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

Shares of Magnite, Inc. (NASDAQ:MGNIGet Rating) have been assigned an average rating of “Buy” from the eleven analysts that are currently covering the stock, reports. Eight investment analysts have rated the stock with a buy rating. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $19.40.

Several analysts recently issued reports on the company. Truist Financial cut their price objective on Magnite from $15.00 to $13.00 and set a “buy” rating for the company in a report on Tuesday, August 2nd. Craig Hallum decreased their target price on shares of Magnite from $25.00 to $16.00 in a research report on Thursday, July 14th. TheStreet downgraded shares of Magnite from a “c-” rating to a “d+” rating in a report on Thursday, June 2nd. Evercore ISI decreased their price objective on shares of Magnite to $10.00 in a report on Monday, August 15th. Finally, Benchmark began coverage on shares of Magnite in a research report on Wednesday, July 13th. They set a “buy” rating and a $18.00 target price on the stock.

Magnite Price Performance

MGNI opened at $7.15 on Monday. The stock has a fifty day moving average of $8.20 and a 200-day moving average of $10.06. The firm has a market capitalization of $950.50 million, a P/E ratio of -10.07 and a beta of 2.03. Magnite has a 12-month low of $7.06 and a 12-month high of $32.43. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 0.88.

Magnite (NASDAQ:MGNIGet Rating) last released its earnings results on Tuesday, August 9th. The company reported $0.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.04). The business had revenue of $123.26 million during the quarter, compared to analysts’ expectations of $126.86 million. Magnite had a negative net margin of 17.01% and a positive return on equity of 5.21%. Magnite’s revenue for the quarter was up 22.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.05 EPS. Equities analysts forecast that Magnite will post 0.34 EPS for the current fiscal year.

Institutional Trading of Magnite

A number of hedge funds have recently bought and sold shares of MGNI. PDT Partners LLC lifted its holdings in shares of Magnite by 339.4% during the 4th quarter. PDT Partners LLC now owns 57,672 shares of the company’s stock worth $1,009,000 after acquiring an additional 44,547 shares during the period. ClariVest Asset Management LLC bought a new position in shares of Magnite during the 1st quarter worth about $320,000. Connacht Asset Management LP lifted its holdings in shares of Magnite by 30.9% during the 1st quarter. Connacht Asset Management LP now owns 73,585 shares of the company’s stock worth $972,000 after acquiring an additional 17,378 shares during the period. Valeo Financial Advisors LLC lifted its holdings in shares of Magnite by 28.3% during the 1st quarter. Valeo Financial Advisors LLC now owns 29,735 shares of the company’s stock worth $393,000 after acquiring an additional 6,565 shares during the period. Finally, Stephens Inc. AR lifted its holdings in shares of Magnite by 71.6% during the 4th quarter. Stephens Inc. AR now owns 160,874 shares of the company’s stock worth $2,815,000 after acquiring an additional 67,119 shares during the period. 65.38% of the stock is owned by institutional investors.

Magnite Company Profile

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Magnite, Inc operates an independent 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 provides applications and services for buyers, including advertisers, agencies, agency trading desks, and demand side platforms to buy digital advertising inventory.

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Analyst Recommendations for Magnite (NASDAQ:MGNI)

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