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

Magnite, Inc. (NASDAQ:MGNI) has received a consensus recommendation of “Moderate Buy” from the ten ratings firms that are currently covering the company, Marketbeat.com reports. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The average 1 year target price among brokers that have covered the stock in the last year is $27.00.

Several equities analysts have issued reports on the stock. Wall Street Zen downgraded shares of Magnite from a “buy” rating to a “hold” rating in a research note on Saturday, November 8th. Benchmark reissued a “buy” rating on shares of Magnite in a research report on Monday, January 12th. Wells Fargo & Company cut their price target on Magnite from $22.00 to $20.00 and set an “equal weight” rating on the stock in a research report on Friday, November 7th. Rosenblatt Securities reissued a “buy” rating and issued a $39.00 price objective on shares of Magnite in a report on Thursday, November 6th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Magnite in a report on Thursday, January 22nd.

Magnite Price Performance

MGNI stock opened at $12.21 on Friday. The business has a 50 day moving average price of $14.73 and a 200 day moving average price of $18.03. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.43. The stock has a market cap of $1.75 billion, a price-to-earnings ratio of 32.13, a PEG ratio of 0.65 and a beta of 2.39. Magnite has a fifty-two week low of $8.22 and a fifty-two week high of $26.65.

Insider Buying and Selling

In other news, insider Adam Lee Soroca sold 21,529 shares of the company’s stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $12.00, for a total value of $258,348.00. Following the completion of the sale, the insider directly owned 388,425 shares of the company’s stock, valued at approximately $4,661,100. This represents a 5.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 3.80% of the company’s stock.

Institutional Trading of Magnite

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its stake in shares of Magnite by 1.0% in the 4th quarter. Vanguard Group Inc. now owns 14,802,630 shares of the company’s stock valued at $240,247,000 after purchasing an additional 148,198 shares during the last quarter. Capital Research Global Investors grew its position in Magnite by 85.0% in the 4th quarter. Capital Research Global Investors now owns 12,920,289 shares of the company’s stock valued at $209,696,000 after buying an additional 5,937,428 shares during the last quarter. Wellington Management Group LLP increased its stake in Magnite by 67.7% in the 4th quarter. Wellington Management Group LLP now owns 8,629,238 shares of the company’s stock valued at $140,053,000 after buying an additional 3,484,689 shares during the period. Boston Partners raised its position in Magnite by 5.7% during the 2nd quarter. Boston Partners now owns 5,574,604 shares of the company’s stock worth $133,037,000 after buying an additional 298,248 shares during the last quarter. Finally, American Century Companies Inc. raised its position in Magnite by 63.1% during the 2nd quarter. American Century Companies Inc. now owns 4,829,197 shares of the company’s stock worth $116,480,000 after buying an additional 1,868,188 shares during the last quarter. 73.40% of the stock is owned by hedge funds and other institutional investors.

About Magnite

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).