Magnite, Inc. (NASDAQ:MGNI) Given Average Rating of "Moderate Buy" by Analysts

Key Points

• Magnite, Inc. (NASDAQ:MGNI) has received a consensus rating of "Moderate Buy" from analysts, with ten out of twelve recommending a buy.
• Insider trading activity includes Adam Lee Soroca selling nearly 25,000 shares of Magnite at an average price of $24.69, reducing his ownership by 6.73%.
• The company's latest quarterly earnings report revealed an EPS of $0.20, exceeding analyst expectations, with revenue growing 6.4% year-over-year to $162 million.

Magnite, Inc. (NASDAQ:MGNI - Get Free Report) has been given a consensus rating of "Moderate Buy" by the twelve analysts that are currently covering the stock, Marketbeat reports. Two analysts have rated the stock with a hold recommendation and ten have given a buy recommendation to the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $25.6364.

A number of analysts recently issued reports on MGNI shares. Rosenblatt Securities restated a "buy" rating and issued a $39.00 price target on shares of Magnite in a research note on Friday, September 26th. Wall Street Zen upgraded shares of Magnite from a "hold" rating to a "buy" rating in a research note on Saturday. Wells Fargo & Company dropped their price target on shares of Magnite from $24.00 to $22.00 and set an "equal weight" rating for the company in a research note on Monday, October 6th. Susquehanna lifted their price target on shares of Magnite from $22.00 to $28.00 and gave the stock a "positive" rating in a research note on Thursday, August 7th. Finally, Scotiabank restated an "outperform" rating and issued a $30.00 price target (up previously from $22.00) on shares of Magnite in a research note on Thursday, August 7th.

Insider Transactions at Magnite

In other Magnite news, insider Adam Lee Soroca sold 24,986 shares of Magnite stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $24.69, for a total value of $616,904.34. Following the completion of the transaction, the insider owned 346,393 shares of the company's stock, valued at $8,552,443.17. The trade was a 6.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Katie Seitz Evans sold 21,509 shares of Magnite stock in a transaction on Wednesday, August 27th. The stock was sold at an average price of $25.52, for a total transaction of $548,909.68. Following the completion of the transaction, the insider directly owned 394,089 shares of the company's stock, valued at approximately $10,057,151.28. This represents a 5.18% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 323,275 shares of company stock valued at $7,877,776 over the last quarter. Insiders own 3.80% of the company's stock.

Hedge Funds Weigh In On Magnite

A number of hedge funds have recently added to or reduced their stakes in MGNI. Nuveen LLC acquired a new position in Magnite in the first quarter worth $41,036,000. American Century Companies Inc. boosted its holdings in shares of Magnite by 855.2% during the first quarter. American Century Companies Inc. now owns 2,961,009 shares of the company's stock valued at $33,785,000 after acquiring an additional 2,651,033 shares during the period. Frontier Capital Management Co. LLC boosted its holdings in shares of Magnite by 419.4% during the second quarter. Frontier Capital Management Co. LLC now owns 1,793,830 shares of the company's stock valued at $43,267,000 after acquiring an additional 1,448,456 shares during the period. Pacer Advisors Inc. acquired a new position in shares of Magnite during the first quarter valued at $12,576,000. Finally, Boston Partners boosted its holdings in shares of Magnite by 10.9% during the first quarter. Boston Partners now owns 5,276,356 shares of the company's stock valued at $60,187,000 after acquiring an additional 520,033 shares during the period. Institutional investors and hedge funds own 73.40% of the company's stock.

Magnite Trading Down 2.3%

MGNI opened at $17.88 on Friday. The firm has a market capitalization of $2.55 billion, a P/E ratio of 61.66, a P/E/G ratio of 1.26 and a beta of 3.02. The firm's 50 day moving average is $22.58 and its 200-day moving average is $19.13. Magnite has a 52-week low of $8.22 and a 52-week high of $26.65. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.45.

Magnite (NASDAQ:MGNI - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $0.20 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.17 by $0.03. The company had revenue of $162.00 million for the quarter, compared to analyst estimates of $157.05 million. Magnite had a net margin of 6.30% and a return on equity of 8.07%. The business's quarterly revenue was up 6.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.14 earnings per share. Analysts expect that Magnite will post 0.33 EPS 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.

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