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

Magnite, Inc. (NASDAQ:MGNI) has been assigned an average rating of “Moderate Buy” from the ten ratings firms that are presently covering the company, MarketBeat.com reports. Two investment analysts have rated the stock with a hold rating and eight have issued a buy rating on the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $23.8889.

A number of research analysts recently commented on the stock. Benchmark dropped their target price on shares of Magnite from $31.00 to $30.00 and set a “buy” rating on the stock in a research report on Thursday, February 26th. Wells Fargo & Company increased their target price on shares of Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a research report on Friday, May 8th. Scotiabank increased their target price on shares of Magnite from $16.00 to $17.00 and gave the company a “sector outperform” rating in a research report on Thursday, May 7th. Weiss Ratings raised shares of Magnite from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, May 11th. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating on shares of Magnite in a research report on Thursday, May 28th.

Magnite Trading Up 1.5%

Shares of NASDAQ:MGNI opened at $18.27 on Thursday. Magnite has a 52 week low of $10.82 and a 52 week high of $26.65. The company’s 50 day moving average is $14.44 and its two-hundred day moving average is $14.06. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.38. The company has a market cap of $2.62 billion, a PE ratio of 17.57, a P/E/G ratio of 0.92 and a beta of 2.32.

Magnite (NASDAQ:MGNI) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $0.13 EPS for the quarter, beating analysts’ consensus estimates of $0.11 by $0.02. Magnite had a net margin of 21.96% and a return on equity of 8.40%. The company had revenue of $164.37 million for the quarter, compared to the consensus estimate of $159.24 million. During the same period in the prior year, the firm posted $0.12 EPS. The company’s quarterly revenue was up 5.5% compared to the same quarter last year. Equities analysts predict that Magnite will post 0.55 earnings per share for the current fiscal year.

Insider Transactions at Magnite

In related news, CTO David Buonasera sold 11,233 shares of the stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $18.00, for a total value of $202,194.00. Following the transaction, the chief technology officer directly owned 280,494 shares of the company’s stock, valued at $5,048,892. This trade represents a 3.85% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Douglas S. Knopper sold 37,337 shares of the stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $18.10, for a total transaction of $675,799.70. Following the completion of the transaction, the director directly owned 125,810 shares in the company, valued at $2,277,161. This trade represents a 22.89% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 381,806 shares of company stock worth $6,493,340. Insiders own 3.80% of the company’s stock.

Institutional Trading of Magnite

Large investors have recently bought and sold shares of the business. JPMorgan Chase & Co. boosted its stake in Magnite by 28.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,209,413 shares of the company’s stock worth $26,341,000 after purchasing an additional 271,325 shares during the period. Kopion Asset Management LLC boosted its stake in Magnite by 149.2% during the 4th quarter. Kopion Asset Management LLC now owns 614,459 shares of the company’s stock worth $9,973,000 after purchasing an additional 367,858 shares during the period. Stephens Investment Management Group LLC boosted its stake in Magnite by 17.0% during the 4th quarter. Stephens Investment Management Group LLC now owns 1,128,578 shares of the company’s stock worth $18,317,000 after purchasing an additional 164,035 shares during the period. Royce & Associates LP boosted its stake in Magnite by 19.5% during the 4th quarter. Royce & Associates LP now owns 1,166,469 shares of the company’s stock worth $18,932,000 after purchasing an additional 190,318 shares during the period. Finally, Kennedy Capital Management LLC boosted its stake in Magnite by 39.6% during the 3rd quarter. Kennedy Capital Management LLC now owns 1,213,613 shares of the company’s stock worth $26,432,000 after purchasing an additional 344,466 shares during the period. Institutional investors and hedge funds own 73.40% of the company’s stock.

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).