Magnite, Inc. (NASDAQ:MGNI) Receives $21.91 Consensus PT from Analysts

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.

Magnite, Inc. (NASDAQ:MGNI - Get Free Report) has earned a consensus recommendation of "Moderate Buy" from the eleven research firms that are presently covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a hold recommendation and ten have given a buy recommendation to the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $25.0909.

Several brokerages recently weighed in on MGNI. Needham & Company LLC increased their price target on Magnite from $18.00 to $25.00 and gave the stock a "buy" rating in a report on Thursday. Rosenblatt Securities reaffirmed a "buy" rating and set a $39.00 price target on shares of Magnite in a report on Thursday. Scotiabank reissued an "outperform" rating on shares of Magnite in a report on Thursday. Benchmark raised their price target on Magnite from $30.00 to $31.00 and gave the company a "buy" rating in a report on Thursday. Finally, Lake Street Capital reduced their price target on Magnite from $21.00 to $19.00 and set a "buy" rating for the company in a report on Thursday, May 8th.

Magnite Stock Performance

Shares of NASDAQ:MGNI traded down $0.85 during trading on Monday, reaching $21.63. The company had a trading volume of 3,383,781 shares, compared to its average volume of 2,679,428. Magnite has a fifty-two week low of $8.22 and a fifty-two week high of $25.27. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.98 and a quick ratio of 0.98. The stock's fifty day moving average price is $21.13 and its 200 day moving average price is $16.73. The firm has a market capitalization of $3.05 billion, a price-to-earnings ratio of 108.11, a price-to-earnings-growth ratio of 1.83 and a beta of 3.05.

Magnite (NASDAQ:MGNI - Get Free Report) last issued its quarterly earnings results 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 return on equity of 6.71% and a net margin of 4.58%. The firm had revenue of $145.85 million during the quarter, compared to the consensus estimate of $142.18 million. During the same period last year, the company earned $0.05 earnings per share. The company's revenue for the quarter was up 4.3% on a year-over-year basis. As a group, equities research analysts predict that Magnite will post 0.33 EPS for the current year.

Insider Transactions at Magnite

In related news, CEO Michael G. Barrett sold 300,000 shares of the firm's 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 completion of the transaction, the chief executive officer directly owned 356,708 shares of the company's stock, valued at $7,137,727.08. This trade represents a 45.68% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO David Day sold 38,146 shares of the firm's stock in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $18.95, for a total value of $722,866.70. Following the completion of the transaction, the chief financial officer directly owned 443,528 shares of the company's stock, valued at $8,404,855.60. The trade was a 7.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 959,227 shares of company stock worth $18,854,021 over the last ninety days. 3.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Magnite

Several hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. increased its position in Magnite by 1.0% during the first quarter. Vanguard Group Inc. now owns 13,743,521 shares of the company's stock worth $156,814,000 after buying an additional 138,417 shares in the last quarter. Capital Research Global Investors purchased a new position in Magnite during the fourth quarter worth $122,986,000. Dimensional Fund Advisors LP increased its position in Magnite by 3.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 5,524,643 shares of the company's stock worth $87,957,000 after buying an additional 170,532 shares in the last quarter. Boston Partners increased its position in Magnite by 10.9% during the first quarter. Boston Partners now owns 5,276,356 shares of the company's stock worth $60,187,000 after buying an additional 520,033 shares in the last quarter. Finally, Nuveen LLC purchased a new position in Magnite during the first quarter worth $41,036,000. Hedge funds and other 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.