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

Shares of Magnite, Inc. (NASDAQ:MGNI) have been assigned a consensus rating of “Moderate Buy” from the eleven research firms that are presently covering the firm, MarketBeat.com reports. One analyst has rated the stock with a hold recommendation and ten have issued a buy recommendation on the company. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $16.86.

MGNI has been the subject of a number of research reports. Bank of America lifted their price objective on Magnite from $15.00 to $17.00 and gave the company a “buy” rating in a research report on Monday, July 29th. Craig Hallum restated a “buy” rating and set a $20.00 price target on shares of Magnite in a research note on Wednesday, August 21st. Wells Fargo & Company assumed coverage on Magnite in a research note on Monday, October 28th. They issued an “equal weight” rating and a $13.00 price objective on the stock. Benchmark reaffirmed a “buy” rating and set a $21.00 price objective on shares of Magnite in a report on Wednesday, October 2nd. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $15.00 price target on shares of Magnite in a research note on Wednesday, October 2nd.

Magnite Trading Down 0.6 %

Magnite stock opened at $12.41 on Friday. The firm has a 50-day moving average price of $12.88 and a two-hundred day moving average price of $12.51. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.77. The firm has a market capitalization of $1.75 billion, a price-to-earnings ratio of -112.82, a PEG ratio of 1.11 and a beta of 2.41. Magnite has a 52-week low of $6.55 and a 52-week high of $15.92.

Magnite (NASDAQ:MGNI) last announced its earnings results on Wednesday, August 7th. The company reported $0.14 earnings per share for the quarter, missing the consensus estimate of $0.15 by ($0.01). Magnite had a negative net margin of 0.83% and a positive return on equity of 3.74%. The firm had revenue of $162.88 million for the quarter, compared to the consensus estimate of $144.04 million. During the same period in the prior year, the business earned ($0.04) EPS. The company’s quarterly revenue was up 6.8% compared to the same quarter last year. Sell-side analysts expect that Magnite will post 0.31 earnings per share for the current year.

Insider Buying and Selling

In related news, CRO Sean Patrick Buckley sold 2,623 shares of the company’s stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $12.53, for a total transaction of $32,866.19. Following the sale, the executive now owns 331,742 shares in the company, valued at approximately $4,156,727.26. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, CRO Sean Patrick Buckley sold 2,623 shares of Magnite stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $12.53, for a total transaction of $32,866.19. Following the completion of the transaction, the executive now directly owns 331,742 shares in the company, valued at approximately $4,156,727.26. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Adam Lee Soroca sold 7,910 shares of Magnite stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $12.59, for a total transaction of $99,586.90. Following the sale, the insider now directly owns 436,001 shares of the company’s stock, valued at $5,489,252.59. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 95,533 shares of company stock valued at $1,206,203. Company insiders own 4.30% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. boosted its holdings in shares of Magnite by 1.3% during the 1st quarter. Vanguard Group Inc. now owns 12,818,197 shares of the company’s stock valued at $137,796,000 after acquiring an additional 166,522 shares in the last quarter. Burgundy Asset Management Ltd. lifted its position in shares of Magnite by 1.1% during the first quarter. Burgundy Asset Management Ltd. now owns 2,457,031 shares of the company’s stock valued at $26,413,000 after purchasing an additional 25,921 shares in the last quarter. Marshall Wace LLP raised its stake in shares of Magnite by 59.0% during the 2nd quarter. Marshall Wace LLP now owns 1,559,520 shares of the company’s stock worth $20,726,000 after purchasing an additional 578,678 shares during the period. Meros Investment Management LP lifted its holdings in Magnite by 1.3% during the second quarter. Meros Investment Management LP now owns 1,044,209 shares of the company’s stock valued at $13,878,000 after purchasing an additional 13,570 shares during the last quarter. Finally, Harbor Capital Advisors Inc. lifted its holdings in Magnite by 136.0% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 921,531 shares of the company’s stock worth $12,763,000 after purchasing an additional 531,069 shares in the last quarter. 73.40% of the stock is owned by institutional investors.

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.