Magnite, Inc. (NASDAQ:MGNI) Given Consensus Recommendation of “Moderate Buy” by Analysts

Shares of Magnite, Inc. (NASDAQ:MGNI) have received an average recommendation of “Moderate Buy” from the thirteen brokerages that are covering the firm, Marketbeat reports. One research analyst has rated the stock with a hold recommendation and twelve have issued a buy recommendation on the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $19.27.

Several research firms recently weighed in on MGNI. Susquehanna upped their price objective on shares of Magnite from $16.00 to $22.00 and gave the stock a “positive” rating in a research report on Thursday, February 27th. Wells Fargo & Company upped their target price on Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a research note on Thursday, January 16th. Royal Bank of Canada raised their target price on Magnite from $19.00 to $22.00 and gave the company an “outperform” rating in a report on Friday, January 3rd. Benchmark reaffirmed a “buy” rating and issued a $25.00 price objective on shares of Magnite in a research note on Monday, March 10th. Finally, Needham & Company LLC reissued a “buy” rating and set a $20.00 price target on shares of Magnite in a research note on Thursday, February 27th.

Insider Activity

In other Magnite news, Director Paul Caine sold 5,000 shares of the business’s stock in a transaction on Monday, February 10th. The stock was sold at an average price of $20.35, for a total value of $101,750.00. Following the transaction, the director now owns 182,837 shares of the company’s stock, valued at approximately $3,720,732.95. The trade was a 2.66 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director James Rossman sold 149,936 shares of the company’s stock in a transaction on Friday, February 7th. The shares were sold at an average price of $19.46, for a total value of $2,917,754.56. Following the completion of the transaction, the director now owns 219,920 shares of the company’s stock, valued at $4,279,643.20. This trade represents a 40.54 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 258,250 shares of company stock worth $4,945,720 over the last 90 days. 4.30% of the stock is currently owned by corporate insiders.

Institutional Trading of Magnite

Large investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its holdings in Magnite by 1.9% in the 4th quarter. Vanguard Group Inc. now owns 13,605,104 shares of the company’s stock worth $216,593,000 after acquiring an additional 257,032 shares during the last quarter. Capital Research Global Investors bought a new stake in Magnite during the 4th quarter worth approximately $122,986,000. Wellington Management Group LLP lifted its stake in Magnite by 6.8% in the 4th quarter. Wellington Management Group LLP now owns 7,030,011 shares of the company’s stock worth $111,918,000 after purchasing an additional 450,341 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Magnite by 3.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 5,524,643 shares of the company’s stock valued at $87,957,000 after purchasing an additional 170,532 shares during the period. Finally, Boston Partners boosted its stake in Magnite by 39.1% during the fourth quarter. Boston Partners now owns 4,756,323 shares of the company’s stock valued at $76,061,000 after buying an additional 1,336,458 shares during the period. 73.40% of the stock is owned by hedge funds and other institutional investors.

Magnite Stock Down 1.6 %

MGNI stock opened at $11.41 on Tuesday. Magnite has a fifty-two week low of $8.38 and a fifty-two week high of $21.29. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11. The stock has a market capitalization of $1.63 billion, a price-to-earnings ratio of 190.17, a PEG ratio of 1.00 and a beta of 2.79. The business’s fifty day moving average price is $15.99 and its two-hundred day moving average price is $15.19.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings results on Wednesday, February 26th. The company reported $0.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.14). The company had revenue of $180.20 million for the quarter, compared to analyst estimates of $183.90 million. Magnite had a return on equity of 4.64% and a net margin of 2.62%. On average, equities analysts anticipate that Magnite will post 0.33 earnings per share for the current year.

About Magnite

Magnite, Inc, together with its subsidiaries, operates an independent omni-channel sell-side advertising platform in the United States and internationally. The company’s platform offers applications and services for sellers of digital advertising inventory or publishers that own and operate CTV channels, applications, websites, and other digital media properties to manage and monetize their inventory; and applications and services for buyers, including advertisers, agencies, agency trading desks, and demand side platforms to buy digital advertising inventory, as well as an independent marketplace that connects buyers and sellers.