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

Magnite, Inc. (NASDAQ:MGNI) has been given a consensus recommendation of “Moderate Buy” by the eleven analysts that are currently covering the stock, Marketbeat.com reports. Two investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $24.10.

A number of research analysts recently weighed in on the company. Rosenblatt Securities reissued a “buy” rating and set a $39.00 target price on shares of Magnite in a report on Thursday, February 26th. Benchmark reduced their price objective on shares of Magnite from $31.00 to $30.00 and set a “buy” rating for the company in a research report on Thursday, February 26th. Wells Fargo & Company decreased their price objective on shares of Magnite from $20.00 to $13.00 and set an “equal weight” rating on the stock in a report on Friday, February 27th. Scotiabank dropped their price objective on shares of Magnite from $30.00 to $16.00 and set a “sector outperform” rating on the stock in a research report on Thursday, February 26th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Magnite in a research note on Thursday, January 22nd.

Insider Buying and Selling

In other Magnite news, insider Adam Lee Soroca sold 21,529 shares of the 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 transaction, the insider directly owned 388,425 shares of the company’s stock, valued at $4,661,100. This represents a 5.25% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 4.30% of the company’s stock.

Hedge Funds Weigh In On Magnite

Several institutional investors and hedge funds have recently made changes to their positions in MGNI. Dilation Capital Management LP bought a new position in Magnite during the 2nd quarter worth $8,074,000. Nippon Life Global Investors Americas Inc. acquired a new stake in shares of Magnite during the third quarter worth $2,621,000. JPMorgan Chase & Co. boosted its position in shares of Magnite by 28.9% in the third quarter. JPMorgan Chase & Co. now owns 1,209,413 shares of the company’s stock valued at $26,341,000 after acquiring an additional 271,325 shares during the period. Campbell & CO Investment Adviser LLC acquired a new position in shares of Magnite in the third quarter valued at about $2,892,000. Finally, Nordea Investment Management AB grew its stake in shares of Magnite by 35.2% in the third quarter. Nordea Investment Management AB now owns 447,340 shares of the company’s stock valued at $9,694,000 after acquiring an additional 116,423 shares in the last quarter. Institutional investors and hedge funds own 73.40% of the company’s stock.

Magnite Price Performance

Shares of NASDAQ MGNI opened at $12.18 on Tuesday. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.38. The business’s 50 day moving average price is $13.55 and its two-hundred day moving average price is $16.71. The company has a market cap of $1.76 billion, a PE ratio of 12.96, a price-to-earnings-growth ratio of 0.64 and a beta of 2.34. Magnite has a twelve month low of $8.22 and a twelve month high of $26.65.

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).