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

Key Points

• Analysts give Magnite a consensus rating of Moderate Buy (9 buys, 2 holds) with an average 1‑year price target of $24.10, though individual targets range widely from $13 (Wells Fargo) to $39 (Rosenblatt).
• Latest quarter: EPS of $0.34 missed estimates by $0.01 while revenue of $205.36M beat expectations (up 5.9% YoY), with a net margin of 20.25%.
• Shares opened at $11.98 with a market cap of $1.73B and a 1‑year range of $9.29–$26.65; insider Adam Lee Soroca sold 21,529 shares and institutional investors own about 73.4% of the stock.

Shares of Magnite, Inc. (NASDAQ:MGNI - Get Free Report) have been given an average rating of "Moderate Buy" by the eleven brokerages that are covering the stock, Marketbeat reports. Two analysts have rated the stock with a hold recommendation and nine have issued a buy recommendation on the company. The average 1 year price objective among brokers that have issued a report on the stock in the last year is $24.10.

Several analysts recently weighed in on MGNI shares. Rosenblatt Securities reaffirmed a "buy" rating and issued a $39.00 price objective on shares of Magnite in a research note on Thursday, February 26th. Evercore reissued an "outperform" rating and issued a $20.00 price objective on shares of Magnite in a research note on Thursday, February 26th. Benchmark dropped their price objective on shares of Magnite from $31.00 to $30.00 and set a "buy" rating for the company in a research note on Thursday, February 26th. Weiss Ratings reissued a "hold (c)" rating on shares of Magnite in a research note on Thursday, January 22nd. Finally, Wells Fargo & Company dropped their price objective on shares of Magnite from $20.00 to $13.00 and set an "equal weight" rating for the company in a research note on Friday, February 27th.

Magnite Stock Performance

Shares of NASDAQ:MGNI opened at $11.98 on Friday. The company's 50 day simple moving average is $12.29 and its 200 day simple moving average is $15.16. The stock has a market capitalization of $1.73 billion, a price-to-earnings ratio of 12.74, a price-to-earnings-growth ratio of 0.73 and a beta of 2.39. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.02 and a quick ratio of 1.02. Magnite has a 1 year low of $9.29 and a 1 year high of $26.65.

Magnite (NASDAQ:MGNI - Get Free Report) last announced its quarterly earnings data 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 firm had revenue of $205.36 million during the quarter, compared to the consensus estimate of $193.87 million. Magnite had a net margin of 20.25% and a return on equity of 8.44%. The business's revenue was up 5.9% compared to the same quarter last year. During the same period last year, the business earned $0.34 earnings per share. As a group, research analysts predict that Magnite will post 0.33 EPS for the current fiscal year.

Insider Transactions at Magnite

In other Magnite news, insider Adam Lee Soroca sold 21,529 shares of the company's stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $12.00, for a total value of $258,348.00. Following the completion of the transaction, the insider owned 388,425 shares of the company's stock, valued at $4,661,100. This represents a 5.25% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 3.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Magnite

Institutional investors have recently added to or reduced their stakes in the business. Neo Ivy Capital Management bought a new stake in Magnite during the 3rd quarter worth approximately $27,000. US Bancorp DE lifted its holdings in Magnite by 75.8% during the 3rd quarter. US Bancorp DE now owns 1,596 shares of the company's stock worth $35,000 after buying an additional 688 shares during the period. State of Wyoming acquired a new position in Magnite during the 3rd quarter worth about $39,000. USA Financial Formulas acquired a new position in Magnite during the 3rd quarter worth about $40,000. Finally, Central Pacific Bank Trust Division acquired a new position in Magnite during the 4th quarter worth about $41,000. 73.40% of the stock is owned by institutional investors.

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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