Magnite, Inc. (NASDAQ:MGNI) Receives $27.00 Consensus PT from Brokerages

Shares of Magnite, Inc. (NASDAQ:MGNI) have been assigned a consensus rating of “Moderate Buy” from the ten ratings firms that are presently covering the company, MarketBeat.com reports. Two analysts have rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average twelve-month target price among analysts that have issued a report on the stock in the last year is $27.00.

A number of research analysts have issued reports on the stock. Wall Street Zen lowered shares of Magnite from a “buy” rating to a “hold” rating in a research note on Saturday, November 8th. Wells Fargo & Company cut their price target on Magnite from $22.00 to $20.00 and set an “equal weight” rating on the stock in a report on Friday, November 7th. Weiss Ratings reiterated a “hold (c)” rating on shares of Magnite in a research report on Thursday, January 22nd. Rosenblatt Securities reissued a “buy” rating and issued a $39.00 price objective on shares of Magnite in a report on Thursday, November 6th. Finally, Benchmark restated a “buy” rating on shares of Magnite in a research report on Monday, January 12th.

Insiders Place Their Bets

In other news, insider Adam Lee Soroca sold 21,529 shares of the firm’s stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $12.00, for a total transaction of $258,348.00. Following the completion of the transaction, the insider owned 388,425 shares in the company, valued at approximately $4,661,100. This trade represents a 5.25% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 4.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On Magnite

Several institutional investors have recently made changes to their positions in MGNI. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Magnite by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 74,847 shares of the company’s stock worth $854,000 after buying an additional 3,267 shares during the last quarter. Millennium Management LLC grew its position in Magnite by 113.7% in the first quarter. Millennium Management LLC now owns 434,479 shares of the company’s stock worth $4,957,000 after acquiring an additional 231,213 shares in the last quarter. Jones Financial Companies Lllp grew its position in Magnite by 24.3% in the first quarter. Jones Financial Companies Lllp now owns 7,276 shares of the company’s stock worth $83,000 after acquiring an additional 1,423 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Magnite by 9.8% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 404,717 shares of the company’s stock worth $4,618,000 after purchasing an additional 36,097 shares during the last quarter. Finally, Intech Investment Management LLC raised its holdings in shares of Magnite by 103.6% during the 1st quarter. Intech Investment Management LLC now owns 109,992 shares of the company’s stock valued at $1,255,000 after purchasing an additional 55,971 shares in the last quarter. 73.40% of the stock is currently owned by institutional investors and hedge funds.

Magnite Stock Up 0.2%

NASDAQ MGNI opened at $12.23 on Friday. The stock has a market cap of $1.76 billion, a PE ratio of 32.19, a P/E/G ratio of 0.67 and a beta of 2.39. Magnite has a fifty-two week low of $8.22 and a fifty-two week high of $26.65. The business has a 50 day moving average price of $14.65 and a two-hundred day moving average price of $17.90. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.43.

About Magnite

Magnite, Inc (NASDAQ: MGNI) operates as an independent sell-side advertising platform that enables publishers and digital media owners to monetize their inventory through programmatic advertising. Formed in 2020 through the merger of Rubicon Project and Telaria, Magnite combines technologies for desktop, mobile, connected television (CTV) and digital out-of-home (DOOH) ad exchanges. The company provides an end-to-end solution designed to help media owners optimize yield across open marketplaces, private marketplaces and programmatic guaranteed deals.

At the core of Magnite’s offering is its supply-side platform (SSP), which connects publishers’ ad impressions to demand-side platforms (DSPs) through real-time bidding (RTB).