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

Shares of Magnite, Inc. (NASDAQ:MGNI) have been assigned an average rating of “Moderate Buy” from the thirteen ratings firms that are currently covering the firm, MarketBeat reports. One analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $19.27.

Several equities research analysts have recently weighed in on the stock. Wolfe Research boosted their target price on shares of Magnite from $14.00 to $19.00 and gave the stock an “outperform” rating in a research report on Friday, January 3rd. Scotiabank assumed coverage on Magnite in a report on Thursday, December 5th. They issued a “sector outperform” rating and a $22.00 price objective for the company. Royal Bank of Canada upped their price objective on Magnite from $19.00 to $22.00 and gave the company an “outperform” rating in a research note on Friday, January 3rd. Wells Fargo & Company lifted their target price on Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a research report on Thursday, January 16th. Finally, Susquehanna upped their price target on Magnite from $16.00 to $22.00 and gave the company a “positive” rating in a research report on Thursday, February 27th.

Insider Transactions at Magnite

In other Magnite news, CTO David Buonasera sold 1,969 shares of Magnite stock in a transaction on Friday, December 13th. The stock was sold at an average price of $16.31, for a total transaction of $32,114.39. Following the sale, the chief technology officer now owns 223,795 shares of the company’s stock, valued at $3,650,096.45. The trade was a 0.87 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Brian Gephart sold 6,250 shares of the stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $16.00, for a total value of $100,000.00. Following the completion of the transaction, the chief accounting officer now directly owns 132,909 shares of the company’s stock, valued at approximately $2,126,544. The trade was a 4.49 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 271,863 shares of company stock worth $5,169,262. Insiders own 4.30% of the company’s stock.

Institutional Investors Weigh In On Magnite

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Capital Research Global Investors acquired a new stake in Magnite in the fourth quarter worth approximately $122,986,000. Wellington Management Group LLP raised its stake in shares of Magnite by 125.3% in the 3rd quarter. Wellington Management Group LLP now owns 6,579,670 shares of the company’s stock worth $91,128,000 after buying an additional 3,659,759 shares in the last quarter. Nomura Asset Management Co. Ltd. acquired a new stake in shares of Magnite in the third quarter valued at $23,917,000. Boston Partners boosted its stake in Magnite by 39.1% during the fourth quarter. Boston Partners now owns 4,756,323 shares of the company’s stock valued at $76,061,000 after buying an additional 1,336,458 shares in the last quarter. Finally, Maestria Partners LLC bought a new position in Magnite during the fourth quarter valued at about $15,161,000. 73.40% of the stock is currently owned by institutional investors.

Magnite Trading Up 1.0 %

Shares of MGNI opened at $12.42 on Friday. Magnite has a one year low of $8.38 and a one year high of $21.29. The stock has a 50-day moving average price of $16.92 and a 200 day moving average price of $15.26. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.11 and a current ratio of 1.11. The company has a market capitalization of $1.78 billion, a P/E ratio of 207.00, a P/E/G ratio of 1.00 and a beta of 2.79.

Magnite (NASDAQ:MGNI) last released its earnings results on Wednesday, February 26th. The company reported $0.25 EPS for the quarter, missing the consensus estimate of $0.39 by ($0.14). The business had revenue of $180.20 million for the quarter, compared to analysts’ expectations of $183.90 million. Magnite had a net margin of 2.62% and a return on equity of 4.64%. Sell-side analysts forecast that Magnite will post 0.33 EPS for the current fiscal year.

Magnite Company Profile

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.