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

Shares of Magnite, Inc. (NASDAQ:MGNI - Get Free Report) have earned an average recommendation of "Moderate Buy" from the twelve analysts that are covering the firm, Marketbeat reports. One research analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $20.33.

MGNI has been the topic of several research reports. Royal Bank Of Canada reduced their target price on Magnite from $22.00 to $19.00 and set an "outperform" rating on the stock in a report on Friday, May 2nd. Wall Street Zen lowered Magnite from a "buy" rating to a "hold" rating in a research report on Saturday, July 5th. Lake Street Capital dropped their price target on Magnite from $21.00 to $19.00 and set a "buy" rating for the company in a research report on Thursday, May 8th. Craig Hallum set a $24.00 price target on Magnite and gave the stock a "buy" rating in a research report on Tuesday, May 20th. Finally, Rosenblatt Securities reaffirmed a "buy" rating and set a $18.00 target price on shares of Magnite in a research note on Thursday, May 8th.

Magnite Price Performance

NASDAQ MGNI opened at $23.69 on Thursday. The company has a market capitalization of $3.34 billion, a PE ratio of 118.46, a price-to-earnings-growth ratio of 1.92 and a beta of 2.96. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.98 and a current ratio of 0.98. The business's fifty day moving average is $17.81 and its 200 day moving average is $15.77. Magnite has a fifty-two week low of $8.22 and a fifty-two week high of $25.27.

Magnite (NASDAQ:MGNI - Get Free Report) last released its earnings results on Wednesday, May 7th. The company reported $0.12 earnings per share for the quarter, beating the consensus estimate of $0.06 by $0.06. The company had revenue of $145.85 million for the quarter, compared to the consensus estimate of $142.18 million. Magnite had a return on equity of 6.71% and a net margin of 4.58%. Magnite's quarterly revenue was up 4.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.05 earnings per share. Sell-side analysts predict that Magnite will post 0.33 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Michael G. Barrett sold 300,000 shares of the stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of $20.01, for a total value of $6,003,000.00. Following the transaction, the chief executive officer owned 356,708 shares of the company's stock, valued at $7,137,727.08. This represents a 45.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO David Day sold 38,146 shares of the company's stock in a transaction on Wednesday, June 18th. The stock was sold at an average price of $18.95, for a total value of $722,866.70. Following the sale, the chief financial officer owned 443,528 shares of the company's stock, valued at approximately $8,404,855.60. This represents a 7.92% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 883,327 shares of company stock valued at $17,086,528 over the last 90 days. 3.80% of the stock is owned by insiders.

Institutional Trading of Magnite

A number of hedge funds have recently bought and sold shares of MGNI. Capital Research Global Investors purchased a new stake in Magnite during the fourth quarter worth $122,986,000. Nuveen LLC purchased a new stake in shares of Magnite during the 1st quarter valued at $41,036,000. American Century Companies Inc. lifted its holdings in shares of Magnite by 855.2% during the 1st quarter. American Century Companies Inc. now owns 2,961,009 shares of the company's stock valued at $33,785,000 after purchasing an additional 2,651,033 shares during the last quarter. Boston Partners lifted its holdings in shares of Magnite by 39.1% during the 4th quarter. Boston Partners now owns 4,756,323 shares of the company's stock valued at $76,061,000 after purchasing an additional 1,336,458 shares during the last quarter. Finally, Pacer Advisors Inc. purchased a new stake in shares of Magnite during the 1st quarter valued at $12,576,000. Hedge funds and other institutional investors own 73.40% of the company's stock.

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.

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