Magnite, Inc. (NASDAQ:MGNI) Stock Now Rated “Moderate Buy” by Sell-Side Brokerages

Magnite, Inc. (NASDAQ:MGNI) has been given an average recommendation of “Moderate Buy” by the twelve brokerages that are presently covering the firm, Marketbeat.com reports. Two analysts have rated the stock with a hold recommendation and ten have issued a buy recommendation on the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $29.36.

A number of research analysts have issued reports on the stock. Rosenblatt Securities restated a “buy” rating and set a $40.00 target price on shares of Magnite in a research report on Friday, October 2nd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Magnite in a report on Friday, August 7th. Susquehanna upped their target price on shares of Magnite from $22.00 to $30.00 and gave the company a “positive” rating in a research report on Thursday, August 6th. Evercore reissued an “outperform” rating and issued a $25.00 price target on shares of Magnite in a research note on Thursday, August 6th. Finally, Needham & Company LLC raised their price target on Magnite from $25.00 to $30.00 and gave the stock a “buy” rating in a research report on Thursday, September 3rd.

Magnite Price Performance

MGNI opened at $25.24 on Friday. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.02 and a quick ratio of 1.03. The stock has a market capitalization of $3.62 billion, a P/E ratio of 23.16, a price-to-earnings-growth ratio of 0.81 and a beta of 2.33. The company’s 50 day simple moving average is $23.82 and its 200-day simple moving average is $18.35. Magnite has a one year low of $10.82 and a one year high of $26.84.

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

Insiders Place Their Bets

In other Magnite news, CTO David Buonasera sold 1,165 shares of the stock in a transaction dated Monday, September 14th. The stock was sold at an average price of $24.00, for a total value of $27,960.00. Following the transaction, the chief technology officer owned 245,155 shares of the company’s stock, valued at approximately $5,883,720. This represents a 0.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Katie Evans sold 13,997 shares of the firm’s stock in a transaction dated Friday, September 11th. The stock was sold at an average price of $24.00, for a total value of $335,928.00. Following the transaction, the insider owned 441,800 shares in the company, valued at approximately $10,603,200. This trade represents a 3.07% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 672,759 shares of company stock valued at $15,780,319 in the last ninety days. 3.20% of the stock is currently owned by insiders.

Institutional Trading of Magnite

A number of hedge funds have recently modified their holdings of MGNI. Allworth Financial LP boosted its holdings in shares of Magnite by 63.7% during the 2nd quarter. Allworth Financial LP now owns 1,567 shares of the company’s stock worth $30,000 after buying an additional 610 shares during the period. Versant Capital Management Inc grew its position in shares of Magnite by 20.1% in the third quarter. Versant Capital Management Inc now owns 5,662 shares of the company’s stock valued at $143,000 after purchasing an additional 947 shares during the last quarter. AYAL Capital Advisors Ltd grew its position in shares of Magnite by 0.5% in the fourth quarter. AYAL Capital Advisors Ltd now owns 200,000 shares of the company’s stock valued at $3,246,000 after purchasing an additional 1,000 shares during the last quarter. Nykredit A S acquired a new position in shares of Magnite in the second quarter valued at approximately $25,000. Finally, EFG International AG bought a new position in shares of Magnite during the second quarter worth approximately $28,000. 73.40% of the stock is currently owned by institutional investors and hedge funds.

Magnite Company Profile

Magnite, Inc is an independent sell-side advertising technology company that helps publishers, broadcasters and other content owners monetize digital advertising inventory. Its platform connects sellers of advertising space with brands, agencies and demand-side platforms, facilitating the automated buying and selling of ads across connected television (CTV), streaming video, mobile applications, websites, audio and digital out-of-home media.

The company offers tools for managing, packaging and selling advertising inventory, including programmatic auctions, direct and private marketplace transactions, audience targeting, yield optimization and measurement.