Magnite, Inc. (NASDAQ:MGNI) Stock Has Consensus Price Target of $29.36

Key Points

• Magnite has a “Moderate Buy” consensus from 12 analysts, with 10 buy ratings and two holds. The average 12-month price target is $29.36, above the reported share price of $24.73.
• Magnite’s latest quarterly results exceeded expectations, with adjusted EPS of $0.26 versus the $0.24 consensus and revenue of $192.82 million versus estimates of $179.15 million. Revenue increased 11.3% year over year.
• Insiders sold 693,216 shares worth approximately $16.2 million over the past 90 days, while institutional investors own 73.4% of the company. The stock recently traded near its 52-week high of $26.84.

Magnite, Inc. (NASDAQ:MGNI - Get Free Report) has been given a consensus recommendation of "Moderate Buy" by the twelve ratings firms that are covering the firm, MarketBeat Ratings reports. Two analysts have rated the stock with a hold rating and ten have given a buy rating to the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $29.36.

Several research analysts have recently weighed in on MGNI shares. Rosenblatt Securities reiterated a "buy" rating and set a $40.00 price objective on shares of Magnite in a report on Friday. Royal Bank Of Canada upped their price target on shares of Magnite from $20.00 to $27.00 and gave the stock an "outperform" rating in a research report on Thursday, August 6th. Needham & Company LLC increased their price target on shares of Magnite from $25.00 to $30.00 and gave the stock a "buy" rating in a research note on Thursday, September 3rd. Benchmark lifted their price target on shares of Magnite from $30.00 to $33.00 and gave the company a "buy" rating in a report on Thursday, August 6th. Finally, Wells Fargo & Company lifted their price target on shares of Magnite from $21.00 to $22.00 and gave the company an "equal weight" rating in a report on Friday, August 7th.

Insiders Place Their Bets

In other Magnite news, Director Douglas S. Knopper sold 37,337 shares of the company's stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $22.72, for a total transaction of $848,296.64. Following the completion of the sale, the director directly owned 88,473 shares in the company, valued at $2,010,106.56. This represents a 29.68% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Sean Buckley sold 67,179 shares of the firm's stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $24.49, for a total value of $1,645,213.71. Following the completion of the transaction, the insider owned 315,805 shares in the company, valued at approximately $7,734,064.45. This trade represents a 17.54% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 693,216 shares of company stock worth $16,210,493. Corporate insiders own 3.20% of the company's stock.

Institutional Investors Weigh In On Magnite

Institutional investors have recently bought and sold shares of the business. Nykredit A S acquired a new stake in shares of Magnite in the second quarter valued at about $25,000. EFG International AG acquired a new position in Magnite during the 2nd quarter worth approximately $28,000. Allworth Financial LP acquired a new position in Magnite during the 2nd quarter worth approximately $30,000. Harbor Investment Advisory LLC purchased a new position in Magnite in the 2nd quarter worth approximately $62,000. Finally, PNC Financial Services Group Inc. boosted its holdings in Magnite by 106.3% in the 1st quarter. PNC Financial Services Group Inc. now owns 3,783 shares of the company's stock worth $45,000 after acquiring an additional 1,949 shares during the period. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

Magnite Price Performance

Shares of NASDAQ:MGNI opened at $24.73 on Friday. The company has a market cap of $3.55 billion, a P/E ratio of 22.69, a P/E/G ratio of 0.83 and a beta of 2.33. The company has a quick ratio of 1.03, a current ratio of 1.02 and a debt-to-equity ratio of 0.37. Magnite has a 52 week low of $10.82 and a 52 week high of $26.84. The business has a fifty day simple moving average of $23.49 and a 200-day simple moving average of $18.05.

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

About Magnite

Magnite, Inc is an independent sell-side advertising technology company that helps publishers, broadcasters and other content owners monetize digital advertising inventory. Its platform connects sellers of advertising space with brands, agencies and demand-side platforms, facilitating the automated buying and selling of ads across connected television (CTV), streaming video, mobile applications, websites, audio and digital out-of-home media.

The company offers tools for managing, packaging and selling advertising inventory, including programmatic auctions, direct and private marketplace transactions, audience targeting, yield optimization and measurement.

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