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

Shares of Magnite, Inc. (NASDAQ:MGNIGet Rating) have earned a consensus recommendation of “Buy” from the nine analysts that are currently covering the firm, Marketbeat.com reports. Seven research analysts have rated the stock with a buy rating. The average twelve-month price target among analysts that have covered the stock in the last year is $26.38.

A number of analysts recently commented on the stock. Craig Hallum restated a “buy” rating and issued a $25.00 price objective on shares of Magnite in a research report on Friday, March 4th. Susquehanna Bancshares lowered their price objective on shares of Magnite from $37.00 to $24.00 and set a “positive” rating for the company in a research report on Thursday, February 24th. TheStreet cut shares of Magnite from a “c-” rating to a “d+” rating in a research report on Thursday, June 2nd. Susquehanna lowered their price objective on shares of Magnite from $37.00 to $24.00 and set a “positive” rating for the company in a research report on Thursday, February 24th. Finally, Needham & Company LLC began coverage on shares of Magnite in a research report on Wednesday, March 23rd. They issued a “buy” rating and a $25.00 price objective for the company.

Shares of Magnite stock opened at $10.19 on Friday. The firm has a fifty day moving average of $10.89 and a two-hundred day moving average of $13.47. The stock has a market capitalization of $1.34 billion, a price-to-earnings ratio of -39.19 and a beta of 2.24. Magnite has a 52 week low of $8.57 and a 52 week high of $37.54. The company has a debt-to-equity ratio of 0.86, a quick ratio of 1.14 and a current ratio of 1.14.

Magnite (NASDAQ:MGNIGet Rating) last issued its earnings results on Wednesday, May 4th. The company reported $0.08 EPS for the quarter, meeting the consensus estimate of $0.08. The company had revenue of $107.10 million during the quarter, compared to analysts’ expectations of $107.08 million. Magnite had a negative net margin of 6.02% and a positive return on equity of 5.17%. The business’s revenue for the quarter was up 76.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.03) EPS. As a group, research analysts forecast that Magnite will post 0.43 EPS for the current fiscal year.

In related news, COO Katie Seitz Evans sold 15,805 shares of the company’s stock in a transaction on Wednesday, April 6th. The shares were sold at an average price of $13.13, for a total value of $207,519.65. Following the completion of the transaction, the chief operating officer now directly owns 393,276 shares of the company’s stock, valued at approximately $5,163,713.88. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 4.10% of the stock is currently owned by corporate insiders.

Institutional investors have recently bought and sold shares of the company. PDT Partners LLC boosted its stake in shares of Magnite by 339.4% during the 4th quarter. PDT Partners LLC now owns 57,672 shares of the company’s stock worth $1,009,000 after buying an additional 44,547 shares during the last quarter. Kopion Asset Management LLC raised its holdings in shares of Magnite by 141.0% in the 4th quarter. Kopion Asset Management LLC now owns 450,241 shares of the company’s stock valued at $7,879,000 after purchasing an additional 263,450 shares during the period. Twinbeech Capital LP bought a new stake in shares of Magnite in the 3rd quarter valued at about $2,156,000. American International Group Inc. raised its holdings in shares of Magnite by 20.8% in the 3rd quarter. American International Group Inc. now owns 71,080 shares of the company’s stock valued at $1,990,000 after purchasing an additional 12,218 shares during the period. Finally, Valeo Financial Advisors LLC raised its holdings in shares of Magnite by 49.1% in the 4th quarter. Valeo Financial Advisors LLC now owns 23,170 shares of the company’s stock valued at $405,000 after purchasing an additional 7,633 shares during the period. Institutional investors own 67.92% of the company’s stock.

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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Analyst Recommendations for Magnite (NASDAQ:MGNI)

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