Magnite, Inc. (NASDAQ:MGNI) Receives $16.86 Average PT from Brokerages

Shares of Magnite, Inc. (NASDAQ:MGNI) have been given a consensus rating of “Moderate Buy” by the eleven analysts that are currently covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $16.86.

MGNI has been the subject of a number of recent research reports. Benchmark reissued a “buy” rating and issued a $21.00 target price on shares of Magnite in a report on Wednesday, October 2nd. Lake Street Capital initiated coverage on shares of Magnite in a research note on Thursday, July 25th. They issued a “buy” rating and a $21.00 price objective for the company. Royal Bank of Canada restated an “outperform” rating and issued a $19.00 target price on shares of Magnite in a report on Friday, September 27th. Needham & Company LLC reaffirmed a “buy” rating and issued a $15.00 price target on shares of Magnite in a report on Wednesday, October 2nd. Finally, Wells Fargo & Company began coverage on Magnite in a research note on Monday, October 28th. They set an “equal weight” rating and a $13.00 price objective on the stock.

Magnite Stock Up 5.6 %

Shares of MGNI opened at $13.20 on Friday. Magnite has a 12-month low of $6.55 and a 12-month high of $15.92. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.77. The company has a market capitalization of $1.86 billion, a PE ratio of -120.00, a price-to-earnings-growth ratio of 1.14 and a beta of 2.43. The business’s 50 day moving average is $12.82 and its 200 day moving average is $12.62.

Magnite (NASDAQ:MGNI) last announced its quarterly earnings results on Wednesday, August 7th. The company reported $0.14 EPS for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.01). Magnite had a negative net margin of 0.83% and a positive return on equity of 3.74%. The firm had revenue of $162.88 million for the quarter, compared to the consensus estimate of $144.04 million. During the same period in the previous year, the company posted ($0.04) earnings per share. Magnite’s quarterly revenue was up 6.8% on a year-over-year basis. Research analysts expect that Magnite will post 0.29 earnings per share for the current fiscal year.

Insider Activity at Magnite

In other Magnite news, CEO Michael G. Barrett sold 75,000 shares of the company’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $12.63, for a total value of $947,250.00. Following the sale, the chief executive officer now directly owns 944,552 shares of the company’s stock, valued at approximately $11,929,691.76. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Michael G. Barrett sold 75,000 shares of the business’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $12.63, for a total value of $947,250.00. Following the completion of the sale, the chief executive officer now owns 944,552 shares of the company’s stock, valued at approximately $11,929,691.76. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CTO David Buonasera sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $12.65, for a total value of $126,500.00. Following the completion of the transaction, the chief technology officer now owns 258,102 shares in the company, valued at approximately $3,264,990.30. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 95,533 shares of company stock worth $1,206,203 over the last quarter. Insiders own 4.30% of the company’s stock.

Institutional Investors Weigh In On Magnite

A number of institutional investors and hedge funds have recently made changes to their positions in MGNI. UMB Bank n.a. lifted its stake in Magnite by 111.8% during the second quarter. UMB Bank n.a. now owns 2,251 shares of the company’s stock worth $30,000 after purchasing an additional 1,188 shares in the last quarter. Asset Dedication LLC acquired a new position in Magnite during the 2nd quarter worth about $52,000. Blue Trust Inc. purchased a new position in Magnite during the 2nd quarter valued at about $56,000. Benjamin F. Edwards & Company Inc. boosted its holdings in Magnite by 973.5% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 4,380 shares of the company’s stock valued at $58,000 after acquiring an additional 3,972 shares during the period. Finally, DekaBank Deutsche Girozentrale acquired a new position in Magnite in the 2nd quarter valued at about $93,000. 73.40% of the stock is owned by hedge funds and other institutional investors.

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.