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

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

Several analysts recently weighed in on MGNI shares. Rosenblatt Securities reiterated a "buy" rating and issued a $18.00 price objective on shares of Magnite in a research report on Thursday, May 8th. Susquehanna boosted their price objective on Magnite from $16.00 to $22.00 and gave the stock a "positive" rating in a research report on Thursday, February 27th. Craig Hallum set a $24.00 target price on Magnite and gave the company a "buy" rating in a research report on Tuesday, May 20th. Needham & Company LLC raised their target price on shares of Magnite from $14.00 to $18.00 and gave the company a "buy" rating in a research note on Monday, May 12th. Finally, Royal Bank of Canada dropped their price target on shares of Magnite from $22.00 to $19.00 and set an "outperform" rating on the stock in a research report on Friday, May 2nd.

Magnite Stock Down 3.0%

MGNI stock opened at $17.10 on Friday. The firm has a market cap of $2.41 billion, a price-to-earnings ratio of 285.00, a PEG ratio of 1.00 and a beta of 2.87. Magnite has a 1-year low of $8.22 and a 1-year high of $21.29. The firm has a fifty day moving average price of $13.99 and a two-hundred day moving average price of $15.16. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11.

Magnite (NASDAQ:MGNI - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The company reported $0.12 earnings per share for the quarter, topping the consensus estimate of $0.06 by $0.06. Magnite had a net margin of 2.62% and a return on equity of 4.64%. The firm had revenue of $145.85 million for the quarter, compared to analyst estimates of $142.18 million. During the same quarter in the prior year, the business earned $0.05 earnings per share. Magnite's quarterly revenue was up 4.3% on a year-over-year basis. Research analysts predict that Magnite will post 0.33 EPS for the current year.

Insider Transactions at Magnite

In related news, CAO Brian Gephart sold 6,334 shares of Magnite stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $16.16, for a total value of $102,357.44. Following the transaction, the chief accounting officer now owns 126,575 shares of the company's stock, valued at approximately $2,045,452. This trade represents a 4.77% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Sean Patrick Buckley sold 9,692 shares of the stock in a transaction on Friday, May 16th. The shares were sold at an average price of $15.73, for a total value of $152,455.16. Following the completion of the sale, the insider now owns 347,394 shares of the company's stock, valued at $5,464,507.62. The trade was a 2.71% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 133,283 shares of company stock valued at $2,247,250 over the last three months. Company insiders own 3.80% of the company's stock.

Hedge Funds Weigh In On Magnite

A number of large investors have recently made changes to their positions in MGNI. Capital Research Global Investors bought a new stake in shares of Magnite in the 4th quarter valued at approximately $122,986,000. Nuveen LLC acquired a new stake in Magnite in the first quarter valued at approximately $41,036,000. American Century Companies Inc. grew its position in Magnite by 855.2% in the first quarter. American Century Companies Inc. now owns 2,961,009 shares of the company's stock worth $33,785,000 after acquiring an additional 2,651,033 shares in the last quarter. Boston Partners increased its stake in shares of Magnite by 39.1% during the 4th quarter. Boston Partners now owns 4,756,323 shares of the company's stock worth $76,061,000 after purchasing an additional 1,336,458 shares during the last quarter. Finally, Pacer Advisors Inc. acquired a new position in shares of Magnite during the 1st quarter worth $12,576,000. Institutional investors and hedge funds own 73.40% of the company's stock.

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.

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