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

Magnite, Inc. (NASDAQ:MGNI) has received a consensus rating of “Moderate Buy” from the ten research firms that are currently covering the stock, Marketbeat.com reports. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The average 1 year price target among analysts that have issued ratings on the stock in the last year is $27.00.

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

Magnite Stock Down 3.7%

MGNI stock opened at $14.47 on Monday. The stock has a market capitalization of $2.08 billion, a P/E ratio of 38.08, a P/E/G ratio of 0.79 and a beta of 2.39. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.01 and a quick ratio of 1.01. Magnite has a 1-year low of $8.22 and a 1-year high of $26.65. The business has a fifty day moving average price of $15.58 and a 200-day moving average price of $19.08.

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

Insider Activity at Magnite

In other news, insider Sean Patrick Buckley sold 4,426 shares of the firm’s stock in a transaction dated Tuesday, November 18th. The stock was sold at an average price of $13.36, for a total transaction of $59,131.36. Following the completion of the transaction, the insider owned 271,125 shares in the company, valued at $3,622,230. This trade represents a 1.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Adam Lee Soroca sold 16,656 shares of Magnite stock in a transaction that occurred on Wednesday, December 17th. The stock was sold at an average price of $17.00, for a total value of $283,152.00. Following the completion of the sale, the insider directly owned 326,114 shares in the company, valued at approximately $5,543,938. The trade was a 4.86% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 44,439 shares of company stock valued at $663,671. Corporate insiders own 4.30% of the company’s stock.

Institutional Investors Weigh In On Magnite

Hedge funds and other institutional investors have recently made changes to their positions in the company. Dilation Capital Management LP purchased a new position in Magnite during the second quarter worth approximately $8,074,000. Lisanti Capital Growth LLC raised its stake in shares of Magnite by 155.8% during the 2nd quarter. Lisanti Capital Growth LLC now owns 368,015 shares of the company’s stock worth $8,877,000 after buying an additional 224,160 shares during the period. Nippon Life Global Investors Americas Inc. purchased a new position in shares of Magnite during the 3rd quarter valued at approximately $2,621,000. Maestria Partners LLC lifted its position in shares of Magnite by 36.3% during the 2nd quarter. Maestria Partners LLC now owns 1,434,317 shares of the company’s stock valued at $34,596,000 after buying an additional 382,000 shares in the last quarter. Finally, Nordea Investment Management AB grew its stake in Magnite by 35.2% in the 3rd quarter. Nordea Investment Management AB now owns 447,340 shares of the company’s stock valued at $9,694,000 after acquiring an additional 116,423 shares during the period. Hedge funds and other institutional investors 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).