Magnite, Inc. (NASDAQ:MGNI) Receives Consensus Rating of “Moderate Buy” from Brokerages

Magnite, Inc. (NASDAQ:MGNI) has earned a consensus recommendation of “Moderate Buy” from the ten brokerages that are currently covering the stock, MarketBeat reports. Two equities research analysts have rated the stock with a hold recommendation and eight have issued a buy recommendation on the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $14.75.

Several analysts have commented on MGNI shares. B. Riley reduced their price objective on Magnite from $20.00 to $16.00 and set a “buy” rating for the company in a research note on Thursday, August 10th. Susquehanna reduced their price objective on Magnite from $15.00 to $13.00 and set a “positive” rating for the company in a research note on Thursday, August 10th. 22nd Century Group reaffirmed a “reiterates” rating on shares of Magnite in a research note on Monday, May 22nd. TheStreet raised Magnite from a “d+” rating to a “c-” rating in a research note on Monday, July 31st. Finally, Benchmark reissued a “buy” rating and set a $16.00 target price on shares of Magnite in a research note on Monday, August 21st.

Insider Activity at Magnite

In related news, Director Lisa L. Troe sold 5,771 shares of the firm’s stock in a transaction that occurred on Thursday, June 8th. The stock was sold at an average price of $13.14, for a total value of $75,830.94. Following the completion of the transaction, the director now directly owns 114,218 shares of the company’s stock, valued at approximately $1,500,824.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Magnite news, CEO Michael G. Barrett sold 25,000 shares of the stock in a transaction on Tuesday, July 11th. The stock was sold at an average price of $15.02, for a total transaction of $375,500.00. Following the sale, the chief executive officer now owns 1,405,072 shares in the company, valued at approximately $21,104,181.44. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Lisa L. Troe sold 5,771 shares of the stock in a transaction on Thursday, June 8th. The shares were sold at an average price of $13.14, for a total value of $75,830.94. Following the sale, the director now owns 114,218 shares in the company, valued at approximately $1,500,824.52. The disclosure for this sale can be found here. Insiders sold 148,628 shares of company stock valued at $1,820,443 in the last ninety days. Corporate insiders own 4.30% of the company’s stock.

Institutional Investors Weigh In On Magnite

A number of large investors have recently bought and sold shares of MGNI. JPMorgan Chase & Co. grew its holdings in Magnite by 12.2% during the 1st quarter. JPMorgan Chase & Co. now owns 333,176 shares of the company’s stock valued at $4,401,000 after buying an additional 36,176 shares during the last quarter. Raymond James & Associates boosted its holdings in shares of Magnite by 13.9% during the first quarter. Raymond James & Associates now owns 16,682 shares of the company’s stock worth $220,000 after purchasing an additional 2,038 shares during the last quarter. Cambridge Investment Research Advisors Inc. boosted its holdings in shares of Magnite by 27.8% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 25,361 shares of the company’s stock worth $335,000 after purchasing an additional 5,512 shares during the last quarter. HighTower Advisors LLC boosted its holdings in shares of Magnite by 8.7% during the first quarter. HighTower Advisors LLC now owns 111,260 shares of the company’s stock worth $1,470,000 after purchasing an additional 8,892 shares during the last quarter. Finally, MetLife Investment Management LLC boosted its holdings in shares of Magnite by 55.0% during the first quarter. MetLife Investment Management LLC now owns 69,690 shares of the company’s stock worth $921,000 after purchasing an additional 24,725 shares during the last quarter. Institutional investors and hedge funds own 73.40% of the company’s stock.

Magnite Stock Up 4.0 %

Shares of NASDAQ MGNI opened at $8.58 on Monday. The business has a 50-day moving average price of $12.23 and a 200 day moving average price of $11.25. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 0.97. The stock has a market cap of $1.18 billion, a PE ratio of -4.99 and a beta of 2.19. Magnite has a 52-week low of $5.59 and a 52-week high of $15.73.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings data on Wednesday, August 9th. The company reported ($0.04) EPS for the quarter, missing the consensus estimate of $0.02 by ($0.06). The company had revenue of $134.68 million for the quarter, compared to analysts’ expectations of $134.56 million. Magnite had a negative net margin of 38.65% and a positive return on equity of 2.07%. Equities research analysts forecast that Magnite will post 0.13 earnings per share for the current year.

Magnite Company Profile

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.