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

Magnite, Inc. (NASDAQ:MGNI) has received a consensus rating of “Moderate Buy” from the thirteen brokerages that are presently covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $18.92.

Several equities research analysts recently weighed in on MGNI shares. Rosenblatt Securities reaffirmed a “buy” rating and set a $18.00 price target on shares of Magnite in a report on Thursday, May 8th. Royal Bank of Canada dropped their price target on Magnite from $22.00 to $19.00 and set an “outperform” rating for the company in a research report on Friday, May 2nd. Needham & Company LLC boosted their price objective on shares of Magnite from $14.00 to $18.00 and gave the company a “buy” rating in a research report on Monday, May 12th. Susquehanna raised their price target on Magnite from $16.00 to $22.00 and gave the stock a “positive” rating in a research note on Thursday, February 27th. Finally, Lake Street Capital cut their price objective on shares of Magnite from $21.00 to $19.00 and set a “buy” rating on the stock in a report on Thursday, May 8th.

Magnite Price Performance

Magnite stock opened at $16.04 on Wednesday. The stock has a market capitalization of $2.26 billion, a P/E ratio of 267.33, a P/E/G ratio of 1.00 and a beta of 2.73. The company’s fifty day moving average price is $12.27 and its 200 day moving average price is $15.01. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.11 and a current ratio of 1.11. Magnite has a 1 year low of $8.22 and a 1 year high of $21.29.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings data on Wednesday, May 7th. The company reported $0.12 EPS for the quarter, topping the consensus estimate of $0.06 by $0.06. Magnite had a return on equity of 4.64% and a net margin of 2.62%. The company had revenue of $145.85 million during the quarter, compared to analyst estimates of $142.18 million. During the same period in the previous year, the business earned $0.05 EPS. Magnite’s quarterly revenue was up 4.3% on a year-over-year basis. As a group, equities research analysts anticipate that Magnite will post 0.33 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Adam Lee Soroca sold 11,366 shares of the business’s stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $15.73, for a total transaction of $178,787.18. Following the transaction, the insider now directly owns 437,117 shares of the company’s stock, valued at approximately $6,875,850.41. The trade was a 2.53% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Sean Patrick Buckley sold 9,692 shares of the stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $15.73, for a total transaction of $152,455.16. Following the completion of the sale, the insider now directly owns 347,394 shares of the company’s stock, valued at $5,464,507.62. This trade represents a 2.71% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 49,141 shares of company stock valued at $777,709. Company insiders own 3.80% of the company’s stock.

Hedge Funds Weigh In On Magnite

A number of institutional investors have recently added to or reduced their stakes in MGNI. Arizona State Retirement System increased its holdings in shares of Magnite by 1.5% in the 4th quarter. Arizona State Retirement System now owns 36,846 shares of the company’s stock valued at $587,000 after acquiring an additional 559 shares during the last quarter. Truist Financial Corp grew its stake in Magnite by 2.0% during the 4th quarter. Truist Financial Corp now owns 34,242 shares of the company’s stock valued at $545,000 after acquiring an additional 674 shares in the last quarter. Summit Investment Advisors Inc. increased its holdings in Magnite by 6.8% in the fourth quarter. Summit Investment Advisors Inc. now owns 13,162 shares of the company’s stock worth $210,000 after buying an additional 836 shares during the last quarter. ANTIPODES PARTNERS Ltd increased its holdings in shares of Magnite by 13.4% during the 4th quarter. ANTIPODES PARTNERS Ltd now owns 8,072 shares of the company’s stock valued at $129,000 after acquiring an additional 956 shares during the last quarter. Finally, Jones Financial Companies Lllp boosted its holdings in shares of Magnite by 20.6% during the 4th quarter. Jones Financial Companies Lllp now owns 5,853 shares of the company’s stock worth $93,000 after buying an additional 1,000 shares during the period. Institutional investors and hedge funds own 73.40% of the company’s stock.

Magnite Company Profile

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.