Magnite, Inc. (NASDAQ:MGNI) Given Consensus Recommendation of “Buy” by Brokerages

Magnite, Inc. (NASDAQ:MGNIGet Rating) has earned an average recommendation of “Buy” from the nine brokerages that are presently covering the firm, Marketbeat reports. One investment analyst has rated the stock with a sell rating and seven have assigned a buy rating to the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $27.38.

Several analysts have issued reports on MGNI shares. Needham & Company LLC started coverage on Magnite in a research note on Wednesday, March 23rd. They issued a “buy” rating and a $25.00 price target on the stock. Zacks Investment Research downgraded shares of Magnite from a “hold” rating to a “sell” rating in a research report on Wednesday, March 30th. Truist Financial dropped their target price on Magnite from $30.00 to $23.00 in a report on Thursday, January 27th. Craig Hallum restated a “buy” rating and issued a $25.00 price target on shares of Magnite in a research note on Friday, March 4th. Finally, Susquehanna Bancshares dropped their price objective on Magnite from $37.00 to $24.00 and set a “positive” rating on the stock in a research note on Thursday, February 24th.

NASDAQ MGNI opened at $11.58 on Friday. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.14 and a current ratio of 1.14. The stock has a market cap of $1.53 billion, a price-to-earnings ratio of -385.87 and a beta of 2.18. The business has a 50 day simple moving average of $12.65 and a 200 day simple moving average of $17.32. Magnite has a 52-week low of $10.36 and a 52-week high of $41.96.

Magnite (NASDAQ:MGNIGet Rating) last issued its quarterly earnings data on Wednesday, February 23rd. The company reported $0.20 EPS for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.05). The company had revenue of $161.30 million for the quarter, compared to analyst estimates of $139.85 million. Magnite had a return on equity of 5.85% and a net margin of 0.01%. The company’s revenue was up 96.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.14 earnings per share. On average, analysts predict that Magnite will post 0.5 EPS for the current year.

In other news, Director Rachel Lam purchased 2,500 shares of the company’s stock in a transaction that occurred on Thursday, March 3rd. The stock was acquired at an average cost of $12.81 per share, with a total value of $32,025.00. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Adam Lee Soroca sold 5,000 shares of the company’s stock in a transaction on Tuesday, February 15th. The shares were sold at an average price of $13.66, for a total value of $68,300.00. The disclosure for this sale can be found here. Insiders own 4.10% of the company’s stock.

Several institutional investors have recently made changes to their positions in the company. US Bancorp DE increased its position in Magnite by 135.9% during the third quarter. US Bancorp DE now owns 3,217 shares of the company’s stock worth $90,000 after acquiring an additional 1,853 shares during the period. O Shaughnessy Asset Management LLC raised its position in shares of Magnite by 20.9% in the third quarter. O Shaughnessy Asset Management LLC now owns 4,935 shares of the company’s stock valued at $138,000 after buying an additional 852 shares in the last quarter. Lazard Asset Management LLC bought a new stake in shares of Magnite in the fourth quarter valued at approximately $162,000. NEXT Financial Group Inc grew its position in Magnite by 8.0% during the fourth quarter. NEXT Financial Group Inc now owns 10,256 shares of the company’s stock worth $179,000 after buying an additional 756 shares in the last quarter. Finally, Mackenzie Financial Corp acquired a new position in Magnite in the 3rd quarter valued at $208,000. 69.41% of the stock is owned by institutional investors.

About Magnite (Get Rating)

Magnite, Inc operates an independent sell-side advertising platform in the United States and internationally. The company's platform offers applications and services for sellers of digital advertising inventory or publishers that own and operate CTV channels, applications, websites, and other digital media properties, to manage and monetize their inventory; and provides applications and services for buyers, including advertisers, agencies, agency trading desks, and demand side platforms to buy digital advertising inventory.

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