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

Shares of Magnite, Inc. (NASDAQ:MGNI) have received a consensus rating of “Moderate Buy” from the eleven ratings firms that are currently covering the firm, MarketBeat reports. Two research analysts have rated the stock with a hold recommendation and nine have issued a buy recommendation on the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $28.80.

MGNI has been the topic of several analyst reports. Susquehanna lifted their target price on Magnite from $22.00 to $30.00 and gave the company a “positive” rating in a research note on Thursday, August 6th. BTIG Research restated a “buy” rating and set a $27.00 price target on shares of Magnite in a research note on Wednesday, September 9th. Rosenblatt Securities lifted their price objective on shares of Magnite from $39.00 to $40.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. B. Riley Financial upped their price objective on shares of Magnite from $20.00 to $27.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Magnite in a research note on Friday, August 7th.

Magnite Price Performance

Shares of NASDAQ MGNI opened at $23.84 on Tuesday. The stock has a market cap of $3.42 billion, a P/E ratio of 21.87, a P/E/G ratio of 1.04 and a beta of 2.30. Magnite has a twelve month low of $10.82 and a twelve month high of $26.19. The stock has a 50 day moving average of $22.09 and a two-hundred day moving average of $16.96. The company has a current ratio of 1.02, a quick ratio of 1.03 and a debt-to-equity ratio of 0.37.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $0.26 earnings per share for the quarter, topping analysts’ consensus estimates of $0.24 by $0.02. Magnite had a net margin of 22.49% and a return on equity of 9.33%. The firm had revenue of $192.82 million during the quarter, compared to analysts’ expectations of $179.15 million. During the same quarter in the prior year, the business earned $0.20 EPS. Magnite’s quarterly revenue was up 11.3% compared to the same quarter last year. On average, research analysts forecast that Magnite will post 0.61 earnings per share for the current year.

Insider Activity

In related news, insider Katie Evans sold 32,285 shares of the firm’s stock in a transaction dated Tuesday, September 8th. The shares were sold at an average price of $23.63, for a total value of $762,894.55. Following the completion of the sale, the insider owned 466,897 shares in the company, valued at $11,032,776.11. This trade represents a 6.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael G. Barrett sold 293,968 shares of Magnite stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $22.72, for a total value of $6,678,952.96. Following the completion of the sale, the chief executive officer directly owned 403,074 shares in the company, valued at $9,157,841.28. This represents a 42.17% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 741,869 shares of company stock valued at $16,798,559 over the last ninety days. 3.20% of the stock is currently owned by company insiders.

Institutional Trading of Magnite

A number of institutional investors have recently modified their holdings of the business. Nykredit A S acquired a new stake in Magnite during the 2nd quarter valued at $25,000. EFG International AG acquired a new position in shares of Magnite in the second quarter worth $28,000. Allworth Financial LP acquired a new position in shares of Magnite in the second quarter worth $30,000. PNC Financial Services Group Inc. raised its holdings in shares of Magnite by 106.3% in the first quarter. PNC Financial Services Group Inc. now owns 3,783 shares of the company’s stock worth $45,000 after acquiring an additional 1,949 shares during the last quarter. Finally, Harbor Investment Advisory LLC purchased a new stake in shares of Magnite in the second quarter valued at $62,000. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

Magnite Company Profile

Magnite, Inc is an independent sell-side advertising technology company that operates a global platform for digital media owners and app developers. Its technology helps publishers and media companies manage, package, sell and optimize advertising inventory across connected television (CTV), online video, mobile, desktop, audio and digital out-of-home channels.

Magnite’s platform connects publishers with agencies, brands and demand-side platforms, supporting automated, data-driven programmatic advertising transactions.