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

Key Points

• Analysts have assigned Magnite an average recommendation of Moderate Buy from 11 analysts (nine buys, two holds), with an average 1‑year price target of $24.10.
• Magnite reported quarterly EPS of $0.34 (missing estimates by $0.01) while revenue of $205.36 million beat expectations and rose 5.9% year‑over‑year; the company has a market cap of about $1.95 billion and a P/E of 14.47.
• Insider Adam Lee Soroca sold 21,529 shares at $12 (a 5.25% reduction in his position); insiders own 4.30% of the stock while institutional investors hold roughly 73.4%.

Shares of Magnite, Inc. (NASDAQ:MGNI - Get Free Report) have been assigned an average recommendation of "Moderate Buy" from the eleven analysts that are covering the firm, MarketBeat reports. Two analysts have rated the stock with a hold recommendation and nine have given a buy recommendation to the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $24.10.

Several equities research analysts recently commented on MGNI shares. Needham & Company LLC reiterated a "buy" rating and set a $25.00 target price on shares of Magnite in a report on Thursday, April 16th. Evercore restated an "outperform" rating and set a $20.00 price objective on shares of Magnite in a report on Thursday, February 26th. Rosenblatt Securities reiterated a "buy" rating and issued a $39.00 target price on shares of Magnite in a research report on Thursday, February 26th. Scotiabank reduced their price objective on Magnite from $30.00 to $16.00 and set a "sector outperform" rating for the company in a research report on Thursday, February 26th. Finally, Wells Fargo & Company reduced their price objective on Magnite from $20.00 to $13.00 and set an "equal weight" rating for the company in a research report on Friday, February 27th.

Insiders Place Their Bets

In other news, insider Adam Lee Soroca sold 21,529 shares of the business's stock in a transaction on Wednesday, February 18th. The stock was sold at an average price of $12.00, for a total value of $258,348.00. Following the sale, the insider owned 388,425 shares of the company's stock, valued at approximately $4,661,100. The trade was a 5.25% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 4.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Magnite

Institutional investors and hedge funds have recently modified their holdings of the stock. Neo Ivy Capital Management acquired a new stake in shares of Magnite during the third quarter worth $27,000. US Bancorp DE raised its position in shares of Magnite by 75.8% during the third quarter. US Bancorp DE now owns 1,596 shares of the company's stock worth $35,000 after purchasing an additional 688 shares during the period. State of Wyoming acquired a new stake in shares of Magnite during the third quarter worth $39,000. Strategic Advocates LLC acquired a new stake in shares of Magnite during the third quarter worth $42,000. Finally, PNC Financial Services Group Inc. grew its holdings in shares of Magnite by 45.1% during the third quarter. PNC Financial Services Group Inc. now owns 2,428 shares of the company's stock valued at $53,000 after buying an additional 755 shares in the last quarter. 73.40% of the stock is owned by institutional investors and hedge funds.

Magnite Stock Up 0.1%

Shares of NASDAQ:MGNI opened at $13.60 on Wednesday. The stock's 50-day moving average price is $12.66 and its two-hundred day moving average price is $14.34. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.38. Magnite has a 12-month low of $10.82 and a 12-month high of $26.65. The firm has a market cap of $1.95 billion, a price-to-earnings ratio of 14.47, a PEG ratio of 0.84 and a beta of 2.33.

Magnite (NASDAQ:MGNI - Get Free Report) last issued its quarterly earnings results on Wednesday, February 25th. The company reported $0.34 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.35 by ($0.01). The business had revenue of $205.36 million during the quarter, compared to analyst estimates of $193.87 million. Magnite had a return on equity of 8.44% and a net margin of 20.25%.The firm's quarterly revenue was up 5.9% on a year-over-year basis. During the same period in the previous year, the business posted $0.34 earnings per share. On average, research analysts forecast that Magnite will post 0.59 EPS for the current year.

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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