Magnite, Inc. (NASDAQ:MGNI) Receives Average Rating of “Moderate Buy” from Brokerages

Magnite, Inc. (NASDAQ:MGNI) has received an average recommendation of “Moderate Buy” from the eleven brokerages that are presently covering the stock, MarketBeat.com reports. Two investment analysts have rated the stock with a hold recommendation and nine have assigned a buy recommendation to the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is $24.10.

Several analysts have recently issued reports on MGNI shares. Weiss Ratings reiterated a “hold (c)” rating on shares of Magnite in a research note on Thursday, January 22nd. Evercore reiterated an “outperform” rating and set a $20.00 price target on shares of Magnite in a research note on Thursday, February 26th. Wells Fargo & Company decreased their price target on Magnite from $20.00 to $13.00 and set an “equal weight” rating for the company in a research note on Friday, February 27th. Needham & Company LLC restated a “buy” rating and set a $25.00 target price on shares of Magnite in a research note on Thursday, April 16th. Finally, Benchmark decreased their target price on Magnite from $31.00 to $30.00 and set a “buy” rating for the company in a research note on Thursday, February 26th.

Insider Buying and Selling

In other Magnite news, insider Adam Lee Soroca sold 21,529 shares of the company’s stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $12.00, for a total value of $258,348.00. Following the completion of the transaction, the insider owned 388,425 shares of the company’s stock, valued at $4,661,100. This represents a 5.25% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 4.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Magnite

Hedge funds have recently modified their holdings of the stock. Neo Ivy Capital Management acquired a new position in shares of Magnite in the 3rd quarter worth approximately $27,000. US Bancorp DE raised its holdings in shares of Magnite by 75.8% in the 3rd quarter. US Bancorp DE now owns 1,596 shares of the company’s stock worth $35,000 after buying an additional 688 shares in the last quarter. State of Wyoming acquired a new position in shares of Magnite in the 3rd quarter worth approximately $39,000. Strategic Advocates LLC acquired a new position in shares of Magnite in the 3rd quarter worth approximately $42,000. Finally, PNC Financial Services Group Inc. raised its holdings in shares of Magnite by 45.1% in the 3rd quarter. PNC Financial Services Group Inc. now owns 2,428 shares of the company’s stock worth $53,000 after buying an additional 755 shares in the last quarter. 73.40% of the stock is owned by institutional investors and hedge funds.

Magnite Stock Performance

Shares of MGNI stock opened at $13.60 on Wednesday. Magnite has a 1-year low of $10.82 and a 1-year high of $26.65. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.38. The company has a market capitalization of $1.95 billion, a price-to-earnings ratio of 14.47, a P/E/G ratio of 0.84 and a beta of 2.33. The stock’s fifty day simple moving average is $12.66 and its 200-day simple moving average is $14.34.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings results on Wednesday, February 25th. The company reported $0.34 earnings per share for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.01). Magnite had a net margin of 20.25% and a return on equity of 8.44%. The business had revenue of $205.36 million for the quarter, compared to analysts’ expectations of $193.87 million. During the same quarter in the prior year, the firm posted $0.34 EPS. The business’s quarterly revenue was up 5.9% compared to the same quarter last year. On average, sell-side analysts predict that Magnite will post 0.59 earnings per share for the current fiscal year.

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).