Magnite, Inc. (NASDAQ:MGNI) Given Consensus Rating of “Moderate Buy” by Analysts

Shares of Magnite, Inc. (NASDAQ:MGNI) have been given a consensus recommendation of “Moderate Buy” by the ten analysts that are covering the firm, MarketBeat reports. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating on the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $14.78.

Several brokerages recently weighed in on MGNI. Needham & Company LLC reaffirmed a “buy” rating and issued a $15.00 price target on shares of Magnite in a research report on Thursday, March 21st. Royal Bank of Canada reissued an “outperform” rating and set a $15.00 target price on shares of Magnite in a research report on Thursday, March 7th. Benchmark reissued a “buy” rating and set a $18.00 target price on shares of Magnite in a research report on Monday. B. Riley lifted their target price on shares of Magnite from $15.00 to $18.00 and gave the stock a “buy” rating in a research report on Thursday, February 29th. Finally, Bank of America lifted their target price on shares of Magnite from $11.00 to $13.00 and gave the stock a “neutral” rating in a research report on Thursday, February 29th.

Insiders Place Their Bets

In other news, CEO Michael G. Barrett sold 75,000 shares of the company’s stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $11.21, for a total transaction of $840,750.00. Following the completion of the transaction, the chief executive officer now directly owns 1,234,662 shares of the company’s stock, valued at $13,840,561.02. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 4.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Magnite

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Cape Investment Advisory Inc. purchased a new stake in Magnite in the fourth quarter worth about $25,000. State of Wyoming purchased a new stake in Magnite in the fourth quarter worth about $29,000. Covestor Ltd grew its holdings in Magnite by 7,927.8% in the first quarter. Covestor Ltd now owns 2,890 shares of the company’s stock worth $38,000 after purchasing an additional 2,854 shares during the period. Captrust Financial Advisors grew its holdings in Magnite by 48.5% in the first quarter. Captrust Financial Advisors now owns 3,767 shares of the company’s stock worth $50,000 after purchasing an additional 1,230 shares during the period. Finally, Coppell Advisory Solutions LLC purchased a new stake in Magnite in the second quarter worth about $52,000. Hedge funds and other institutional investors own 73.40% of the company’s stock.

Magnite Stock Performance

Shares of MGNI opened at $10.75 on Friday. Magnite has a one year low of $6.28 and a one year high of $15.73. The company has a market cap of $1.46 billion, a PE ratio of -8.67 and a beta of 2.27. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.09 and a quick ratio of 1.09. The stock has a 50-day moving average of $10.23 and a 200-day moving average of $8.82.

Magnite (NASDAQ:MGNI) last announced its quarterly earnings results on Wednesday, February 28th. The company reported $0.16 earnings per share for the quarter, beating the consensus estimate of $0.03 by $0.13. Magnite had a negative net margin of 25.69% and a positive return on equity of 2.52%. The business had revenue of $165.28 million for the quarter, compared to analysts’ expectations of $160.24 million.

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.