Magnite (NASDAQ:MGNI) Receives Hold (C) Rating from Weiss Ratings

Key Points

• Magnite has received a "hold (C)" rating from Weiss Ratings, with ten analysts rating it as a buy and a consensus price target of $25.64.
• Wells Fargo has cut its price objective for Magnite from $24.00 to $22.00, while other brokerages have varying ratings and price targets, reflecting mixed sentiment in the market.
• The company reported a quarterly earnings per share (EPS) of $0.20, exceeding estimates, and its revenue increased by 6.4% compared to the same quarter last year.

Magnite (NASDAQ:MGNI - Get Free Report)'s stock had its "hold (c)" rating reaffirmed by analysts at Weiss Ratings in a report issued on Wednesday,Weiss Ratings reports.

A number of other brokerages have also weighed in on MGNI. Wells Fargo & Company cut their price objective on Magnite from $24.00 to $22.00 and set an "equal weight" rating on the stock in a research report on Monday. Rosenblatt Securities reiterated a "buy" rating and issued a $39.00 price objective on shares of Magnite in a research report on Friday, September 26th. Royal Bank Of Canada lifted their price objective on Magnite from $19.00 to $27.00 and gave the stock an "outperform" rating in a research report on Thursday, July 31st. Benchmark lifted their price objective on Magnite from $30.00 to $31.00 and gave the stock a "buy" rating in a research report on Thursday, August 7th. Finally, Scotiabank restated an "outperform" rating and set a $30.00 price target (up from $22.00) on shares of Magnite in a research report on Thursday, August 7th. Ten analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $25.64.

Magnite Price Performance

MGNI opened at $19.08 on Wednesday. The stock's 50 day simple moving average is $23.20 and its 200 day simple moving average is $18.85. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.00 and a quick ratio of 1.00. Magnite has a 1 year low of $8.22 and a 1 year high of $26.65. The firm has a market cap of $2.72 billion, a price-to-earnings ratio of 65.80, a PEG ratio of 1.31 and a beta of 3.02.

Magnite (NASDAQ:MGNI - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $0.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.17 by $0.03. Magnite had a return on equity of 8.07% and a net margin of 6.30%.The business had revenue of $162.00 million for the quarter, compared to analyst estimates of $157.05 million. During the same period last year, the company earned $0.14 EPS. Magnite's revenue for the quarter was up 6.4% compared to the same quarter last year. As a group, analysts predict that Magnite will post 0.33 earnings per share for the current year.

Insider Buying and Selling at Magnite

In other Magnite news, insider Adam Lee Soroca sold 24,986 shares of Magnite stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $24.69, for a total transaction of $616,904.34. Following the completion of the transaction, the insider owned 346,393 shares in the company, valued at approximately $8,552,443.17. The trade was a 6.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Katie Seitz Evans sold 21,509 shares of the business's stock in a transaction on Wednesday, August 27th. The stock was sold at an average price of $25.52, for a total value of $548,909.68. Following the completion of the transaction, the insider owned 394,089 shares of the company's stock, valued at $10,057,151.28. This represents a 5.18% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 394,175 shares of company stock valued at $9,527,619 in the last ninety days. Corporate insiders own 3.80% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Cambridge Investment Research Advisors Inc. raised its stake in shares of Magnite by 74.6% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 51,815 shares of the company's stock worth $591,000 after purchasing an additional 22,131 shares during the last quarter. Allspring Global Investments Holdings LLC raised its stake in shares of Magnite by 54.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 44,947 shares of the company's stock worth $513,000 after purchasing an additional 15,762 shares during the last quarter. Calamos Advisors LLC raised its stake in shares of Magnite by 85.7% in the first quarter. Calamos Advisors LLC now owns 65,275 shares of the company's stock worth $745,000 after purchasing an additional 30,132 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Magnite by 1.0% in the first quarter. Vanguard Group Inc. now owns 13,743,521 shares of the company's stock worth $156,814,000 after purchasing an additional 138,417 shares during the last quarter. Finally, Brown Advisory Inc. purchased a new position in shares of Magnite in the first quarter worth $290,000. 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.

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