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

Key Points

• Magnite has a “Moderate Buy” consensus from 11 brokerages, with nine buy ratings and two holds. The average 12-month price target is $28.80, while several firms recently raised targets to between $27 and $33.
• Magnite exceeded quarterly expectations, reporting $0.26 EPS versus $0.24 expected and revenue of $192.82 million, up 11.3% year over year. Shares opened at $24.14, near their 12-month high of $26.19.
• Insiders sold nearly 989,242 shares worth $20.3 million over the past three months, while institutional investors own a substantial 73.4% of the company.

Magnite, Inc. (NASDAQ:MGNI - Get Free Report) has been assigned an average recommendation of "Moderate Buy" from the eleven ratings firms that are currently covering the firm, MarketBeat reports. Two investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $28.80.

A number of research firms have recently issued reports on MGNI. BTIG Research boosted their price target on shares of Magnite from $20.00 to $27.00 and gave the company a "buy" rating in a research note on Thursday, August 6th. Susquehanna lifted their target price on shares of Magnite from $22.00 to $30.00 and gave the company a "positive" rating in a report on Thursday, August 6th. Benchmark boosted their target price on Magnite from $30.00 to $33.00 and gave the company a "buy" rating in a research report on Thursday, August 6th. Weiss Ratings restated a "hold (c)" rating on shares of Magnite in a research note on Friday, August 7th. Finally, Evercore restated an "outperform" rating and set a $25.00 price target on shares of Magnite in a research note on Thursday, August 6th.

Magnite Stock Performance

NASDAQ MGNI opened at $24.14 on Tuesday. The stock has a market cap of $3.46 billion, a PE ratio of 22.15, a P/E/G ratio of 1.05 and a beta of 2.30. The company has a current ratio of 1.02, a quick ratio of 1.03 and a debt-to-equity ratio of 0.37. Magnite has a twelve month low of $10.82 and a twelve month high of $26.19. The stock has a fifty day simple moving average of $21.74 and a 200-day simple moving average of $16.54.

Magnite (NASDAQ:MGNI - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.02. The firm had revenue of $192.82 million for the quarter, compared to analyst estimates of $179.15 million. Magnite had a net margin of 22.49% and a return on equity of 9.33%. Magnite's revenue was up 11.3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.20 EPS. Equities analysts anticipate that Magnite will post 0.61 earnings per share for the current year.

Insider Transactions at Magnite

In related news, Director Rachel Lam sold 10,000 shares of the stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $24.16, for a total transaction of $241,600.00. Following the transaction, the director owned 230,620 shares of the company's stock, valued at approximately $5,571,779.20. This represents a 4.16% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Sarah Harden sold 18,436 shares of the firm's stock in a transaction dated Friday, August 28th. The shares were sold at an average price of $24.00, for a total value of $442,464.00. Following the transaction, the director owned 114,751 shares of the company's stock, valued at $2,754,024. This trade represents a 13.84% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 989,242 shares of company stock worth $20,331,988. 3.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Magnite by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 74,847 shares of the company's stock worth $854,000 after buying an additional 3,267 shares during the period. Millennium Management LLC boosted its position in Magnite by 113.7% in the 1st quarter. Millennium Management LLC now owns 434,479 shares of the company's stock valued at $4,957,000 after buying an additional 231,213 shares during the period. Jones Financial Companies Lllp grew its stake in shares of Magnite by 24.3% in the first quarter. Jones Financial Companies Lllp now owns 7,276 shares of the company's stock worth $83,000 after acquiring an additional 1,423 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Magnite by 9.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 404,717 shares of the company's stock worth $4,618,000 after acquiring an additional 36,097 shares in the last quarter. Finally, Intech Investment Management LLC increased its position in shares of Magnite by 103.6% during the first quarter. Intech Investment Management LLC now owns 109,992 shares of the company's stock worth $1,255,000 after acquiring an additional 55,971 shares during the period. Hedge funds and other institutional investors own 73.40% of the company's stock.

About Magnite

Magnite, Inc NASDAQ: MGNI operates as an independent sell-side advertising platform that enables publishers and digital media owners to monetize their inventory through programmatic advertising. Formed in 2020 through the merger of Rubicon Project and Telaria, Magnite combines technologies for desktop, mobile, connected television (CTV) and digital out-of-home (DOOH) ad exchanges. The company provides an end-to-end solution designed to help media owners optimize yield across open marketplaces, private marketplaces and programmatic guaranteed deals.

At the core of Magnite's offering is its supply-side platform (SSP), which connects publishers' ad impressions to demand-side platforms (DSPs) through real-time bidding (RTB).

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