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

Shares of Magnite, Inc. (NASDAQ:MGNI) have been given an average rating of “Moderate Buy” by the thirteen brokerages that are presently covering the company, Marketbeat reports. One investment 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 updated their coverage on the stock in the last year is $19.27.

A number of equities research analysts have issued reports on the company. Royal Bank of Canada upped their target price on Magnite from $19.00 to $22.00 and gave the stock an “outperform” rating in a research report on Friday, January 3rd. Scotiabank initiated coverage on shares of Magnite in a report on Thursday, December 5th. They set a “sector outperform” rating and a $22.00 price objective on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $20.00 target price on shares of Magnite in a research note on Thursday, February 27th. Wolfe Research boosted their price target on Magnite from $14.00 to $19.00 and gave the company an “outperform” rating in a research note on Friday, January 3rd. Finally, Wells Fargo & Company raised their price objective on Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a research report on Thursday, January 16th.

Insider Activity

In other news, CAO Brian Gephart sold 6,250 shares of the stock in a transaction dated 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 directly owns 132,909 shares in the company, valued at $2,126,544. This represents a 4.49 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Paul Caine sold 5,000 shares of the stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $20.35, for a total value of $101,750.00. Following the transaction, the director now directly owns 182,837 shares of the company’s stock, valued at $3,720,732.95. This trade represents a 2.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 258,250 shares of company stock worth $4,945,720 over the last quarter. 4.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Magnite

A number of hedge funds and other institutional investors have recently bought and sold shares of MGNI. SBI Securities Co. Ltd. acquired a new stake in shares of Magnite in the fourth quarter valued at approximately $25,000. Larson Financial Group LLC raised its stake in Magnite by 179.2% in the 4th quarter. Larson Financial Group LLC now owns 3,647 shares of the company’s stock valued at $58,000 after acquiring an additional 2,341 shares during the period. Quarry LP lifted its holdings in Magnite by 446.8% during 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. Quantbot Technologies LP bought a new position in Magnite during the fourth quarter worth $87,000. Finally, Jones Financial Companies Lllp boosted its position in Magnite by 20.6% during the fourth quarter. Jones Financial Companies Lllp now owns 5,853 shares of the company’s stock worth $93,000 after purchasing an additional 1,000 shares during the period. Institutional investors own 73.40% of the company’s stock.

Magnite Trading Down 1.6 %

NASDAQ:MGNI opened at $11.41 on Tuesday. The stock has a market cap of $1.63 billion, a PE ratio of 190.17, a price-to-earnings-growth 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. The stock’s 50-day moving average is $15.99 and its two-hundred day moving average is $15.19. Magnite has a fifty-two week low of $8.38 and a fifty-two week high of $21.29.

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

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.