Brokerages Set Magnite, Inc. (NASDAQ:MGNI) PT at $19.58

Shares of Magnite, Inc. (NASDAQ:MGNI - Get Free Report) have earned a consensus rating of "Moderate Buy" from the twelve research firms that are covering the company, MarketBeat.com reports. One research analyst has rated the stock with a hold recommendation and eleven have issued a buy recommendation on the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $19.58.

MGNI has been the subject of several recent analyst reports. Lake Street Capital reduced their price objective on shares of Magnite from $21.00 to $19.00 and set a "buy" rating for the company in a research note on Thursday, May 8th. Royal Bank Of Canada cut their target price on shares of Magnite from $22.00 to $19.00 and set an "outperform" rating for the company in a research report on Friday, May 2nd. Rosenblatt Securities restated a "buy" rating and set a $18.00 target price on shares of Magnite in a research report on Thursday, May 8th. Susquehanna lifted their target price on shares of Magnite from $16.00 to $22.00 and gave the stock a "positive" rating in a research report on Thursday, February 27th. Finally, Benchmark cut their target price on shares of Magnite from $25.00 to $24.00 and set a "buy" rating for the company in a research report on Thursday, May 8th.

Insider Transactions at Magnite

In related news, CEO Michael G. Barrett sold 30,000 shares of the company's stock in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $19.00, for a total transaction of $570,000.00. Following the completion of the transaction, the chief executive officer now owns 656,708 shares of the company's stock, valued at approximately $12,477,452. This represents a 4.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Aaron Saltz sold 15,328 shares of the company's stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $16.71, for a total transaction of $256,130.88. Following the transaction, the insider now directly owns 296,176 shares of the company's stock, valued at $4,949,100.96. This trade represents a 4.92% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 245,071 shares of company stock worth $4,280,240 over the last ninety days. 3.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Magnite

Several institutional investors and hedge funds have recently bought and sold shares of MGNI. SBI Securities Co. Ltd. acquired a new position in Magnite during the fourth quarter worth approximately $25,000. MCF Advisors LLC increased its position in Magnite by 2,100.0% during the first quarter. MCF Advisors LLC now owns 2,200 shares of the company's stock worth $25,000 after purchasing an additional 2,100 shares during the last quarter. Smartleaf Asset Management LLC increased its position in Magnite by 74.9% during the first 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 last quarter. AllSquare Wealth Management LLC increased its position in Magnite by 76.8% during the first 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 last quarter. Finally, GAMMA Investing LLC increased its position in Magnite by 10,170.3% during the first quarter. GAMMA Investing LLC now owns 3,800 shares of the company's stock worth $43,000 after purchasing an additional 3,763 shares during the last quarter. Institutional investors and hedge funds own 73.40% of the company's stock.

Magnite Price Performance

Shares of NASDAQ MGNI traded up $0.59 during midday trading on Friday, hitting $18.82. The company had a trading volume of 2,459,889 shares, compared to its average volume of 2,134,245. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.47. Magnite has a twelve month low of $8.22 and a twelve month high of $21.29. The business has a 50-day simple moving average of $14.49 and a two-hundred day simple moving average of $15.21. The firm has a market capitalization of $2.66 billion, a price-to-earnings ratio of 94.10, a price-to-earnings-growth ratio of 1.49 and a beta of 2.87.

Magnite (NASDAQ:MGNI - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The company reported $0.12 EPS for the quarter, beating the consensus estimate of $0.06 by $0.06. Magnite had a net margin of 4.58% and a return on equity of 6.71%. The firm had revenue of $145.85 million during the quarter, compared to analysts' expectations of $142.18 million. During the same quarter last year, the business earned $0.05 earnings per share. The business's revenue for the quarter was up 4.3% compared to the same quarter last year. Equities research analysts anticipate that Magnite will post 0.33 earnings per share 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.