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

Magnite, Inc. (NASDAQ:MGNI) has been given a consensus rating of “Moderate Buy” by the ten analysts that are currently covering the company, MarketBeat reports. Two research analysts have rated the stock with a hold recommendation and eight have issued a buy recommendation on the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $24.5556.

Several equities analysts have recently weighed in on the stock. Weiss Ratings upgraded shares of Magnite from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, May 11th. Royal Bank Of Canada restated an “outperform” rating on shares of Magnite in a research report on Thursday, May 28th. BTIG Research initiated coverage on shares of Magnite in a report on Tuesday, June 9th. They set a “buy” rating and a $20.00 target price for the company. Wells Fargo & Company increased their price target on shares of Magnite from $15.00 to $21.00 and gave the stock an “equal weight” rating in a research report on Friday, July 17th. Finally, Evercore reiterated an “outperform” rating and set a $21.00 price target on shares of Magnite in a research note on Thursday, May 7th.

Magnite Stock Performance

Shares of MGNI opened at $18.51 on Monday. The firm has a market capitalization of $2.65 billion, a P/E ratio of 17.80, a PEG ratio of 0.91 and a beta of 2.25. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.02 and a quick ratio of 1.02. Magnite has a one year low of $10.82 and a one year high of $26.65. The business has a fifty day moving average of $17.24 and a 200 day moving average of $14.61.

Magnite (NASDAQ:MGNI) last posted its earnings results on Wednesday, May 6th. The company reported $0.13 earnings per share for the quarter, beating analysts’ consensus estimates of $0.11 by $0.02. The company had revenue of $164.37 million for the quarter, compared to the consensus estimate of $159.24 million. Magnite had a return on equity of 8.40% and a net margin of 21.96%.Magnite’s revenue was up 5.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.12 earnings per share. As a group, sell-side analysts anticipate that Magnite will post 0.55 EPS for the current year.

Insider Transactions at Magnite

In related news, CTO David Buonasera sold 1,224 shares of the firm’s stock in a transaction on Tuesday, July 7th. The stock was sold at an average price of $21.00, for a total value of $25,704.00. Following the transaction, the chief technology officer directly owned 268,485 shares of the company’s stock, valued at approximately $5,638,185. This trade represents a 0.45% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Paul Caine sold 5,000 shares of the business’s stock in a transaction dated Friday, July 10th. The shares were sold at an average price of $20.64, for a total value of $103,200.00. Following the sale, the director directly owned 162,401 shares of the company’s stock, valued at $3,351,956.64. This represents a 2.99% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 491,639 shares of company stock worth $8,676,734 over the last three months. 3.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in MGNI. Handelsbanken Fonder AB increased its holdings in Magnite by 37.9% in the 2nd quarter. Handelsbanken Fonder AB now owns 47,300 shares of the company’s stock worth $898,000 after acquiring an additional 13,000 shares in the last quarter. Fulton Bank N.A. lifted its holdings in Magnite by 7.5% during the second quarter. Fulton Bank N.A. now owns 33,041 shares of the company’s stock valued at $627,000 after purchasing an additional 2,301 shares in the last quarter. Harbor Investment Advisory LLC bought a new position in shares of Magnite in the second quarter worth approximately $62,000. Central Pacific Bank Trust Division boosted its position in shares of Magnite by 100.0% in the second quarter. Central Pacific Bank Trust Division now owns 5,000 shares of the company’s stock worth $95,000 after purchasing an additional 2,500 shares during the period. Finally, Moody National Bank Trust Division increased its stake in shares of Magnite by 82.3% in the second quarter. Moody National Bank Trust Division now owns 97,202 shares of the company’s stock worth $1,845,000 after purchasing an additional 43,887 shares in the last quarter. 73.40% of the stock is currently owned by institutional investors.

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).