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

Shares of Magnite, Inc. (NASDAQ:MGNI) have earned an average recommendation of “Moderate Buy” from the ten analysts that are presently covering the stock, MarketBeat reports. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $24.5556.

A number of research analysts have commented on the company. Royal Bank Of Canada reaffirmed an “outperform” rating on shares of Magnite in a report on Thursday, May 28th. Needham & Company LLC restated a “buy” rating and set a $25.00 price objective on shares of Magnite in a research note on Thursday, April 16th. Wells Fargo & Company lifted their price objective on shares of Magnite from $15.00 to $21.00 and gave the stock an “equal weight” rating in a report on Friday. BTIG Research initiated coverage on shares of Magnite in a research note on Tuesday, June 9th. They set a “buy” rating and a $20.00 target price for the company. Finally, Scotiabank increased their target price on shares of Magnite from $16.00 to $17.00 and gave the stock a “sector outperform” rating in a report on Thursday, May 7th.

Insiders Place Their Bets

In related news, CEO Michael G. Barrett sold 178,596 shares of the business’s stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $16.59, for a total transaction of $2,962,907.64. Following the completion of the sale, the chief executive officer owned 403,074 shares of the company’s stock, valued at $6,686,997.66. This represents a 30.70% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Sean Patrick Buckley sold 19,233 shares of the stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $19.00, for a total transaction of $365,427.00. Following the sale, the insider owned 373,514 shares in the company, valued at approximately $7,096,766. This trade represents a 4.90% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 491,639 shares of company stock worth $8,676,734. Corporate insiders own 3.80% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. US Bancorp DE boosted its holdings in shares of Magnite by 75.8% during the third quarter. US Bancorp DE now owns 1,596 shares of the company’s stock valued at $35,000 after acquiring an additional 688 shares during the period. PNC Financial Services Group Inc. lifted its position in Magnite by 45.1% in the 3rd quarter. PNC Financial Services Group Inc. now owns 2,428 shares of the company’s stock valued at $53,000 after purchasing an additional 755 shares during the last quarter. Central Pacific Bank Trust Division bought a new stake in Magnite in the 4th quarter valued at about $41,000. Harbor Investment Advisory LLC acquired a new position in Magnite during the 2nd quarter valued at about $62,000. Finally, Smartleaf Asset Management LLC boosted its stake in Magnite by 20.5% during the 2nd quarter. Smartleaf Asset Management LLC now owns 3,387 shares of the company’s stock valued at $82,000 after purchasing an additional 577 shares during the period. 73.40% of the stock is currently owned by institutional investors.

Magnite Stock Performance

Shares of Magnite stock opened at $19.00 on Monday. The firm has a market cap of $2.72 billion, a PE ratio of 18.27, a price-to-earnings-growth ratio of 0.97 and a beta of 2.25. The firm’s 50-day simple moving average is $16.69 and its 200-day simple moving average is $14.51. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.02 and a current ratio of 1.02. Magnite has a 1 year low of $10.82 and a 1 year high of $26.65.

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

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).