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

Shares of Magnite, Inc. (NASDAQ:MGNI) have been given a consensus rating of “Moderate Buy” by the ten brokerages that are currently covering the company, Marketbeat reports. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $27.00.

MGNI has been the topic of a number of analyst reports. Wells Fargo & Company decreased their price target on Magnite from $22.00 to $20.00 and set an “equal weight” rating on the stock in a research note on Friday, November 7th. Benchmark restated a “buy” rating on shares of Magnite in a research report on Monday, January 12th. Rosenblatt Securities reiterated a “buy” rating and issued a $39.00 price target on shares of Magnite in a report on Thursday, November 6th. Weiss Ratings reiterated a “hold (c)” rating on shares of Magnite in a research note on Thursday, January 22nd. Finally, Wall Street Zen lowered shares of Magnite from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th.

Insider Buying and Selling at Magnite

In related news, insider Adam Lee Soroca sold 21,529 shares of the firm’s stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $12.00, for a total value of $258,348.00. Following the completion of the transaction, the insider directly owned 388,425 shares of the company’s stock, valued at $4,661,100. This trade represents a 5.25% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 3.80% of the stock is currently owned by corporate insiders.

Institutional Trading of Magnite

Several large investors have recently bought and sold shares of the company. Neo Ivy Capital Management purchased a new position in shares of Magnite in the third quarter valued at $27,000. 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 valued at $35,000 after acquiring an additional 688 shares in the last quarter. State of Wyoming acquired a new position in Magnite during the third quarter worth about $39,000. USA Financial Formulas purchased a new stake in shares of Magnite in the third quarter valued at about $40,000. Finally, Central Pacific Bank Trust Division acquired a new stake in shares of Magnite in the fourth quarter valued at approximately $41,000. Institutional investors and hedge funds own 73.40% of the company’s stock.

Magnite Stock Performance

NASDAQ MGNI opened at $12.21 on Friday. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.43. The business’s 50 day moving average is $14.73 and its two-hundred day moving average is $18.03. Magnite has a 12-month low of $8.22 and a 12-month high of $26.65. The stock has a market capitalization of $1.75 billion, a price-to-earnings ratio of 32.13, a PEG ratio of 0.65 and a beta of 2.39.

Magnite Company Profile

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).