Magnite, Inc. (NASDAQ:MGNI) Receives $28.30 Consensus Target Price from Brokerages

Magnite, Inc. (NASDAQ:MGNI) has been assigned an average recommendation of “Moderate Buy” from the eleven brokerages that are presently covering the firm, MarketBeat.com reports. Two equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $28.30.

MGNI has been the subject of a number of research reports. BTIG Research upped their price objective on Magnite from $20.00 to $27.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. Scotiabank reissued an “outperform” rating and set a $27.00 price objective on shares of Magnite in a report on Thursday, August 6th. Wells Fargo & Company boosted their target price on Magnite from $21.00 to $22.00 and gave the stock an “equal weight” rating in a research report on Friday, August 7th. B. Riley Financial upped their target price on Magnite from $20.00 to $27.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. Finally, Rosenblatt Securities increased their price target on shares of Magnite from $39.00 to $40.00 and gave the company a “buy” rating in a research report on Thursday, August 6th.

Insider Buying and Selling

In related news, CAO Brian Gephart sold 12,479 shares of the stock in a transaction on Monday, August 10th. The shares were sold at an average price of $24.68, for a total transaction of $307,981.72. Following the transaction, the chief accounting officer owned 106,117 shares of the company’s stock, valued at approximately $2,618,967.56. This trade represents a 10.52% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Paul Caine sold 5,000 shares of Magnite stock in a transaction on Monday, August 10th. The stock was sold at an average price of $24.35, for a total transaction of $121,750.00. Following the completion of the transaction, the director owned 157,401 shares in the company, valued at approximately $3,832,714.35. The trade was a 3.08% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 945,251 shares of company stock worth $19,179,975 in the last ninety days. 3.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Magnite

Several hedge funds and other institutional investors have recently modified their holdings of MGNI. EFG International AG purchased a new stake in Magnite in the second quarter worth about $28,000. Allworth Financial LP purchased a new position in shares of Magnite during the 2nd quarter worth approximately $30,000. US Bancorp DE raised its position 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 acquiring an additional 688 shares in the last quarter. PNC Financial Services Group Inc. raised its position in shares of Magnite by 106.3% in the 1st quarter. PNC Financial Services Group Inc. now owns 3,783 shares of the company’s stock worth $45,000 after acquiring an additional 1,949 shares in the last quarter. Finally, Smartleaf Asset Management LLC lifted its stake in shares of Magnite by 98.4% in the 4th quarter. Smartleaf Asset Management LLC now owns 3,678 shares of the company’s stock valued at $61,000 after purchasing an additional 1,824 shares during the period. Hedge funds and other institutional investors own 73.40% of the company’s stock.

Magnite Stock Performance

NASDAQ MGNI opened at $24.73 on Friday. 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 0.37, a quick ratio of 1.03 and a current ratio of 1.02. The company has a market capitalization of $3.55 billion, a P/E ratio of 22.69, a P/E/G ratio of 1.08 and a beta of 2.26. The company has a fifty day moving average of $19.65 and a 200-day moving average of $15.27.

Magnite (NASDAQ:MGNI) last released 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. Magnite had a return on equity of 9.33% and a net margin of 22.49%.The business had revenue of $192.82 million for the quarter, compared to analysts’ expectations of $179.15 million. During the same quarter in the prior year, the firm earned $0.20 earnings per share. The firm’s revenue was up 11.3% on a year-over-year basis. As a group, equities research analysts predict that Magnite will post 0.61 EPS for the current fiscal year.

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).