Magnite, Inc. (NASDAQ:MGNI) Receives $24.10 Average PT from Analysts

Magnite, Inc. (NASDAQ:MGNI) has been given a consensus recommendation of “Moderate Buy” by the eleven brokerages that are covering the stock, MarketBeat.com reports. Two investment analysts have rated the stock with a hold rating and nine have issued a buy rating on the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $24.10.

Several analysts recently issued reports on MGNI shares. Rosenblatt Securities reiterated a “buy” rating and set a $39.00 price objective on shares of Magnite in a report on Thursday, February 26th. Evercore reiterated an “outperform” rating and set a $20.00 price objective on shares of Magnite in a report on Thursday, February 26th. Weiss Ratings reiterated a “hold (c)” rating on shares of Magnite in a report on Thursday, January 22nd. Wells Fargo & Company cut their price objective on Magnite from $20.00 to $13.00 and set an “equal weight” rating for the company in a report on Friday, February 27th. Finally, Benchmark cut their price objective on Magnite from $31.00 to $30.00 and set a “buy” rating for the company in a report on Thursday, February 26th.

Magnite Price Performance

Shares of NASDAQ:MGNI opened at $12.09 on Friday. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.38. Magnite has a 1 year low of $9.54 and a 1 year high of $26.65. The business has a fifty day simple moving average of $12.25 and a 200 day simple moving average of $14.98. The firm has a market cap of $1.75 billion, a price-to-earnings ratio of 12.86, a P/E/G ratio of 0.74 and a beta of 2.39.

Magnite (NASDAQ:MGNI) last announced its quarterly earnings data on Wednesday, February 25th. The company reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.35 by ($0.01). Magnite had a return on equity of 8.44% and a net margin of 20.25%.The firm had revenue of $205.36 million for the quarter, compared to analysts’ expectations of $193.87 million. During the same quarter in the prior year, the business posted $0.34 earnings per share. Magnite’s revenue was up 5.9% on a year-over-year basis. As a group, sell-side analysts predict that Magnite will post 0.33 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Magnite news, insider Adam Lee Soroca sold 21,529 shares of the stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $12.00, for a total transaction of $258,348.00. Following the transaction, the insider directly owned 388,425 shares of the company’s stock, valued at $4,661,100. This represents a 5.25% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 4.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Magnite

Hedge funds have recently bought and sold shares of the business. Neo Ivy Capital Management acquired a new position in Magnite during the third quarter worth $27,000. US Bancorp DE increased its position in Magnite by 75.8% during the third quarter. US Bancorp DE now owns 1,596 shares of the company’s stock worth $35,000 after buying an additional 688 shares during the last quarter. State of Wyoming acquired a new position in Magnite during the third quarter worth $39,000. USA Financial Formulas acquired a new position in Magnite during the third quarter worth $40,000. Finally, Strategic Advocates LLC acquired a new position in Magnite during the third quarter worth $42,000. 73.40% of the stock is owned by institutional investors and hedge funds.

Magnite Company Profile

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).