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

Key Points

• Magnite holds a “Moderate Buy” consensus rating: Nine of 11 analysts recommend buying the stock, while two rate it a hold. The average 12-month price target is $28.30.
• Recent analyst sentiment improved, with Susquehanna raising its target to $30, BTIG to $27, and Scotiabank maintaining a $27 target. Magnite also exceeded quarterly expectations, reporting $0.26 in adjusted EPS versus a $0.24 consensus and revenue of $192.82 million.
• Shares opened at $24.58, near their 52-week high of $26.65, after gaining alongside stronger operating results. Insiders sold 945,251 shares worth approximately $19.2 million over the past quarter, while institutional investors own 73.4% of the stock.

Magnite, Inc. (NASDAQ:MGNI - Get Free Report) has received a consensus rating of "Moderate Buy" from the eleven ratings firms that are presently covering the stock, Marketbeat.com reports. Two analysts have rated the stock with a hold rating and nine have issued a buy rating on the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $28.30.

A number of brokerages have recently weighed in on MGNI. Evercore restated an "outperform" rating and set a $25.00 price objective on shares of Magnite in a research report on Thursday, August 6th. Susquehanna boosted their target price on Magnite from $22.00 to $30.00 and gave the stock a "positive" rating in a research report on Thursday, August 6th. BTIG Research increased their price target on Magnite from $20.00 to $27.00 and gave the company a "buy" rating in a research note on Thursday, August 6th. Wells Fargo & Company raised their price target on Magnite from $21.00 to $22.00 and gave the company an "equal weight" rating in a report on Friday, August 7th. Finally, Scotiabank reaffirmed an "outperform" rating and issued a $27.00 price objective on shares of Magnite in a research note on Thursday, August 6th.

Magnite Price Performance

NASDAQ:MGNI opened at $24.58 on Friday. The business's 50-day simple moving average is $19.45 and its two-hundred day simple moving average is $15.21. The company has a quick ratio of 1.03, a current ratio of 1.02 and a debt-to-equity ratio of 0.37. Magnite has a 52 week low of $10.82 and a 52 week high of $26.65. The stock has a market cap of $3.53 billion, a PE ratio of 22.55, a P/E/G ratio of 1.15 and a beta of 2.26.

Magnite (NASDAQ:MGNI - Get Free Report) last posted its earnings results on Wednesday, August 5th. The company reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.02. The company had revenue of $192.82 million during the quarter, compared to analysts' expectations of $179.15 million. Magnite had a net margin of 22.49% and a return on equity of 9.33%. Magnite's quarterly revenue was up 11.3% on a year-over-year basis. During the same period last year, the company posted $0.20 earnings per share. As a group, analysts forecast that Magnite will post 0.56 EPS for the current fiscal year.

Insider Transactions at Magnite

In related news, insider Katie Seitz Evans sold 20,000 shares of the company's stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $24.00, for a total transaction of $480,000.00. Following the sale, the insider owned 496,840 shares of the company's stock, valued at $11,924,160. This represents a 3.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Sean Patrick Buckley sold 67,179 shares of the company's stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $24.49, for a total transaction of $1,645,213.71. Following the sale, the insider directly owned 315,805 shares in the company, valued at approximately $7,734,064.45. The trade was a 17.54% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 945,251 shares of company stock valued at $19,179,975 over the last quarter. 3.20% of the stock is owned by insiders.

Institutional Trading of Magnite

A number of large investors have recently made changes to their positions in the business. Cetera Trust Company N.A bought a new position in shares of Magnite in the 2nd quarter valued at about $81,000. Elevation Point Wealth Partners LLC purchased a new position in shares of Magnite during the second quarter valued at approximately $458,000. Northwestern Mutual Wealth Management Co. purchased a new position in Magnite during the 2nd quarter valued at $289,000. Norwood Investment Partners LP bought a new position in shares of Magnite in the second quarter worth about $4,460,300,000. Finally, Allworth Financial LP purchased a new position in shares of Magnite during the second quarter worth approximately $30,000. 73.40% of the stock is currently owned by institutional investors.

Magnite Company Profile

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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