Brokerages Set Magnite, Inc. (NASDAQ:MGNI) Target Price at $17.25

Magnite, Inc. (NASDAQ:MGNI) has earned a consensus recommendation of “Buy” from the ten analysts that are presently covering the company, MarketBeat Ratings reports. Ten investment analysts have rated the stock with a buy recommendation. The average 1 year price objective among brokers that have issued ratings on the stock in the last year is $17.25.

A number of equities research analysts recently commented on MGNI shares. Craig Hallum restated a “buy” rating and set a $20.00 price target on shares of Magnite in a research report on Wednesday, August 21st. Evercore ISI raised their target price on Magnite from $13.00 to $15.00 and gave the company an “outperform” rating in a research note on Monday, June 3rd. Benchmark reiterated a “buy” rating and set a $21.00 price target on shares of Magnite in a research report on Tuesday, August 20th. Wolfe Research started coverage on shares of Magnite in a research report on Tuesday, July 16th. They issued an “outperform” rating and a $16.00 price objective for the company. Finally, Royal Bank of Canada upped their target price on shares of Magnite from $17.00 to $19.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 5th.

Magnite Price Performance

Shares of NASDAQ MGNI opened at $14.08 on Friday. Magnite has a 52-week low of $6.28 and a 52-week high of $15.92. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.10 and a quick ratio of 1.10. The business has a fifty day moving average of $13.70 and a two-hundred day moving average of $12.07.

Magnite (NASDAQ:MGNI) last announced its quarterly earnings results on Wednesday, August 7th. The company reported $0.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.15 by ($0.01). The firm had revenue of $162.88 million for the quarter, compared to the consensus estimate of $144.04 million. Magnite had a negative net margin of 0.83% and a positive return on equity of 3.74%. The company’s revenue for the quarter was up 6.8% on a year-over-year basis. During the same period in the prior year, the business earned ($0.04) earnings per share. As a group, research analysts forecast that Magnite will post 0.31 EPS for the current year.

Insider Buying and Selling at Magnite

In other news, CAO Brian Gephart sold 16,166 shares of the stock in a transaction on Monday, July 15th. The stock was sold at an average price of $15.00, for a total value of $242,490.00. Following the transaction, the chief accounting officer now owns 121,169 shares of the company’s stock, valued at approximately $1,817,535. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Magnite news, CRO Sean Patrick Buckley sold 2,623 shares of the company’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $12.53, for a total value of $32,866.19. Following the completion of the sale, the executive now owns 331,742 shares of the company’s stock, valued at $4,156,727.26. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Brian Gephart sold 16,166 shares of Magnite stock in a transaction on Monday, July 15th. The stock was sold at an average price of $15.00, for a total transaction of $242,490.00. Following the transaction, the chief accounting officer now directly owns 121,169 shares in the company, valued at $1,817,535. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 250,383 shares of company stock valued at $3,519,150. 4.30% of the stock is currently owned by insiders.

Institutional Trading of Magnite

A number of large investors have recently made changes to their positions in MGNI. Cape Investment Advisory Inc. bought a new stake in Magnite during the 4th quarter worth approximately $25,000. UMB Bank n.a. boosted its holdings in shares of Magnite by 111.8% in the second quarter. UMB Bank n.a. now owns 2,251 shares of the company’s stock valued at $30,000 after buying an additional 1,188 shares during the period. Asset Dedication LLC bought a new stake in shares of Magnite during the second quarter worth $52,000. Blue Trust Inc. acquired a new stake in shares of Magnite during the second quarter worth $56,000. Finally, Benjamin F. Edwards & Company Inc. lifted its position in Magnite by 973.5% in 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 in the last quarter. Institutional investors own 73.40% of the company’s stock.

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.