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

Magnite, Inc. (NASDAQ:MGNIGet Rating) has been assigned a consensus recommendation of “Buy” from the ten brokerages that are presently covering the stock, Marketbeat reports. Seven investment analysts have rated the stock with a buy rating. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $23.11.

Several analysts have weighed in on the stock. Craig Hallum dropped their target price on shares of Magnite from $25.00 to $16.00 in a research report on Thursday, July 14th. Truist Financial dropped their target price on shares of Magnite from $18.00 to $15.00 in a research report on Monday, May 2nd. TheStreet downgraded shares of Magnite from a “c-” rating to a “d+” rating in a research report on Thursday, June 2nd. Needham & Company LLC dropped their target price on shares of Magnite from $25.00 to $13.00 and set a “buy” rating on the stock in a research report on Wednesday, July 6th. Finally, Benchmark assumed coverage on shares of Magnite in a research report on Wednesday, July 13th. They set a “buy” rating and a $18.00 target price on the stock.

Institutional Trading of Magnite

Hedge funds have recently added to or reduced their stakes in the company. Covestor Ltd boosted its holdings in Magnite by 7,927.8% during the first quarter. Covestor Ltd now owns 2,890 shares of the company’s stock worth $38,000 after buying an additional 2,854 shares in the last quarter. Strs Ohio boosted its holdings in Magnite by 46.9% during the second quarter. Strs Ohio now owns 4,700 shares of the company’s stock worth $41,000 after buying an additional 1,500 shares in the last quarter. Captrust Financial Advisors boosted its holdings in Magnite by 48.5% during the first quarter. Captrust Financial Advisors now owns 3,767 shares of the company’s stock worth $50,000 after buying an additional 1,230 shares in the last quarter. Point72 Hong Kong Ltd boosted its holdings in Magnite by 22.8% during the first quarter. Point72 Hong Kong Ltd now owns 11,596 shares of the company’s stock worth $153,000 after buying an additional 2,156 shares in the last quarter. Finally, Lazard Asset Management LLC purchased a new stake in Magnite during the fourth quarter worth $162,000. 67.92% of the stock is owned by hedge funds and other institutional investors.

Magnite Trading Down 5.7 %

NASDAQ MGNI opened at $7.64 on Friday. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 0.86. The firm has a market cap of $1.01 billion, a PE ratio of -29.38 and a beta of 2.25. The company has a 50 day moving average price of $9.47 and a 200 day moving average price of $11.34. Magnite has a 52 week low of $7.06 and a 52 week high of $36.59.

Magnite (NASDAQ:MGNIGet Rating) last posted its quarterly earnings data on Wednesday, May 4th. The company reported ($0.02) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.01). The firm had revenue of $107.10 million for the quarter, compared to the consensus estimate of $107.08 million. Magnite had a positive return on equity of 5.17% and a negative net margin of 6.02%. The company’s revenue was up 76.4% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.03) EPS. As a group, sell-side analysts forecast that Magnite will post 0.43 EPS for the current fiscal year.

About Magnite

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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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