average price of $13.36, for a total value of $59,131.36. Following the completion of the sale, the insider owned 271,125 shares of the company’s stock, valued at approximately $3,622,230. The trade was a 1.61% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Robert F. Spillane sold 12,500 shares of the company’s stock in a transaction dated Friday, November 21st. The shares were sold at an average price of $14.22, for a total transaction of $177,750.00. Following the completion of the sale, the director owned 53,917 shares in the company, valued at approximately $766,699.74. This trade represents a 18.82% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 44,439 shares of company stock worth $663,671. Insiders own 4.30% of the company’s stock.

Institutional Trading of Magnite

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Neo Ivy Capital Management bought a new position in Magnite during the 3rd quarter worth approximately $27,000. US Bancorp DE raised its position in shares of Magnite by 75.8% during the 3rd quarter. US Bancorp DE now owns 1,596 shares of the company’s stock valued at $35,000 after acquiring an additional 688 shares in the last quarter. GAMMA Investing LLC raised its position in shares of Magnite by 355.6% during the 2nd quarter. GAMMA Investing LLC now owns 1,517 shares of the company’s stock valued at $37,000 after acquiring an additional 1,184 shares in the last quarter. State of Wyoming bought a new position in Magnite during the third quarter worth $39,000. Finally, USA Financial Formulas acquired a new position in Magnite in the third quarter worth $40,000. 73.40% of the stock is owned by institutional investors.

About Magnite

Magnite, Inc (NASDAQ: MGNI) operates as an independent sell-side advertising platform that enables publishers and digital media owners to monetize their inventory through programmatic advertising. Formed in 2020 through the merger of Rubicon Project and Telaria, Magnite combines technologies for desktop, mobile, connected television (CTV) and digital out-of-home (DOOH) ad exchanges. The company provides an end-to-end solution designed to help media owners optimize yield across open marketplaces, private marketplaces and programmatic guaranteed deals.

At the core of Magnite’s offering is its supply-side platform (SSP), which connects publishers’ ad impressions to demand-side platforms (DSPs) through real-time bidding (RTB).