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

Shares of Magnite, Inc. (NASDAQ:MGNI - Get Free Report) have earned an average recommendation of "Moderate Buy" from the thirteen analysts that are currently covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a hold recommendation and twelve have issued a buy recommendation on the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $19.23.

A number of equities research analysts have recently issued reports on the stock. Royal Bank of Canada lowered their price target on shares of Magnite from $22.00 to $19.00 and set an "outperform" rating on the stock in a report on Friday, May 2nd. Rosenblatt Securities reiterated a "buy" rating and issued a $18.00 target price on shares of Magnite in a research note on Thursday, May 8th. Lake Street Capital cut their price target on shares of Magnite from $21.00 to $19.00 and set a "buy" rating for the company in a report on Thursday, May 8th. Susquehanna boosted their price target on shares of Magnite from $16.00 to $22.00 and gave the company a "positive" rating in a research report on Thursday, February 27th. Finally, Craig Hallum set a $24.00 price objective on Magnite and gave the stock a "buy" rating in a research report on Tuesday, May 20th.

Magnite Stock Performance

Shares of NASDAQ MGNI traded down $0.24 during midday trading on Wednesday, hitting $15.36. The company's stock had a trading volume of 1,056,744 shares, compared to its average volume of 2,117,396. The stock has a fifty day moving average price of $12.47 and a 200 day moving average price of $15.10. Magnite has a one year low of $8.22 and a one year high of $21.29. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.76. The firm has a market capitalization of $2.17 billion, a price-to-earnings ratio of 256.00, a P/E/G ratio of 1.00 and a beta of 2.73.

Magnite (NASDAQ:MGNI - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The company reported $0.12 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.06 by $0.06. The company had revenue of $145.85 million for the quarter, compared to analyst estimates of $142.18 million. Magnite had a return on equity of 4.64% and a net margin of 2.62%. The firm's revenue for the quarter was up 4.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.05 EPS. On average, research analysts forecast that Magnite will post 0.33 EPS for the current fiscal year.

Insider Buying and Selling at Magnite

In other Magnite news, insider Sean Patrick Buckley sold 9,692 shares of the company's stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $15.73, for a total value of $152,455.16. Following the completion of the sale, the insider now owns 347,394 shares of the company's stock, valued at $5,464,507.62. This represents a 2.71% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Adam Lee Soroca sold 15,499 shares of the business's stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $15.75, for a total transaction of $244,109.25. Following the completion of the sale, the insider now owns 458,386 shares of the company's stock, valued at approximately $7,219,579.50. The trade was a 3.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 57,469 shares of company stock worth $919,285 over the last 90 days. Corporate insiders own 3.80% of the company's stock.

Institutional Trading of Magnite

Several institutional investors have recently added to or reduced their stakes in MGNI. SBI Securities Co. Ltd. purchased a new position in shares of Magnite in the fourth quarter worth about $25,000. MCF Advisors LLC grew its position in Magnite by 2,100.0% during the 1st quarter. MCF Advisors LLC now owns 2,200 shares of the company's stock worth $25,000 after acquiring an additional 2,100 shares during the last quarter. Smartleaf Asset Management LLC increased its stake in Magnite by 74.9% in the 1st quarter. Smartleaf Asset Management LLC now owns 2,810 shares of the company's stock worth $33,000 after purchasing an additional 1,203 shares during the period. AllSquare Wealth Management LLC increased its stake in Magnite by 76.8% in the 1st quarter. AllSquare Wealth Management LLC now owns 3,580 shares of the company's stock worth $41,000 after purchasing an additional 1,555 shares during the period. Finally, GAMMA Investing LLC lifted its position in Magnite by 10,170.3% in the first quarter. GAMMA Investing LLC now owns 3,800 shares of the company's stock valued at $43,000 after purchasing an additional 3,763 shares during the last quarter. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

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.