Magnite, Inc. (NASDAQ:MGNI) Stock Has Average Target Price of $29.36

Magnite, Inc. (NASDAQ:MGNI) has earned a consensus recommendation of “Moderate Buy” from the twelve ratings firms that are currently covering the firm, MarketBeat reports. One investment analyst has rated the stock with a hold recommendation and eleven have issued a buy recommendation on the company. The average 12 month target price among analysts that have covered the stock in the last year is $29.36.

Several analysts have recently issued reports on the stock. Royal Bank Of Canada increased their price target on shares of Magnite from $20.00 to $27.00 and gave the stock an “outperform” rating in a research report on Thursday, August 6th. Benchmark upped their price target on shares of Magnite from $30.00 to $33.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Craig Hallum reaffirmed a “buy” rating and issued a $32.00 price objective on shares of Magnite in a report on Thursday, September 17th. Evercore reaffirmed an “outperform” rating and set a $25.00 price objective on shares of Magnite in a report on Thursday, August 6th. Finally, Scotiabank restated an “outperform” rating and set a $27.00 target price on shares of Magnite in a research report on Thursday, August 6th.

Magnite Stock Performance

Shares of MGNI stock opened at $21.49 on Wednesday. Magnite has a fifty-two week low of $10.82 and a fifty-two week high of $26.84. The firm has a market capitalization of $3.08 billion, a P/E ratio of 19.72, a PEG ratio of 0.70 and a beta of 2.44. The stock’s fifty day moving average is $23.98 and its two-hundred day moving average is $17.62. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.03 and a current ratio of 1.02.

Magnite (NASDAQ:MGNI) last posted its earnings results on Wednesday, August 5th. The company reported $0.26 EPS for the quarter, beating analysts’ consensus estimates of $0.24 by $0.02. The company had revenue of $192.82 million for the quarter, compared to the consensus estimate of $179.15 million. Magnite had a return on equity of 9.33% and a net margin of 22.49%. The company’s revenue for the quarter was up 11.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.20 earnings per share. Research analysts expect that Magnite will post 0.61 earnings per share for the current fiscal year.

Insider Activity at Magnite

In related news, insider Katie Evans sold 32,285 shares of the firm’s stock in a transaction that occurred on Tuesday, September 8th. The stock was sold at an average price of $23.63, for a total value of $762,894.55. Following the completion of the transaction, the insider directly owned 466,897 shares of the company’s stock, valued at $11,032,776.11. This trade represents a 6.47% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Douglas S. Knopper sold 37,337 shares of the business’s stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $22.72, for a total value of $848,296.64. Following the sale, the director owned 88,473 shares in the company, valued at approximately $2,010,106.56. The trade was a 29.68% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 680,259 shares of company stock valued at $15,993,244 in the last ninety days. Company insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On Magnite

Institutional investors have recently made changes to their positions in the stock. Meros Investment Management LP purchased a new stake in Magnite during the 2nd quarter worth $18,815,538. Jupiter Topco LLC acquired a new position in shares of Magnite in the 2nd quarter valued at approximately $1,109,000. Manatuck Hill Partners LLC bought a new position in Magnite during the 2nd quarter valued at $8,541,000. WINTON GROUP Ltd acquired a new position in Magnite in the second quarter worth about $2,314,000. Finally, Norwood Investment Partners LP bought a new position in Magnite during the second quarter worth $4,460,300. 73.40% of the stock is owned by institutional investors and hedge funds.

About Magnite

Magnite, Inc operates an independent omnichannel sell-side advertising platform that helps publishers and digital media owners monetize their content while enabling advertisers to reach audiences across multiple channels. Its platform supports the buying and selling of digital advertising inventory through automated auctions and direct transactions.

The company’s solutions serve connected television and streaming video, online display and mobile advertising, audio, and digital out-of-home media.