Magnite, Inc. (NASDAQ:MGNI) Receives $21.91 Average PT from Brokerages

Key Points

• Magnite, Inc. (NASDAQ:MGNI) has a consensus analyst rating of "Moderate Buy", with ten out of eleven analysts recommending to buy the stock.
• The average 12-month target price for Magnite is $21.91, showing positive sentiment among brokerages that have updated their coverage in the past year.
• Magnite recently posted an earnings report that exceeded expectations, reporting $0.12 EPS against a consensus estimate of $0.06, along with a net margin of 4.58% for the quarter.

Shares of Magnite, Inc. (NASDAQ:MGNI - Get Free Report) have received an average rating of "Moderate Buy" from the eleven analysts that are covering the stock, MarketBeat.com reports. One research analyst has rated the stock with a hold rating and ten have issued a buy rating on the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $21.9091.

A number of research firms have weighed in on MGNI. Wells Fargo & Company upped their target price on Magnite from $13.00 to $24.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 8th. Needham & Company LLC increased their price objective on Magnite from $14.00 to $18.00 and gave the stock a "buy" rating in a report on Monday, May 12th. Royal Bank Of Canada upped their target price on Magnite from $19.00 to $27.00 and gave the stock an "outperform" rating in a research report on Thursday, July 31st. Wall Street Zen raised Magnite from a "hold" rating to a "buy" rating in a research report on Sunday, July 13th. Finally, Craig Hallum set a $24.00 target price on shares of Magnite and gave the company a "buy" rating in a research note on Tuesday, May 20th.

Magnite Stock Performance

Shares of NASDAQ:MGNI traded down $0.31 during trading on Monday, hitting $22.37. 2,572,760 shares of the company traded hands, compared to its average volume of 2,982,620. The stock has a market capitalization of $3.16 billion, a price-to-earnings ratio of 68.73, a PEG ratio of 1.85 and a beta of 3.05. The business's fifty day moving average is $20.89 and its 200-day moving average is $16.65. Magnite has a one year low of $8.22 and a one year high of $25.27. 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 (NASDAQ:MGNI - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The company reported $0.12 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.06 by $0.06. The business had revenue of $145.85 million during the quarter, compared to analyst estimates of $142.18 million. Magnite had a return on equity of 6.71% and a net margin of 4.58%. The business's revenue for the quarter was up 4.3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.05 EPS. As a group, equities analysts predict that Magnite will post 0.33 earnings per share for the current fiscal year.

Insider Transactions at Magnite

In related news, Director Paul Caine sold 5,000 shares of the business's stock in a transaction dated Thursday, July 10th. The shares were sold at an average price of $23.53, for a total transaction of $117,650.00. Following the transaction, the director directly owned 183,603 shares in the company, valued at approximately $4,320,178.59. The trade was a 2.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Michael G. Barrett sold 70,900 shares of the business's stock in a transaction dated Tuesday, July 15th. The shares were sold at an average price of $23.27, for a total transaction of $1,649,843.00. Following the completion of the transaction, the chief executive officer owned 285,808 shares in the company, valued at approximately $6,650,752.16. The trade was a 19.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 959,227 shares of company stock valued at $18,854,021. 4.30% of the stock is owned by insiders.

Institutional Trading of Magnite

Hedge funds and other institutional investors have recently bought and sold shares of the company. Cambridge Investment Research Advisors Inc. grew its holdings in shares of Magnite by 74.6% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 51,815 shares of the company's stock valued at $591,000 after purchasing an additional 22,131 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its position in Magnite by 54.0% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 44,947 shares of the company's stock valued at $513,000 after buying an additional 15,762 shares during the period. JPMorgan Chase & Co. boosted its position in Magnite by 5.9% during the 4th quarter. JPMorgan Chase & Co. now owns 1,511,439 shares of the company's stock valued at $24,062,000 after buying an additional 84,497 shares during the period. Calamos Advisors LLC boosted its position in Magnite by 85.7% during the 1st quarter. Calamos Advisors LLC now owns 65,275 shares of the company's stock valued at $745,000 after buying an additional 30,132 shares during the period. Finally, Brown Advisory Inc. purchased a new stake in Magnite during the 1st quarter valued at $290,000. Institutional investors 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.