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

Shares of Magnite, Inc. (NASDAQ:MGNI) have earned an average rating of “Moderate Buy” from the ten analysts that are covering the firm, MarketBeat reports. Two research analysts have rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $24.5556.

Several equities analysts recently commented on MGNI shares. Royal Bank Of Canada reissued an “outperform” rating on shares of Magnite in a research report on Thursday, May 28th. Scotiabank increased their price objective on shares of Magnite from $16.00 to $17.00 and gave the company a “sector outperform” rating in a research report on Thursday, May 7th. Evercore reiterated an “outperform” rating and set a $21.00 price objective on shares of Magnite in a research note on Thursday, May 7th. Weiss Ratings raised shares of Magnite from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, May 11th. Finally, BTIG Research initiated coverage on shares of Magnite in a report on Tuesday, June 9th. They set a “buy” rating and a $20.00 price target for the company.

Magnite Price Performance

Shares of NASDAQ MGNI opened at $19.00 on Monday. The stock has a fifty day moving average price of $16.69 and a 200 day moving average price of $14.51. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.38. Magnite has a 12-month low of $10.82 and a 12-month high of $26.65. The company has a market cap of $2.72 billion, a P/E ratio of 18.27, a P/E/G ratio of 0.97 and a beta of 2.25.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings data on Wednesday, May 6th. The company reported $0.13 EPS for the quarter, topping analysts’ consensus estimates of $0.11 by $0.02. Magnite had a return on equity of 8.40% and a net margin of 21.96%.The company had revenue of $164.37 million for the quarter, compared to analysts’ expectations of $159.24 million. During the same quarter in the previous year, the firm posted $0.12 earnings per share. The firm’s quarterly revenue was up 5.5% on a year-over-year basis. Research analysts anticipate that Magnite will post 0.55 EPS for the current fiscal year.

Insider Transactions at Magnite

In other news, CEO Michael G. Barrett sold 178,596 shares of the firm’s stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $16.59, for a total transaction of $2,962,907.64. Following the completion of the sale, the chief executive officer directly owned 403,074 shares in the company, valued at $6,686,997.66. This trade represents a 30.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director David T. Pearson sold 10,766 shares of Magnite stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $15.65, for a total value of $168,487.90. Following the sale, the director directly owned 79,001 shares in the company, valued at approximately $1,236,365.65. The trade was a 11.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 491,639 shares of company stock worth $8,676,734 over the last three months. Insiders own 3.80% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of MGNI. US Bancorp DE increased its holdings in Magnite by 75.8% during the 3rd quarter. US Bancorp DE now owns 1,596 shares of the company’s stock worth $35,000 after purchasing an additional 688 shares during the last quarter. Central Pacific Bank Trust Division purchased a new position in shares of Magnite during the 4th quarter valued at approximately $41,000. PNC Financial Services Group Inc. grew its position in shares of Magnite by 106.3% during the first quarter. PNC Financial Services Group Inc. now owns 3,783 shares of the company’s stock worth $45,000 after buying an additional 1,949 shares in the last quarter. Smartleaf Asset Management LLC grew its position in shares of Magnite by 98.4% during the fourth quarter. Smartleaf Asset Management LLC now owns 3,678 shares of the company’s stock worth $61,000 after buying an additional 1,824 shares in the last quarter. Finally, Harbor Investment Advisory LLC bought a new stake in shares of Magnite in the second quarter worth $62,000. Hedge funds and other institutional investors own 73.40% of the company’s stock.

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).