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

Shares of Magnite, Inc. (NASDAQ:MGNI) have been given a consensus recommendation of “Moderate Buy” by the ten ratings firms that are covering the firm, Marketbeat Ratings reports. Two investment 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 analysts that have issued a report on the stock in the last year is $23.8889.

Several analysts have commented on the stock. BTIG Research began coverage on shares of Magnite in a research note on Tuesday, June 9th. They issued a “buy” rating and a $20.00 target price for the company. Royal Bank Of Canada reissued an “outperform” rating on shares of Magnite in a research note on Thursday, May 28th. Scotiabank raised their price objective on Magnite from $16.00 to $17.00 and gave the stock a “sector outperform” rating in a report on Thursday, May 7th. Weiss Ratings raised Magnite from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, May 11th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $25.00 target price on shares of Magnite in a research note on Thursday, April 16th.

Insider Transactions at Magnite

In other Magnite news, Director David T. Pearson sold 10,766 shares of the firm’s stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $15.65, for a total value of $168,487.90. Following the sale, the director directly owned 79,001 shares of the company’s stock, valued at approximately $1,236,365.65. This trade represents a 11.99% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Michael G. Barrett sold 100,000 shares of the firm’s stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $17.50, for a total value of $1,750,000.00. Following the completion of the sale, the chief executive officer directly owned 403,074 shares in the company, valued at approximately $7,053,795. The trade was a 19.88% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 381,806 shares of company stock worth $6,493,340 in the last quarter. 4.30% of the stock is currently owned by corporate insiders.

Institutional Trading of Magnite

A number of hedge funds have recently added to or reduced their stakes in the business. Pacer Advisors Inc. acquired a new stake in Magnite in the 1st quarter worth about $5,959,000. Optiver Holding B.V. lifted its stake in shares of Magnite by 2,746.4% in the 1st quarter. Optiver Holding B.V. now owns 5,579 shares of the company’s stock valued at $66,000 after purchasing an additional 5,383 shares in the last quarter. Bank of America Corp DE lifted its stake in shares of Magnite by 72.6% in the 1st quarter. Bank of America Corp DE now owns 1,125,196 shares of the company’s stock valued at $13,367,000 after purchasing an additional 473,243 shares in the last quarter. Amundi grew its holdings in shares of Magnite by 74.8% during the 1st quarter. Amundi now owns 22,817 shares of the company’s stock worth $271,000 after purchasing an additional 9,764 shares during the period. Finally, California State Teachers Retirement System increased its position in Magnite by 29.3% during the 1st quarter. California State Teachers Retirement System now owns 176,528 shares of the company’s stock worth $2,097,000 after purchasing an additional 40,004 shares in the last quarter. 73.40% of the stock is owned by institutional investors and hedge funds.

Magnite Trading Up 2.0%

Shares of MGNI stock opened at $19.10 on Thursday. The company has a market capitalization of $2.74 billion, a price-to-earnings ratio of 18.37, a PEG ratio of 0.95 and a beta of 2.32. 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 firm has a 50-day moving average price of $14.75 and a 200 day moving average price of $14.13. Magnite has a twelve month low of $10.82 and a twelve month high of $26.65.

Magnite (NASDAQ:MGNI) last issued 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 net margin of 21.96% and a return on equity of 8.40%. The company’s quarterly revenue was up 5.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.12 earnings per share. Research 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).