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

Shares of Magnite, Inc. (NASDAQ:MGNI) have been assigned an average rating of “Moderate Buy” from the ten analysts that are currently covering the company, Marketbeat reports. Two analysts have rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $27.00.

Several analysts have commented on the company. Weiss Ratings restated a “hold (c)” rating on shares of Magnite in a report on Thursday. Wall Street Zen cut shares of Magnite from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th. Rosenblatt Securities restated a “buy” rating and issued a $39.00 target price on shares of Magnite in a report on Thursday, November 6th. Benchmark reaffirmed a “buy” rating on shares of Magnite in a research note on Monday, January 12th. Finally, Wells Fargo & Company decreased their price target on shares of Magnite from $22.00 to $20.00 and set an “equal weight” rating on the stock in a report on Friday, November 7th.

Insider Buying and Selling at Magnite

In other news, insider Adam Lee Soroca sold 16,656 shares of the business’s stock in a transaction dated Wednesday, December 17th. The stock was sold at an average price of $17.00, for a total transaction of $283,152.00. Following the completion of the sale, the insider owned 326,114 shares in the company, valued at approximately $5,543,938. The trade was a 4.86% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Sean Patrick Buckley sold 4,426 shares of the stock in a transaction that occurred on Tuesday, November 18th. The stock was sold at an average price of $13.36, for a total transaction of $59,131.36. Following the sale, the insider directly owned 271,125 shares of the company’s stock, valued at approximately $3,622,230. This trade represents a 1.61% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 44,439 shares of company stock valued at $663,671. Company insiders own 4.30% of the company’s stock.

Institutional Investors Weigh In On Magnite

Several institutional investors have recently bought and sold shares of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Magnite by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 74,847 shares of the company’s stock worth $854,000 after acquiring an additional 3,267 shares in the last quarter. Millennium Management LLC increased its holdings in Magnite by 113.7% in the 1st quarter. Millennium Management LLC now owns 434,479 shares of the company’s stock valued at $4,957,000 after purchasing an additional 231,213 shares in the last quarter. Jones Financial Companies Lllp raised its position in Magnite by 24.3% in the first quarter. Jones Financial Companies Lllp now owns 7,276 shares of the company’s stock valued at $83,000 after purchasing an additional 1,423 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Magnite by 9.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 404,717 shares of the company’s stock valued at $4,618,000 after purchasing an additional 36,097 shares during the period. Finally, Intech Investment Management LLC lifted its stake in shares of Magnite by 103.6% during the first quarter. Intech Investment Management LLC now owns 109,992 shares of the company’s stock worth $1,255,000 after purchasing an additional 55,971 shares in the last quarter. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

Magnite Stock Up 2.2%

MGNI stock opened at $15.41 on Monday. The company has a 50 day moving average price of $15.44 and a two-hundred day moving average price of $19.38. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.01 and a current ratio of 1.01. The stock has a market capitalization of $2.21 billion, a P/E ratio of 40.55, a PEG ratio of 0.84 and a beta of 2.35. Magnite has a one year low of $8.22 and a one year high of $26.65.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings results on Wednesday, November 5th. The company reported $0.20 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.20. The company had revenue of $179.49 million for the quarter, compared to analyst estimates of $163.29 million. Magnite had a return on equity of 8.74% and a net margin of 8.25%.The business’s revenue for the quarter was up 11.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.17 EPS. As a group, sell-side analysts expect that Magnite will post 0.33 EPS for the current year.

Magnite Company Profile

Magnite, Inc (NASDAQ: MGNI) operates as an independent sell-side advertising platform that enables publishers and digital media owners to monetize their inventory through programmatic advertising. Formed in 2020 through the merger of Rubicon Project and Telaria, Magnite combines technologies for desktop, mobile, connected television (CTV) and digital out-of-home (DOOH) ad exchanges. The company provides an end-to-end solution designed to help media owners optimize yield across open marketplaces, private marketplaces and programmatic guaranteed deals.

At the core of Magnite’s offering is its supply-side platform (SSP), which connects publishers’ ad impressions to demand-side platforms (DSPs) through real-time bidding (RTB).