Magnite, Inc. (NASDAQ:MGNI) Receives $24.10 Consensus Price Target from Analysts

Shares of Magnite, Inc. (NASDAQ:MGNI) have received an average recommendation of “Moderate Buy” from the ten brokerages that are presently covering the company, MarketBeat.com reports. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $24.3333.

Several research firms recently weighed in on MGNI. Royal Bank Of Canada cut their price objective on shares of Magnite from $23.00 to $20.00 and set an “outperform” rating for the company in a research report on Thursday, May 7th. Scotiabank boosted their target price on Magnite from $16.00 to $17.00 and gave the stock a “sector outperform” rating in a research note on Thursday, May 7th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $39.00 price objective on shares of Magnite in a research note on Thursday, February 26th. Needham & Company LLC reaffirmed a “buy” rating and issued a $25.00 price objective on shares of Magnite in a research note on Thursday, April 16th. Finally, Benchmark reduced their target price on Magnite from $31.00 to $30.00 and set a “buy” rating on the stock in a report on Thursday, February 26th.

Magnite Trading Up 3.4%

Shares of Magnite stock opened at $13.82 on Wednesday. The firm has a 50-day moving average of $12.79 and a 200-day moving average of $14.17. The stock has a market cap of $1.98 billion, a PE ratio of 13.29, a PEG ratio of 0.61 and a beta of 2.33. Magnite has a 52-week low of $10.82 and a 52-week high of $26.65. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.02 and a current ratio of 1.02.

Magnite (NASDAQ:MGNI) last announced its earnings results on Wednesday, May 6th. The company reported $0.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.11 by $0.02. Magnite had a net margin of 21.96% and a return on equity of 8.40%. The company had revenue of $164.37 million during the quarter, compared to analysts’ expectations of $159.24 million. During the same quarter in the previous year, the business posted $0.12 earnings per share. Magnite’s quarterly revenue was up 5.5% on a year-over-year basis. As a group, sell-side analysts forecast that Magnite will post 0.62 EPS for the current year.

Insider Buying and Selling

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

Hedge Funds Weigh In On Magnite

Institutional investors and hedge funds have recently modified their holdings of the business. Neo Ivy Capital Management bought a new position in shares of Magnite during the 3rd quarter worth approximately $27,000. US Bancorp DE lifted its holdings in shares of Magnite by 75.8% in the 3rd quarter. US Bancorp DE now owns 1,596 shares of the company’s stock worth $35,000 after purchasing an additional 688 shares in the last quarter. State of Wyoming bought a new position in shares of Magnite in the 3rd quarter worth $39,000. Strategic Advocates LLC purchased a new stake in Magnite in the 3rd quarter valued at $42,000. Finally, PNC Financial Services Group Inc. raised its position in Magnite by 45.1% in the 3rd quarter. PNC Financial Services Group Inc. now owns 2,428 shares of the company’s stock valued at $53,000 after buying an additional 755 shares during 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).