Brokerages Set Magnite, Inc. (NASDAQ:MGNI) PT at $26.20

Shares of Magnite, Inc. (NASDAQ:MGNI) have earned a consensus rating of “Moderate Buy” from the ten ratings firms that are covering the company, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation and eight have assigned a buy recommendation to the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $27.00.

Several equities research analysts have weighed in on MGNI shares. Weiss Ratings reiterated a “hold (c)” rating on shares of Magnite in a report on Wednesday, October 8th. Rosenblatt Securities restated a “buy” rating and issued a $39.00 price objective on shares of Magnite in a research report on Thursday, November 6th. Wall Street Zen lowered Magnite from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. Finally, Wells Fargo & Company decreased their target price on Magnite from $22.00 to $20.00 and set an “equal weight” rating for the company in a research note on Friday, November 7th.

Insiders Place Their Bets

In other news, Director Paul Caine sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, October 24th. The shares were sold at an average price of $20.00, for a total value of $100,000.00. Following the completion of the transaction, the director owned 153,603 shares in the company, valued at $3,072,060. This represents a 3.15% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Robert F. Spillane sold 12,500 shares of the stock in a transaction on Friday, November 21st. The stock was sold at an average price of $14.22, for a total transaction of $177,750.00. Following the sale, the director directly owned 53,917 shares of the company’s stock, valued at $766,699.74. This represents a 18.82% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 49,439 shares of company stock valued at $763,671 over the last 90 days. 3.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On Magnite

Institutional investors have recently added to or reduced their stakes in the stock. Harbour Capital Advisors LLC bought a new position in Magnite during the 4th quarter worth about $177,000. Central Pacific Bank Trust Division acquired a new position in shares of Magnite during the fourth quarter worth about $41,000. Penbrook Management LLC grew its holdings in shares of Magnite by 9.5% during the fourth quarter. Penbrook Management LLC now owns 31,115 shares of the company’s stock worth $505,000 after buying an additional 2,695 shares in the last quarter. Kopion Asset Management LLC grew its holdings in shares of Magnite by 149.2% during the fourth quarter. Kopion Asset Management LLC now owns 614,459 shares of the company’s stock worth $9,973,000 after buying an additional 367,858 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its position in Magnite by 28.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,209,413 shares of the company’s stock valued at $26,341,000 after buying an additional 271,325 shares during the last quarter. 73.40% of the stock is owned by institutional investors.

Magnite Price Performance

Magnite stock opened at $16.80 on Thursday. The firm has a market capitalization of $2.41 billion, a P/E ratio of 44.21, a PEG ratio of 0.92 and a beta of 2.35. Magnite has a 1 year low of $8.22 and a 1 year high of $26.65. The business has a 50-day moving average of $15.54 and a 200-day moving average of $20.02. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.43.

Magnite (NASDAQ:MGNI) last announced its quarterly earnings results on Wednesday, November 5th. The company reported $0.20 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.20. Magnite had a net margin of 8.25% and a return on equity of 8.74%. The business had revenue of $179.49 million for the quarter, compared to the consensus estimate of $163.29 million. During the same period last year, the company posted $0.17 EPS. Magnite’s revenue for the quarter was up 11.6% on a year-over-year basis. On average, equities analysts anticipate that Magnite will post 0.33 EPS for the current 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).