Magnite, Inc. (NASDAQ:MGNI) Stock Has Consensus Target Price of $29.36

Magnite, Inc. (NASDAQ:MGNI) has been given a consensus recommendation of “Moderate Buy” by the twelve ratings firms that are currently covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $29.36.

Several research firms recently issued reports on MGNI. B. Riley Financial increased their target price on shares of Magnite from $27.00 to $30.00 and gave the stock a “buy” rating in a report on Friday, September 18th. Evercore reiterated an “outperform” rating and issued a $25.00 price target on shares of Magnite in a research report on Thursday, August 6th. Craig Hallum reissued a “buy” rating and issued a $32.00 price objective on shares of Magnite in a research note on Thursday, September 17th. Susquehanna raised their price objective on shares of Magnite from $22.00 to $30.00 and gave the company a “positive” rating in a research report on Thursday, August 6th. Finally, BTIG Research restated a “buy” rating and set a $27.00 price objective on shares of Magnite in a research report on Wednesday, September 9th.

Magnite Stock Down 4.2%

Shares of MGNI stock opened at $21.49 on Wednesday. The company has a current ratio of 1.02, a quick ratio of 1.03 and a debt-to-equity ratio of 0.37. The stock has a market cap of $3.08 billion, a P/E ratio of 40.78, a P/E/G ratio of 0.74 and a beta of 2.33. Magnite has a 12 month low of $10.82 and a 12 month high of $26.84. The company has a 50 day simple moving average of $23.98 and a two-hundred day simple moving average of $17.62.

Magnite (NASDAQ:MGNI) last released its quarterly earnings results on Wednesday, August 5th. The company reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.02. Magnite had a return on equity of 9.33% and a net margin of 22.49%. The business had revenue of $192.82 million during the quarter, compared to analyst estimates of $179.15 million. During the same quarter in the previous year, the company posted $0.20 earnings per share. Magnite’s revenue for the quarter was up 11.3% on a year-over-year basis. On average, research analysts expect that Magnite will post 0.61 earnings per share for the current year.

Insiders Place Their Bets

In other Magnite news, Director Paul Caine sold 12,500 shares of the firm’s stock in a transaction dated Monday, October 12th. The stock was sold at an average price of $25.29, for a total transaction of $316,125.00. Following the sale, the director directly owned 124,901 shares of the company’s stock, valued at $3,158,746.29. This trade represents a 9.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Robert Spillane sold 10,363 shares of the business’s stock in a transaction dated Monday, September 14th. The shares were sold at an average price of $23.76, for a total value of $246,224.88. Following the completion of the transaction, the director owned 57,715 shares in the company, valued at $1,371,308.40. The trade was a 15.22% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 680,259 shares of company stock worth $15,993,244 in the last three months. 3.20% of the stock is owned by company insiders.

Institutional Trading of Magnite

Several institutional investors and hedge funds have recently added to or reduced their stakes in MGNI. Covestor Ltd increased its holdings in Magnite by 562.1% in the 3rd quarter. Covestor Ltd now owns 1,066 shares of the company’s stock valued at $26,000 after acquiring an additional 905 shares during the last quarter. State of Wyoming lifted its stake in Magnite by 39.6% in the 3rd quarter. State of Wyoming now owns 31,095 shares of the company’s stock worth $785,000 after purchasing an additional 8,822 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of Magnite during the 3rd quarter valued at about $240,000. Pinnacle Wealth Planning Services Inc. boosted its holdings in shares of Magnite by 643.0% during the 3rd quarter. Pinnacle Wealth Planning Services Inc. now owns 10,967 shares of the company’s stock valued at $277,000 after purchasing an additional 9,491 shares during the last quarter. Finally, Signaturefd LLC boosted its holdings in shares of Magnite by 35.8% during the 3rd quarter. Signaturefd LLC now owns 1,715 shares of the company’s stock valued at $43,000 after purchasing an additional 452 shares during the last quarter. Institutional investors own 73.40% of the company’s stock.

Magnite Company Profile

Magnite, Inc operates an independent omnichannel sell-side advertising platform that helps publishers and digital media owners monetize their content while enabling advertisers to reach audiences across multiple channels. Its platform supports the buying and selling of digital advertising inventory through automated auctions and direct transactions.

The company’s solutions serve connected television and streaming video, online display and mobile advertising, audio, and digital out-of-home media.