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

Magnite, Inc. (NASDAQ:MGNI) has received an average rating of “Moderate Buy” from the twelve research firms that are covering the stock, Marketbeat.com reports. One analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $19.58.

A number of brokerages recently weighed in on MGNI. Rosenblatt Securities reissued a “buy” rating and issued a $18.00 price target on shares of Magnite in a research report on Thursday, May 8th. Benchmark reduced their price target on shares of Magnite from $25.00 to $24.00 and set a “buy” rating for the company in a research report on Thursday, May 8th. Royal Bank Of Canada reduced their price target on shares of Magnite from $22.00 to $19.00 and set an “outperform” rating for the company in a research report on Friday, May 2nd. Needham & Company LLC boosted their price target on shares of Magnite from $14.00 to $18.00 and gave the company a “buy” rating in a research report on Monday, May 12th. Finally, Craig Hallum set a $24.00 price target on shares of Magnite and gave the company a “buy” rating in a research report on Tuesday, May 20th.

Insider Buying and Selling at Magnite

In other news, CEO Michael G. Barrett sold 30,000 shares of the business’s stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $19.00, for a total transaction of $570,000.00. Following the transaction, the chief executive officer now directly owns 656,708 shares in the company, valued at $12,477,452. The trade was a 4.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Adam Lee Soroca sold 11,366 shares of the business’s stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $15.73, for a total transaction of $178,787.18. Following the transaction, the insider now owns 437,117 shares in the company, valued at approximately $6,875,850.41. This trade represents a 2.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 420,224 shares of company stock worth $7,576,098. 3.80% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. SBI Securities Co. Ltd. acquired a new position in shares of Magnite during the fourth quarter worth about $25,000. MCF Advisors LLC increased its stake in shares of Magnite by 2,100.0% during the first quarter. MCF Advisors LLC now owns 2,200 shares of the company’s stock worth $25,000 after acquiring an additional 2,100 shares during the period. Smartleaf Asset Management LLC increased its stake in shares of Magnite by 74.9% during the first quarter. Smartleaf Asset Management LLC now owns 2,810 shares of the company’s stock worth $33,000 after acquiring an additional 1,203 shares during the period. AllSquare Wealth Management LLC increased its stake in shares of Magnite by 76.8% during the first quarter. AllSquare Wealth Management LLC now owns 3,580 shares of the company’s stock worth $41,000 after acquiring an additional 1,555 shares during the period. Finally, Larson Financial Group LLC increased its stake in shares of Magnite by 179.2% during the fourth quarter. Larson Financial Group LLC now owns 3,647 shares of the company’s stock worth $58,000 after acquiring an additional 2,341 shares during the period. 73.40% of the stock is currently owned by institutional investors and hedge funds.

Magnite Price Performance

Magnite stock opened at $18.72 on Friday. The stock has a market cap of $2.64 billion, a P/E ratio of 93.60, a price-to-earnings-growth ratio of 1.53 and a beta of 2.87. The company has a fifty day simple moving average of $14.85 and a 200-day simple moving average of $15.22. Magnite has a 12-month low of $8.22 and a 12-month high of $21.29. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.47.

Magnite (NASDAQ:MGNI) last released its quarterly earnings data on Wednesday, May 7th. The company reported $0.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.06 by $0.06. Magnite had a net margin of 4.58% and a return on equity of 6.71%. The business had revenue of $145.85 million during the quarter, compared to analysts’ expectations of $142.18 million. During the same period in the previous year, the company earned $0.05 EPS. The company’s revenue for the quarter was up 4.3% on a year-over-year basis. Equities analysts expect that Magnite will post 0.33 EPS for the current fiscal year.

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.