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

Shares of Magnite, Inc. (NASDAQ:MGNI) have been assigned a consensus recommendation of “Moderate Buy” from the ten research firms that are presently covering the stock, MarketBeat reports. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $14.78.

A number of research analysts recently weighed in on MGNI shares. B. Riley raised their price target on shares of Magnite from $15.00 to $18.00 and gave the company a “buy” rating in a research report on Thursday, February 29th. Susquehanna raised their price target on shares of Magnite from $11.00 to $14.00 and gave the company a “positive” rating in a research report on Thursday, February 29th. Needham & Company LLC reaffirmed a “buy” rating and issued a $15.00 price objective on shares of Magnite in a research report on Thursday, March 21st. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $15.00 price objective on shares of Magnite in a research report on Thursday, March 7th. Finally, Benchmark reaffirmed a “buy” rating and issued a $18.00 price objective on shares of Magnite in a research report on Monday, March 25th.

Insiders Place Their Bets

In other news, CEO Michael G. Barrett sold 75,000 shares of the company’s stock in a transaction on Friday, March 15th. The shares were sold at an average price of $11.21, for a total value of $840,750.00. Following the completion of the sale, the chief executive officer now owns 1,234,662 shares of the company’s stock, valued at approximately $13,840,561.02. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 4.30% of the company’s stock.

Institutional Investors Weigh In On Magnite

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Fulton Bank N.A. raised its holdings in Magnite by 8.1% during the 1st quarter. Fulton Bank N.A. now owns 22,003 shares of the company’s stock valued at $237,000 after buying an additional 1,653 shares during the last quarter. Strategic Advocates LLC bought a new stake in Magnite during the 1st quarter valued at $190,000. Vanguard Group Inc. raised its holdings in Magnite by 1.7% in the 4th quarter. Vanguard Group Inc. now owns 12,651,675 shares of the company’s stock worth $118,167,000 after purchasing an additional 209,771 shares in the last quarter. Wellington Management Group LLP raised its holdings in Magnite by 1.8% in the 4th quarter. Wellington Management Group LLP now owns 2,939,541 shares of the company’s stock worth $27,455,000 after purchasing an additional 52,129 shares in the last quarter. Finally, Twin Focus Capital Partners LLC bought a new position in Magnite in the 4th quarter worth $143,000. 73.40% of the stock is currently owned by institutional investors.

Magnite Trading Down 3.7 %

NASDAQ:MGNI opened at $8.82 on Tuesday. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.76. The stock has a market capitalization of $1.20 billion, a price-to-earnings ratio of -7.11, a PEG ratio of 0.57 and a beta of 2.25. The firm has a fifty day simple moving average of $10.38 and a two-hundred day simple moving average of $9.01. Magnite has a 12 month low of $6.28 and a 12 month high of $15.73.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings results on Wednesday, February 28th. The company reported $0.16 EPS for the quarter, topping analysts’ consensus estimates of $0.03 by $0.13. The business had revenue of $165.28 million during the quarter, compared to analysts’ expectations of $160.24 million. Magnite had a negative net margin of 25.69% and a positive return on equity of 2.52%. Analysts expect that Magnite will post 0.47 EPS for the current fiscal year.

About Magnite

Magnite, Inc, together with its subsidiaries, operates an independent omni-channel 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 applications and services for buyers, including advertisers, agencies, agency trading desks, and demand side platforms to buy digital advertising inventory, as well as an independent marketplace that connects buyers and sellers.