Magnite (MGNI) – Investment Analysts’ Recent Ratings Updates

Magnite (NASDAQ: MGNI) has recently received a number of price target changes and ratings updates:

• 6/5/2024 – Magnite had its price target raised by analysts at Royal Bank of Canada from $17.00 to $19.00. They now have an “outperform” rating on the stock.
• 6/3/2024 – Magnite had its price target raised by analysts at Evercore ISI from $13.00 to $15.00. They now have an “outperform” rating on the stock.
• 5/24/2024 – Magnite was upgraded by analysts at Bank of America Co. from a “neutral” rating to a “buy” rating. They now have a $15.00 price target on the stock, up previously from $13.00.
• 5/16/2024 – Magnite had its “positive” rating reaffirmed by analysts at Susquehanna. They now have a $14.00 price target on the stock.
• 5/16/2024 – Magnite had its price target raised by analysts at Craig Hallum from $18.00 to $20.00. They now have a “buy” rating on the stock.
• 5/16/2024 – Magnite had its “buy” rating reaffirmed by analysts at Benchmark Co.. They now have a $18.00 price target on the stock.
• 5/16/2024 – Magnite had its “buy” rating reaffirmed by analysts at Needham & Company LLC. They now have a $15.00 price target on the stock.
• 5/9/2024 – Magnite had its “buy” rating reaffirmed by analysts at Needham & Company LLC. They now have a $15.00 price target on the stock.
• 4/19/2024 – Magnite is now covered by analysts at B. Riley. They set a “buy” rating and a $14.50 price target on the stock.

Magnite Price Performance

Shares of NASDAQ MGNI traded up $0.25 during mid-day trading on Wednesday, reaching $13.62. 2,677,822 shares of the company traded hands, compared to its average volume of 1,456,723. The firm has a market cap of $1.91 billion, a PE ratio of -21.28, a price-to-earnings-growth ratio of 0.89 and a beta of 2.35. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.10 and a quick ratio of 1.10. Magnite, Inc. has a fifty-two week low of $6.28 and a fifty-two week high of $15.73. The stock has a fifty day simple moving average of $10.20 and a 200-day simple moving average of $9.79.

Magnite (NASDAQ:MGNI) last released its quarterly earnings data on Wednesday, May 8th. The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.11) by $0.05. Magnite had a positive return on equity of 3.23% and a negative net margin of 12.24%. The business had revenue of $130.55 million during the quarter, compared to analyst estimates of $123.77 million. Equities research analysts anticipate that Magnite, Inc. will post 0.38 EPS for the current fiscal year.

Insider Buying and Selling

In other Magnite news, CRO Sean Patrick Buckley sold 2,682 shares of the business’s stock in a transaction dated Friday, May 24th. The stock was sold at an average price of $12.50, for a total value of $33,525.00. Following the transaction, the executive now owns 404,875 shares in the company, valued at $5,060,937.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Michael G. Barrett sold 75,000 shares of Magnite stock in a transaction on Friday, March 15th. The shares were sold at an average price of $11.21, for a total value of $840,750.00. Following the completion of the sale, the chief executive officer now owns 1,234,662 shares of the company’s stock, valued at approximately $13,840,561.02. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CRO Sean Patrick Buckley sold 2,682 shares of the business’s stock in a transaction dated Friday, May 24th. The stock was sold at an average price of $12.50, for a total value of $33,525.00. Following the completion of the sale, the executive now directly owns 404,875 shares of the company’s stock, valued at approximately $5,060,937.50. The disclosure for this sale can be found here. In the last ninety days, insiders sold 109,011 shares of company stock valued at $1,274,134. Corporate insiders own 4.30% of the company’s stock.

Hedge Funds Weigh In On Magnite

Institutional investors have recently made changes to their positions in the business. Comerica Bank increased its holdings in shares of Magnite by 6,214.5% during the 1st quarter. Comerica Bank now owns 27,847 shares of the company’s stock worth $299,000 after purchasing an additional 27,406 shares during the period. Tidal Investments LLC increased its position in shares of Magnite by 212.8% during the first quarter. Tidal Investments LLC now owns 69,388 shares of the company’s stock valued at $746,000 after purchasing an additional 47,205 shares during the period. Bayesian Capital Management LP acquired a new position in shares of Magnite in the first quarter valued at $132,000. Silvercrest Asset Management Group LLC lifted its position in Magnite by 4.4% in the first quarter. Silvercrest Asset Management Group LLC now owns 853,595 shares of the company’s stock worth $9,176,000 after purchasing an additional 36,298 shares during the period. Finally, Price T Rowe Associates Inc. MD increased its holdings in Magnite by 6.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 83,460 shares of the company’s stock valued at $898,000 after buying an additional 4,879 shares during the period. 73.40% of the stock is currently owned by institutional investors.

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.