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

Magnite, Inc. (NASDAQ:MGNI) has been given a consensus recommendation of “Moderate Buy” by the eleven analysts that are currently covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a hold recommendation and ten have given a buy recommendation to the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $21.91.

MGNI has been the subject of a number of recent analyst reports. Wall Street Zen upgraded shares of Magnite from a “hold” rating to a “buy” rating in a research report on Sunday, July 13th. Benchmark raised their price target on Magnite from $24.00 to $30.00 and gave the company a “buy” rating in a report on Tuesday, July 22nd. Wells Fargo & Company raised their price target on Magnite from $13.00 to $24.00 and gave the company an “equal weight” rating in a report on Tuesday, July 8th. Craig Hallum set a $24.00 target price on Magnite and gave the company a “buy” rating in a report on Tuesday, May 20th. Finally, Needham & Company LLC raised their target price on Magnite from $14.00 to $18.00 and gave the company a “buy” rating in a report on Monday, May 12th.

Magnite Price Performance

Shares of NASDAQ MGNI opened at $22.19 on Monday. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.98 and a quick ratio of 0.98. The stock has a fifty day moving average price of $20.74 and a 200 day moving average price of $16.60. Magnite has a 1-year low of $8.22 and a 1-year high of $25.27. The company has a market cap of $3.13 billion, a PE ratio of 110.96, a P/E/G ratio of 1.81 and a beta of 3.05.

Magnite (NASDAQ:MGNI) last released its earnings results 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 net margin of 4.58% and a return on equity of 6.71%. The company had revenue of $145.85 million during the quarter, compared to analysts’ expectations of $142.18 million. During the same quarter last year, the business earned $0.05 EPS. The business’s revenue was up 4.3% on a year-over-year basis. Sell-side analysts forecast that Magnite will post 0.33 EPS for the current year.

Insider Activity at Magnite

In related news, insider Katie Seitz Evans sold 35,000 shares of Magnite stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $17.36, for a total transaction of $607,600.00. Following the completion of the transaction, the insider directly owned 442,788 shares in the company, valued at $7,686,799.68. The trade was a 7.33% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director James Rossman sold 137,007 shares of Magnite stock in a transaction that occurred on Wednesday, June 18th. The stock was sold at an average price of $18.78, for a total value of $2,572,991.46. Following the transaction, the director owned 93,679 shares of the company’s stock, valued at $1,759,291.62. This represents a 59.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 959,227 shares of company stock valued at $18,854,021 in the last quarter. 4.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Magnite

A number of institutional investors have recently made changes to their positions in MGNI. Winthrop Advisory Group LLC raised its stake in Magnite by 4.5% in the 2nd quarter. Winthrop Advisory Group LLC now owns 14,000 shares of the company’s stock valued at $338,000 after purchasing an additional 600 shares during the last quarter. Summit Investment Advisors Inc. raised its position in shares of Magnite by 6.8% in the fourth quarter. Summit Investment Advisors Inc. now owns 13,162 shares of the company’s stock valued at $210,000 after buying an additional 836 shares during the last quarter. CWM LLC raised its position in shares of Magnite by 133.6% in the second quarter. CWM LLC now owns 1,775 shares of the company’s stock valued at $43,000 after buying an additional 1,015 shares during the last quarter. Nisa Investment Advisors LLC raised its position in shares of Magnite by 66.0% in the second quarter. Nisa Investment Advisors LLC now owns 2,780 shares of the company’s stock valued at $67,000 after buying an additional 1,105 shares during the last quarter. Finally, Teacher Retirement System of Texas raised its position in shares of Magnite by 5.7% in the second quarter. Teacher Retirement System of Texas now owns 21,603 shares of the company’s stock valued at $521,000 after buying an additional 1,164 shares during the last quarter. 73.40% of the stock is owned by institutional investors and hedge funds.

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.