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

Magnite, Inc. (NASDAQ:MGNI) has received a consensus recommendation of “Moderate Buy” from the thirteen analysts that are presently covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a hold recommendation and twelve have assigned a buy recommendation to the company. The average 12-month price objective among analysts that have covered the stock in the last year is $19.27.

MGNI has been the subject of several recent research reports. Susquehanna upped their price objective on Magnite from $16.00 to $22.00 and gave the stock a “positive” rating in a research note on Thursday, February 27th. Wells Fargo & Company increased their price target on shares of Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a research report on Thursday, January 16th. Wolfe Research lifted their price objective on shares of Magnite from $14.00 to $19.00 and gave the stock an “outperform” rating in a research report on Friday, January 3rd. Benchmark reissued a “buy” rating and set a $25.00 target price on shares of Magnite in a research report on Monday, March 10th. Finally, Royal Bank of Canada raised their target price on shares of Magnite from $19.00 to $22.00 and gave the company an “outperform” rating in a research note on Friday, January 3rd.

Magnite Stock Down 6.4 %

Shares of Magnite stock opened at $9.08 on Tuesday. Magnite has a 1 year low of $8.38 and a 1 year high of $21.29. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11. The stock has a market cap of $1.30 billion, a price-to-earnings ratio of 151.33, a PEG ratio of 1.00 and a beta of 2.69. The firm’s 50-day moving average is $15.50 and its two-hundred day moving average is $15.09.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings data on Wednesday, February 26th. The company reported $0.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.39 by ($0.14). The business had revenue of $180.20 million for the quarter, compared to analysts’ expectations of $183.90 million. Magnite had a net margin of 2.62% and a return on equity of 4.64%. As a group, research analysts expect that Magnite will post 0.33 earnings per share for the current fiscal year.

Insider Activity

In related news, CAO Brian Gephart sold 6,250 shares of the firm’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $16.00, for a total transaction of $100,000.00. Following the completion of the transaction, the chief accounting officer now owns 132,909 shares of the company’s stock, valued at $2,126,544. This trade represents a 4.49 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director James Rossman sold 149,936 shares of the company’s stock in a transaction on Friday, February 7th. The shares were sold at an average price of $19.46, for a total transaction of $2,917,754.56. Following the completion of the sale, the director now directly owns 219,920 shares in the company, valued at approximately $4,279,643.20. The trade was a 40.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 244,905 shares of company stock valued at $4,718,855. Company insiders own 4.30% of the company’s stock.

Institutional Investors Weigh In On Magnite

A number of institutional investors have recently modified their holdings of the business. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Magnite in the fourth quarter valued at approximately $11,076,000. Western Wealth Management LLC purchased a new stake in Magnite in the fourth quarter valued at approximately $159,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Magnite by 7.2% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 368,620 shares of the company’s stock worth $5,868,000 after acquiring an additional 24,659 shares in the last quarter. ProShare Advisors LLC boosted its holdings in Magnite by 49.0% during the 4th quarter. ProShare Advisors LLC now owns 35,432 shares of the company’s stock valued at $564,000 after acquiring an additional 11,656 shares during the period. Finally, Occudo Quantitative Strategies LP acquired a new position in Magnite in the 4th quarter valued at about $251,000. 73.40% of the stock is currently owned by institutional investors and hedge funds.

Magnite Company Profile

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.