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

Key Points

• Magnite, Inc. has received a consensus recommendation of "Moderate Buy" from analysts, with one hold and ten buy ratings from the eleven research firms covering the stock.
• The average 12-month price target for Magnite among analysts is $25.82, with notable increases from Wells Fargo, Susquehanna, and Benchmark.
• Insider trading activity shows CAO Brian Gephart sold 27,671 shares at an average price of $24.71, indicating a significant decrease in his stock ownership by 22.95%.

Magnite, Inc. (NASDAQ:MGNI - Get Free Report) has earned a consensus recommendation of "Moderate Buy" from the eleven research firms that are currently covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a hold recommendation and ten have assigned a buy recommendation to the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $25.8182.

A number of equities analysts have weighed in on MGNI shares. Wells Fargo & Company upped their price target on Magnite from $13.00 to $24.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 8th. Susquehanna upped their price target on Magnite from $22.00 to $28.00 and gave the stock a "positive" rating in a report on Thursday, August 7th. Needham & Company LLC upped their price target on Magnite from $18.00 to $25.00 and gave the stock a "buy" rating in a report on Thursday, August 7th. Royal Bank Of Canada upped their price target on Magnite from $19.00 to $27.00 and gave the stock an "outperform" rating in a report on Thursday, July 31st. Finally, Benchmark upped their price target on Magnite from $30.00 to $31.00 and gave the stock a "buy" rating in a report on Thursday, August 7th.

Insider Transactions at Magnite

In other Magnite news, CAO Brian Gephart sold 27,671 shares of the company's stock in a transaction that occurred on Thursday, September 4th. The stock was sold at an average price of $24.71, for a total value of $683,750.41. Following the completion of the transaction, the chief accounting officer owned 92,898 shares in the company, valued at $2,295,509.58. This represents a 22.95% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Katie Seitz Evans sold 21,509 shares of the company's stock in a transaction that occurred on Wednesday, August 27th. The shares were sold at an average price of $25.52, for a total value of $548,909.68. Following the completion of the transaction, the insider directly owned 394,089 shares in the company, valued at approximately $10,057,151.28. The trade was a 5.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 477,759 shares of company stock worth $11,464,069 over the last 90 days. 4.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Magnite

Institutional investors have recently made changes to their positions in the business. MCF Advisors LLC raised its position in shares of Magnite by 2,100.0% in the 1st 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 raised 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 valued at $33,000 after purchasing an additional 1,203 shares in the last quarter. GAMMA Investing LLC raised 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 valued at $37,000 after purchasing an additional 1,184 shares in the last quarter. AllSquare Wealth Management LLC raised 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 valued at $41,000 after purchasing an additional 1,555 shares in the last quarter. Finally, CWM LLC raised 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 valued at $43,000 after purchasing an additional 1,015 shares in the last quarter. 73.40% of the stock is owned by institutional investors and hedge funds.

Magnite Stock Performance

NASDAQ MGNI opened at $24.16 on Tuesday. The firm has a market capitalization of $3.44 billion, a P/E ratio of 83.31, a P/E/G ratio of 1.78 and a beta of 3.05. Magnite has a 1-year low of $8.22 and a 1-year 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 business's 50-day simple moving average is $23.77 and its 200-day simple moving average is $18.24.

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

Magnite Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.