Magnite, Inc. (NASDAQ:MGNI) Receives $17.25 Average Price Target from Analysts

Magnite, Inc. (NASDAQ:MGNI) has earned a consensus rating of “Buy” from the ten ratings firms that are presently covering the stock, Marketbeat.com reports. Ten research analysts have rated the stock with a buy rating. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $17.25.

A number of research firms have recently issued reports on MGNI. Needham & Company LLC restated a “buy” rating and issued a $15.00 price target on shares of Magnite in a research report on Tuesday, July 9th. Wolfe Research assumed coverage on Magnite in a report on Tuesday, July 16th. They issued an “outperform” rating and a $16.00 target price for the company. Evercore ISI lifted their price target on Magnite from $13.00 to $15.00 and gave the stock an “outperform” rating in a report on Monday, June 3rd. Lake Street Capital initiated coverage on shares of Magnite in a research report on Thursday, July 25th. They set a “buy” rating and a $21.00 price target on the stock. Finally, Bank of America raised their price objective on shares of Magnite from $15.00 to $17.00 and gave the stock a “buy” rating in a research report on Monday, July 29th.

Insider Buying and Selling at Magnite

In other news, CFO David Day sold 19,077 shares of the business’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $15.00, for a total value of $286,155.00. Following the sale, the chief financial officer now directly owns 430,755 shares of the company’s stock, valued at approximately $6,461,325. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CAO Brian Gephart sold 16,166 shares of the firm’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $15.00, for a total transaction of $242,490.00. Following the completion of the transaction, the chief accounting officer now directly owns 121,169 shares in the company, valued at approximately $1,817,535. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO David Day sold 19,077 shares of Magnite stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $15.00, for a total value of $286,155.00. Following the completion of the transaction, the chief financial officer now directly owns 430,755 shares of the company’s stock, valued at $6,461,325. The disclosure for this sale can be found here. Insiders have sold 250,383 shares of company stock valued at $3,519,150 over the last 90 days. 4.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in MGNI. Maven Securities LTD purchased a new stake in Magnite during the 2nd quarter worth approximately $357,000. Dana Investment Advisors Inc. acquired a new position in shares of Magnite in the second quarter worth $6,556,000. New Century Financial Group LLC purchased a new stake in shares of Magnite during the second quarter worth $640,000. Truist Financial Corp raised its stake in shares of Magnite by 42.9% in the second quarter. Truist Financial Corp now owns 68,307 shares of the company’s stock valued at $908,000 after acquiring an additional 20,517 shares in the last quarter. Finally, Algert Global LLC boosted its holdings in Magnite by 6.6% in the second quarter. Algert Global LLC now owns 142,155 shares of the company’s stock valued at $1,889,000 after purchasing an additional 8,807 shares during the period. Hedge funds and other institutional investors own 73.40% of the company’s stock.

Magnite Trading Down 6.5 %

Shares of MGNI opened at $13.12 on Friday. Magnite has a 52-week low of $6.28 and a 52-week high of $15.92. The stock has a market cap of $1.85 billion, a PE ratio of -20.50, a price-to-earnings-growth ratio of 1.18 and a beta of 2.41. The firm’s fifty day moving average is $13.70 and its two-hundred day moving average is $12.09. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.77.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings results on Wednesday, August 7th. The company reported $0.14 earnings per share for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.01). The business had revenue of $162.88 million for the quarter, compared to analyst estimates of $144.04 million. Magnite had a positive return on equity of 3.74% and a negative net margin of 0.83%. The business’s revenue was up 6.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.04) earnings per share. Research analysts forecast that Magnite will post 0.31 earnings per share for the current fiscal year.

Magnite Company Profile

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.