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

Shares of Magnite, Inc. (NASDAQ:MGNI) have received an average recommendation of “Buy” from the ten ratings firms that are covering the stock, Marketbeat reports. Ten equities research analysts have rated the stock with a buy rating. The average 12-month target price among analysts that have issued a report on the stock in the last year is $15.65.

MGNI has been the topic of a number of analyst reports. Craig Hallum raised their price target on Magnite from $18.00 to $20.00 and gave the stock a “buy” rating in a research report on Thursday, May 16th. Bank of America raised shares of Magnite from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $13.00 to $15.00 in a research report on Friday, May 24th. Royal Bank of Canada lifted their target price on Magnite from $17.00 to $19.00 and gave the company an “outperform” rating in a research report on Wednesday, June 5th. Needham & Company LLC reiterated a “buy” rating and set a $15.00 target price on shares of Magnite in a research note on Thursday, May 16th. Finally, Evercore ISI lifted their target price on shares of Magnite from $13.00 to $15.00 and gave the stock an “outperform” rating in a report on Monday, June 3rd.

Magnite Stock Up 3.2 %

MGNI stock opened at $13.29 on Friday. The stock has a market capitalization of $1.86 billion, a price-to-earnings ratio of -20.77, a price-to-earnings-growth ratio of 0.90 and a beta of 2.35. The company has a 50-day moving average of $11.46 and a two-hundred day moving average of $10.38. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.10 and a quick ratio of 1.10. Magnite has a 52-week low of $6.28 and a 52-week high of $15.73.

Magnite (NASDAQ:MGNI) last posted its earnings results on Wednesday, May 8th. The company reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.05. Magnite had a negative net margin of 12.24% and a positive return on equity of 3.23%. The business had revenue of $130.55 million for the quarter, compared to analysts’ expectations of $123.77 million. As a group, equities research analysts anticipate that Magnite will post 0.38 EPS for the current year.

Insider Buying and Selling

In other Magnite news, CFO David Day sold 21,299 shares of Magnite stock in a transaction that occurred on Wednesday, June 12th. The stock was sold at an average price of $14.01, for a total value of $298,398.99. Following the transaction, the chief financial officer now directly owns 449,832 shares of the company’s stock, valued at approximately $6,302,146.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Magnite news, CFO David Day sold 21,299 shares of the firm’s stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $14.01, for a total transaction of $298,398.99. Following the completion of the transaction, the chief financial officer now owns 449,832 shares of the company’s stock, valued at $6,302,146.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Adam Lee Soroca sold 10,597 shares of Magnite stock in a transaction dated Friday, May 17th. The stock was sold at an average price of $12.30, for a total value of $130,343.10. Following the completion of the transaction, the insider now directly owns 450,655 shares of the company’s stock, valued at approximately $5,543,056.50. The disclosure for this sale can be found here. Insiders sold 99,629 shares of company stock worth $1,323,232 in the last quarter. 4.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Magnite

A number of institutional investors and hedge funds have recently made changes to their positions in MGNI. Cape Investment Advisory Inc. purchased a new position in Magnite in the fourth quarter worth about $25,000. Dynamic Technology Lab Private Ltd purchased a new position in Magnite in the fourth quarter worth $99,000. Legato Capital Management LLC purchased a new position in Magnite during the 4th quarter worth $103,000. O Shaughnessy Asset Management LLC acquired a new position in shares of Magnite during the first quarter valued at about $108,000. Finally, HCR Wealth Advisors acquired a new position in Magnite during the 4th quarter valued at approximately $121,000. Hedge funds and other institutional investors own 73.40% of the company’s stock.

About Magnite

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.