Magnite, Inc. (NASDAQ:MGNI) Receives $24.10 Consensus Target Price from Analysts

Magnite, Inc. (NASDAQ:MGNI) has received a consensus recommendation of “Moderate Buy” from the eleven analysts that are presently covering the firm, Marketbeat Ratings reports. Two analysts have rated the stock with a hold recommendation and nine have issued a buy recommendation on the company. The average twelve-month target price among brokers that have covered the stock in the last year is $24.10.

Several brokerages recently commented on MGNI. Rosenblatt Securities restated a “buy” rating and issued a $39.00 price target on shares of Magnite in a research report on Thursday, February 26th. Wells Fargo & Company cut their target price on shares of Magnite from $20.00 to $13.00 and set an “equal weight” rating on the stock in a research note on Friday, February 27th. Benchmark reduced their target price on Magnite from $31.00 to $30.00 and set a “buy” rating for the company in a report on Thursday, February 26th. Scotiabank lowered their price target on Magnite from $30.00 to $16.00 and set a “sector outperform” rating on the stock in a report on Thursday, February 26th. Finally, Evercore reissued an “outperform” rating and set a $20.00 price target on shares of Magnite in a research report on Thursday, February 26th.

Insiders Place Their Bets

In other Magnite news, insider Adam Lee Soroca sold 21,529 shares of Magnite stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $12.00, for a total transaction of $258,348.00. Following the transaction, the insider owned 388,425 shares of the company’s stock, valued at $4,661,100. The trade was a 5.25% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 3.80% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MGNI. Neo Ivy Capital Management purchased a new stake in Magnite in the 3rd quarter worth approximately $27,000. US Bancorp DE grew its holdings in shares of Magnite by 75.8% during the 3rd quarter. US Bancorp DE now owns 1,596 shares of the company’s stock valued at $35,000 after acquiring an additional 688 shares in the last quarter. State of Wyoming acquired a new position in shares of Magnite in the third quarter worth $39,000. USA Financial Formulas purchased a new stake in shares of Magnite during the third quarter worth $40,000. Finally, Central Pacific Bank Trust Division purchased a new stake in shares of Magnite during the fourth quarter worth $41,000. 73.40% of the stock is owned by hedge funds and other institutional investors.

Magnite Price Performance

MGNI stock opened at $12.38 on Tuesday. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.38. Magnite has a one year low of $8.22 and a one year high of $26.65. The firm has a market capitalization of $1.79 billion, a PE ratio of 13.17, a P/E/G ratio of 0.67 and a beta of 2.34. The firm has a 50-day moving average of $13.22 and a two-hundred day moving average of $16.40.

Magnite Company Profile

Magnite, Inc (NASDAQ: MGNI) operates as an independent sell-side advertising platform that enables publishers and digital media owners to monetize their inventory through programmatic advertising. Formed in 2020 through the merger of Rubicon Project and Telaria, Magnite combines technologies for desktop, mobile, connected television (CTV) and digital out-of-home (DOOH) ad exchanges. The company provides an end-to-end solution designed to help media owners optimize yield across open marketplaces, private marketplaces and programmatic guaranteed deals.

At the core of Magnite’s offering is its supply-side platform (SSP), which connects publishers’ ad impressions to demand-side platforms (DSPs) through real-time bidding (RTB).