Magnite, Inc. (NASDAQ:MGNI) Receives Consensus Rating of “Buy” from Analysts

Magnite, Inc. (NASDAQ:MGNI) has been assigned a consensus recommendation of “Buy” from the ten research firms that are currently covering the stock, MarketBeat.com reports. Ten research analysts have rated the stock with a buy rating. The average 12 month target price among brokers that have issued a report on the stock in the last year is $17.25.

MGNI has been the subject of several recent research reports. Lake Street Capital began coverage on Magnite in a report on Thursday, July 25th. They set a “buy” rating and a $21.00 price target for the company. Royal Bank of Canada increased their target price on shares of Magnite from $17.00 to $19.00 and gave the stock an “outperform” rating in a report on Wednesday, June 5th. Craig Hallum lifted their price target on shares of Magnite from $18.00 to $20.00 and gave the company a “buy” rating in a report on Thursday, May 16th. Benchmark increased their price objective on shares of Magnite from $18.00 to $21.00 and gave the stock a “buy” rating in a research note on Thursday, August 8th. Finally, Bank of America upped their price objective on Magnite from $15.00 to $17.00 and gave the stock a “buy” rating in a research note on Monday, July 29th.

Magnite Stock Performance

Shares of MGNI opened at $12.54 on Monday. The firm has a market capitalization of $1.77 billion, a P/E ratio of -19.59, a PEG ratio of 0.87 and a beta of 2.35. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.10 and a quick ratio of 1.10. Magnite has a one year low of $6.28 and a one year high of $15.92. The business has a fifty day moving average of $13.65 and a 200 day moving average of $11.52.

Magnite (NASDAQ:MGNI) last released its quarterly earnings results on Wednesday, August 7th. The company reported $0.14 EPS for the quarter, missing the consensus estimate of $0.15 by ($0.01). The business had revenue of $162.88 million for the quarter, compared to analysts’ expectations of $144.04 million. Magnite had a negative net margin of 0.83% and a positive return on equity of 3.74%. Magnite’s revenue for the quarter was up 6.8% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.04) EPS. As a group, sell-side analysts anticipate that Magnite will post 0.39 EPS for the current year.

Insider Activity at Magnite

In other Magnite news, CAO Brian Gephart sold 16,166 shares of the business’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $15.00, for a total transaction of $242,490.00. Following the sale, the chief accounting officer now directly owns 121,169 shares of the company’s stock, valued at $1,817,535. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Michael G. Barrett sold 100,000 shares of the firm’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $15.00, for a total value of $1,500,000.00. Following the completion of the sale, the chief executive officer now directly owns 1,052,493 shares in the company, valued at $15,787,395. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Brian Gephart sold 16,166 shares of the business’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $15.00, for a total transaction of $242,490.00. Following the transaction, the chief accounting officer now owns 121,169 shares in the company, valued at approximately $1,817,535. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 328,882 shares of company stock valued at $4,579,586. 4.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Magnite

Several hedge funds have recently added to or reduced their stakes in MGNI. Raymond James Financial Services Advisors Inc. purchased a new position in shares of Magnite during the fourth quarter worth approximately $299,000. Knights of Columbus Asset Advisors LLC raised its position in Magnite by 100.0% during the 4th quarter. Knights of Columbus Asset Advisors LLC now owns 126,330 shares of the company’s stock valued at $1,180,000 after purchasing an additional 63,165 shares in the last quarter. Wedge Capital Management L L P NC purchased a new stake in shares of Magnite in the 4th quarter worth $851,000. New York State Common Retirement Fund lifted its holdings in shares of Magnite by 9.4% in the 4th quarter. New York State Common Retirement Fund now owns 796,013 shares of the company’s stock worth $7,435,000 after buying an additional 68,242 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Magnite by 1.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 975,662 shares of the company’s stock worth $9,113,000 after buying an additional 16,062 shares in the last quarter. 73.40% of the stock is currently owned by institutional investors.

Magnite Company Profile

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.