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

Magnite, Inc. (NASDAQ:MGNI) has received an average rating of “Moderate Buy” from the eleven ratings firms that are covering the stock, MarketBeat reports. Two equities research 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 covered the stock in the last year is $28.30.

Several research analysts recently issued reports on the company. Scotiabank reaffirmed an “outperform” rating and set a $27.00 target price on shares of Magnite in a research report on Thursday, August 6th. Wells Fargo & Company raised their price target on Magnite from $21.00 to $22.00 and gave the stock an “equal weight” rating in a report on Friday, August 7th. Benchmark boosted their price target on Magnite from $30.00 to $33.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. Royal Bank Of Canada upped their price objective on shares of Magnite from $20.00 to $27.00 and gave the company an “outperform” rating in a report on Thursday, August 6th. Finally, BTIG Research increased their price objective on shares of Magnite from $20.00 to $27.00 and gave the company a “buy” rating in a research report on Thursday, August 6th.

Insider Activity at Magnite

In other Magnite news, insider Sean Patrick Buckley sold 67,179 shares of the company’s stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $24.49, for a total transaction of $1,645,213.71. Following the transaction, the insider owned 315,805 shares in the company, valued at approximately $7,734,064.45. This represents a 17.54% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael G. Barrett sold 293,968 shares of the firm’s stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $22.72, for a total transaction of $6,678,952.96. Following the completion of the transaction, the chief executive officer directly owned 403,074 shares of the company’s stock, valued at approximately $9,157,841.28. This represents a 42.17% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 935,251 shares of company stock worth $19,046,675. 3.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On Magnite

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MGNI. Smartleaf Asset Management LLC grew its holdings in Magnite by 20.5% in the 2nd quarter. Smartleaf Asset Management LLC now owns 3,387 shares of the company’s stock valued at $82,000 after buying an additional 577 shares in the last quarter. US Bancorp DE raised 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 worth $35,000 after acquiring an additional 688 shares during the period. PNC Financial Services Group Inc. boosted its position in shares of Magnite by 45.1% during the 3rd quarter. PNC Financial Services Group Inc. now owns 2,428 shares of the company’s stock valued at $53,000 after acquiring an additional 755 shares during the last quarter. AYAL Capital Advisors Ltd boosted its position in shares of Magnite by 0.5% during the 4th quarter. AYAL Capital Advisors Ltd now owns 200,000 shares of the company’s stock valued at $3,246,000 after acquiring an additional 1,000 shares during the last quarter. Finally, CANADA LIFE ASSURANCE Co grew its holdings in shares of Magnite by 2.4% in the third quarter. CANADA LIFE ASSURANCE Co now owns 44,552 shares of the company’s stock valued at $992,000 after purchasing an additional 1,047 shares during the period. Hedge funds and other institutional investors own 73.40% of the company’s stock.

Magnite Trading Up 1.4%

NASDAQ MGNI opened at $24.53 on Friday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.03 and a current ratio of 1.02. The company has a market capitalization of $3.52 billion, a price-to-earnings ratio of 22.50, a price-to-earnings-growth ratio of 1.08 and a beta of 2.26. The company’s 50-day simple moving average is $20.01 and its two-hundred day simple moving average is $15.41. Magnite has a one year low of $10.82 and a one year high of $26.65.

Magnite (NASDAQ:MGNI) last announced its 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. The business had revenue of $192.82 million for the quarter, compared to analysts’ expectations of $179.15 million. Magnite had a return on equity of 9.33% and a net margin of 22.49%.The business’s revenue for the quarter was up 11.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.20 EPS. Equities analysts forecast that Magnite will post 0.61 EPS 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).