Magnite, Inc. (NASDAQ:MGNI) Receives $15.65 Consensus PT from Brokerages

Shares of Magnite, Inc. (NASDAQ:MGNI) have received a consensus rating of “Buy” from the ten research firms that are currently covering the company, Marketbeat reports. Ten analysts have rated the stock with a buy recommendation. The average 1-year price objective among brokers that have covered the stock in the last year is $15.65.

Several equities research analysts recently weighed in on MGNI shares. Susquehanna reissued a “positive” rating and set a $14.00 price objective on shares of Magnite in a report on Thursday, May 16th. Royal Bank of Canada lifted their price target on Magnite from $17.00 to $19.00 and gave the company an “outperform” rating in a research note on Wednesday, June 5th. Craig Hallum upped their price objective on Magnite from $18.00 to $20.00 and gave the company a “buy” rating in a research note on Thursday, May 16th. Benchmark reiterated a “buy” rating and set a $18.00 target price on shares of Magnite in a research report on Monday, June 17th. Finally, B. Riley started coverage on shares of Magnite in a research report on Friday, April 19th. They issued a “buy” rating and a $14.50 price target for the company.

Insider Buying and Selling at Magnite

In other news, CFO David Day sold 21,299 shares of the stock in a transaction on Wednesday, June 12th. The shares were sold at an average price of $14.01, for a total transaction of $298,398.99. Following the completion of the sale, the chief financial officer now directly owns 449,832 shares in the company, valued at $6,302,146.32. The transaction was disclosed in a filing with the SEC, which is available at this link. In related news, CFO David Day sold 21,299 shares of the company’s stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $14.01, for a total transaction of $298,398.99. Following the sale, the chief financial officer now owns 449,832 shares in the company, valued at approximately $6,302,146.32. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Adam Lee Soroca sold 10,597 shares of the firm’s stock in a transaction that occurred on Friday, May 17th. The stock was sold at an average price of $12.30, for a total value of $130,343.10. Following the sale, the insider now directly owns 450,655 shares of the company’s stock, valued at approximately $5,543,056.50. The disclosure for this sale can be found here. In the last 90 days, insiders sold 99,629 shares of company stock valued at $1,323,232. 4.30% of the stock is currently owned by company insiders.

Institutional Trading of Magnite

Several hedge funds have recently modified their holdings of MGNI. NBC Securities Inc. boosted its stake in Magnite by 4.2% during the fourth quarter. NBC Securities Inc. now owns 27,485 shares of the company’s stock worth $256,000 after acquiring an additional 1,108 shares in the last quarter. Fulton Bank N.A. increased its stake in Magnite by 8.1% in the first quarter. Fulton Bank N.A. now owns 22,003 shares of the company’s stock valued at $237,000 after purchasing an additional 1,653 shares in the last quarter. ProShare Advisors LLC raised its holdings in shares of Magnite by 8.5% during the first quarter. ProShare Advisors LLC now owns 24,325 shares of the company’s stock valued at $261,000 after purchasing an additional 1,914 shares during the period. Advisory Services Network LLC boosted its position in shares of Magnite by 1.9% during the 4th quarter. Advisory Services Network LLC now owns 127,106 shares of the company’s stock worth $1,187,000 after purchasing an additional 2,377 shares in the last quarter. Finally, Cape Investment Advisory Inc. acquired a new stake in shares of Magnite in the 4th quarter valued at about $25,000. Institutional investors own 73.40% of the company’s stock.

Magnite Trading Down 0.3 %

MGNI opened at $13.49 on Friday. The company has a market cap of $1.89 billion, a P/E ratio of -21.08, a PEG ratio of 0.93 and a beta of 2.35. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.79. The company’s 50 day moving average is $11.65 and its 200-day moving average is $10.47. Magnite has a 1-year low of $6.28 and a 1-year high of $15.73.

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

About Magnite

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.