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

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

MGNI has been the topic of several analyst reports. Wolfe Research boosted their target price on Magnite from $14.00 to $19.00 and gave the company an “outperform” rating in a research report on Friday, January 3rd. Royal Bank of Canada boosted their price objective on shares of Magnite from $19.00 to $22.00 and gave the company an “outperform” rating in a research report on Friday, January 3rd. Susquehanna increased their target price on shares of Magnite from $16.00 to $22.00 and gave the company a “positive” rating in a research note on Thursday, February 27th. Needham & Company LLC reaffirmed a “buy” rating and set a $20.00 price target on shares of Magnite in a research note on Thursday, February 27th. Finally, Scotiabank started coverage on shares of Magnite in a research report on Thursday, December 5th. They issued a “sector outperform” rating and a $22.00 price objective on the stock.

Magnite Trading Down 5.9 %

Shares of NASDAQ:MGNI opened at $13.63 on Friday. Magnite has a 1 year low of $8.38 and a 1 year high of $21.29. The stock’s fifty day moving average price is $17.14 and its 200-day moving average price is $15.26. The company has a market cap of $1.95 billion, a P/E ratio of 227.17, a PEG ratio of 1.00 and a beta of 2.79. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11.

Magnite (NASDAQ:MGNI) last posted its earnings results 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). Magnite had a net margin of 2.62% and a return on equity of 4.64%. The company had revenue of $180.20 million for the quarter, compared to the consensus estimate of $183.90 million. Sell-side analysts expect that Magnite will post 0.33 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Sean Patrick Buckley sold 18,693 shares of the stock in a transaction that occurred on Friday, February 7th. The shares were sold at an average price of $20.00, for a total transaction of $373,860.00. Following the completion of the sale, the insider now owns 408,529 shares of the company’s stock, valued at $8,170,580. This represents a 4.38 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Adam Lee Soroca sold 15,499 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $15.75, for a total transaction of $244,109.25. Following the completion of the sale, the insider now owns 458,386 shares of the company’s stock, valued at approximately $7,219,579.50. This trade represents a 3.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 271,863 shares of company stock worth $5,169,262 over the last 90 days. Company insiders own 4.30% of the company’s stock.

Institutional Trading of Magnite

A number of institutional investors have recently made changes to their positions in MGNI. SBI Securities Co. Ltd. acquired a new position in Magnite during the 4th quarter valued at about $25,000. Larson Financial Group LLC grew its stake in shares of Magnite by 179.2% during the fourth quarter. Larson Financial Group LLC now owns 3,647 shares of the company’s stock worth $58,000 after acquiring an additional 2,341 shares during the last quarter. Quantbot Technologies LP acquired a new position in shares of Magnite during the fourth quarter valued at about $87,000. Quarry LP raised its position in shares of Magnite by 446.8% in the 3rd quarter. Quarry LP now owns 5,517 shares of the company’s stock valued at $76,000 after purchasing an additional 4,508 shares during the last quarter. Finally, Jones Financial Companies Lllp raised its position in shares of Magnite by 20.6% in the 4th quarter. Jones Financial Companies Lllp now owns 5,853 shares of the company’s stock valued at $93,000 after purchasing an additional 1,000 shares during the last quarter. Institutional investors and hedge funds 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.