Magnite, Inc. (NASDAQ:MGNI) Receives $24.56 Average Price Target from Analysts

Magnite, Inc. (NASDAQ:MGNI) has earned an average rating of “Moderate Buy” from the ten ratings firms that are covering the firm, Marketbeat reports. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The average 12-month price target among analysts that have covered the stock in the last year is $24.5556.

MGNI has been the subject of several recent analyst reports. Weiss Ratings upgraded shares of Magnite from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, May 11th. Wells Fargo & Company boosted their target price on shares of Magnite from $15.00 to $21.00 and gave the company an “equal weight” rating in a report on Friday, July 17th. Royal Bank Of Canada reissued an “outperform” rating on shares of Magnite in a research note on Thursday, May 28th. BTIG Research started coverage on shares of Magnite in a report on Tuesday, June 9th. They set a “buy” rating and a $20.00 price target for the company. Finally, Needham & Company LLC restated a “buy” rating and set a $25.00 price target on shares of Magnite in a report on Thursday, April 16th.

Magnite Price Performance

Shares of NASDAQ:MGNI opened at $18.51 on Monday. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.38. The business has a fifty day moving average of $17.24 and a two-hundred day moving average of $14.59. The stock has a market cap of $2.65 billion, a P/E ratio of 17.80, a PEG ratio of 0.94 and a beta of 2.25. Magnite has a 52-week low of $10.82 and a 52-week high of $26.65.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $0.13 EPS for the quarter, topping the consensus estimate of $0.11 by $0.02. The business had revenue of $164.37 million for the quarter, compared to analyst estimates of $159.24 million. Magnite had a return on equity of 8.40% and a net margin of 21.96%.The company’s quarterly revenue was up 5.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.12 EPS. On average, research analysts expect that Magnite will post 0.55 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Michael G. Barrett sold 178,596 shares of the stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $16.59, for a total value of $2,962,907.64. Following the completion of the transaction, the chief executive officer directly owned 403,074 shares in the company, valued at approximately $6,686,997.66. This represents a 30.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Douglas S. Knopper sold 37,337 shares of the firm’s stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $18.10, for a total value of $675,799.70. Following the sale, the director directly owned 125,810 shares of the company’s stock, valued at approximately $2,277,161. This trade represents a 22.89% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 491,639 shares of company stock valued at $8,676,734 in the last ninety days. Company insiders own 3.20% of the company’s stock.

Institutional Trading of Magnite

A number of hedge funds and other institutional investors have recently modified their holdings of MGNI. US Bancorp DE raised its holdings in Magnite by 75.8% in the 3rd quarter. US Bancorp DE now owns 1,596 shares of the company’s stock valued at $35,000 after buying an additional 688 shares during the period. Central Pacific Bank Trust Division purchased a new position in Magnite during the fourth quarter worth about $41,000. PNC Financial Services Group Inc. boosted its stake in Magnite by 106.3% during the first quarter. PNC Financial Services Group Inc. now owns 3,783 shares of the company’s stock worth $45,000 after buying an additional 1,949 shares during the period. Smartleaf Asset Management LLC increased its position in shares of Magnite by 98.4% during the fourth quarter. Smartleaf Asset Management LLC now owns 3,678 shares of the company’s stock valued at $61,000 after acquiring an additional 1,824 shares during the last quarter. Finally, Harbor Investment Advisory LLC acquired a new stake in shares of Magnite during the second quarter valued at about $62,000. 73.40% of the stock is owned by institutional investors and hedge funds.

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).