Analysts Set Magnite, Inc. (NASDAQ:MGNI) Target Price at $25.82

Key Points

• Magnite, Inc. has received a consensus recommendation of "Moderate Buy" from eleven analysts, with an average 12-month target price of $25.82.
• Insider selling activity has been noted, with Director James Rossman selling 137,007 shares, leading to a 59.39% decrease in their ownership stake.
• The company reported $0.20 earnings per share for the last quarter, exceeding analyst expectations and showing a 6.4% increase in quarterly revenue year-over-year.

Magnite, Inc. (NASDAQ:MGNI - Get Free Report) has been given an average recommendation of "Moderate Buy" by the eleven ratings firms that are presently covering the company, MarketBeat.com reports. One analyst has rated the stock with a hold recommendation and ten have assigned a buy recommendation to the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $25.8182.

Several equities research analysts have weighed in on MGNI shares. Lake Street Capital dropped their price objective on Magnite from $21.00 to $19.00 and set a "buy" rating for the company in a report on Thursday, May 8th. Rosenblatt Securities restated a "buy" rating and set a $39.00 target price on shares of Magnite in a report on Thursday, August 7th. Wells Fargo & Company upped their target price on Magnite from $13.00 to $24.00 and gave the company an "equal weight" rating in a report on Tuesday, July 8th. Wall Street Zen upgraded shares of Magnite from a "hold" rating to a "buy" rating in a report on Sunday, July 13th. Finally, Craig Hallum set a $24.00 price objective on shares of Magnite and gave the stock a "buy" rating in a report on Tuesday, May 20th.

Insider Activity

In other Magnite news, insider Adam Lee Soroca sold 44,519 shares of the firm's stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of $20.00, for a total transaction of $890,380.00. Following the completion of the transaction, the insider owned 400,927 shares of the company's stock, valued at approximately $8,018,540. This trade represents a 9.99% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Michael G. Barrett sold 300,000 shares of the company's stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of $20.01, for a total transaction of $6,003,000.00. Following the completion of the sale, the chief executive officer directly owned 356,708 shares in the company, valued at $7,137,727.08. This represents a 45.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,131,578 shares of company stock worth $23,412,910. Company insiders own 3.80% of the company's stock.

Institutional Investors Weigh In On Magnite

Several hedge funds have recently bought and sold shares of MGNI. MCF Advisors LLC increased its stake in shares of Magnite by 2,100.0% during the first quarter. MCF Advisors LLC now owns 2,200 shares of the company's stock valued at $25,000 after purchasing an additional 2,100 shares in the last quarter. Smartleaf Asset Management LLC boosted its position in shares of 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 in the last quarter. GAMMA Investing LLC boosted its position in shares of Magnite by 355.6% in the 2nd quarter. GAMMA Investing LLC now owns 1,517 shares of the company's stock worth $37,000 after purchasing an additional 1,184 shares in the last quarter. AllSquare Wealth Management LLC boosted its position in shares of 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 in the last quarter. Finally, CWM LLC boosted its position in shares of Magnite by 133.6% in the 2nd quarter. CWM LLC now owns 1,775 shares of the company's stock worth $43,000 after purchasing an additional 1,015 shares in the last quarter. Institutional investors own 73.40% of the company's stock.

Magnite Trading Down 2.1%

MGNI traded down $0.57 during trading on Friday, hitting $25.95. 2,850,652 shares of the stock traded hands, compared to its average volume of 3,145,961. The firm has a market capitalization of $3.70 billion, a P/E ratio of 89.49, a price-to-earnings-growth ratio of 1.79 and a beta of 3.05. Magnite has a 12-month low of $8.22 and a 12-month high of $26.65. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.00 and a quick ratio of 1.00. The firm has a 50-day moving average of $23.21 and a 200 day moving average of $17.40.

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