Magnite, Inc. (NASDAQ:MGNI) Receives Average Rating of “Moderate Buy” from Analysts

Shares of Magnite, Inc. (NASDAQ:MGNI) have received an average rating of “Moderate Buy” from the twelve ratings firms that are currently covering the firm, Marketbeat.com reports. Two equities research analysts have rated the stock with a hold rating and ten have issued a buy rating on the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $25.6364.

MGNI has been the subject of several recent research reports. Benchmark raised their price target on shares of Magnite from $30.00 to $31.00 and gave the company a “buy” rating in a research report on Thursday, August 7th. Wells Fargo & Company decreased their price objective on shares of Magnite from $24.00 to $22.00 and set an “equal weight” rating for the company in a research report on Monday, October 6th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Magnite in a research report on Wednesday, October 8th. Royal Bank Of Canada lifted their price objective on shares of Magnite from $19.00 to $27.00 and gave the stock an “outperform” rating in a research report on Thursday, July 31st. Finally, Needham & Company LLC lifted their price objective on shares of Magnite from $18.00 to $25.00 and gave the stock a “buy” rating in a research report on Thursday, August 7th.

Insider Buying and Selling at Magnite

In other news, CTO David Buonasera sold 2,950 shares of Magnite stock in a transaction on Wednesday, September 3rd. The shares were sold at an average price of $25.37, for a total transaction of $74,841.50. Following the completion of the sale, the chief technology officer directly owned 238,629 shares of the company’s stock, valued at approximately $6,054,017.73. The trade was a 1.22% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Sean Patrick Buckley sold 20,000 shares of Magnite stock in a transaction on Monday, September 8th. The stock was sold at an average price of $25.56, for a total transaction of $511,200.00. Following the sale, the insider directly owned 307,193 shares of the company’s stock, valued at approximately $7,851,853.08. This trade represents a 6.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 323,275 shares of company stock worth $7,877,776. 3.80% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Magnite

Several large investors have recently bought and sold shares of MGNI. GAMMA Investing LLC boosted its stake in Magnite by 10,170.3% in the first quarter. GAMMA Investing LLC now owns 3,800 shares of the company’s stock valued at $43,000 after acquiring an additional 3,763 shares in the last quarter. Farther Finance Advisors LLC raised its holdings in shares of Magnite by 7,043.0% in the first quarter. Farther Finance Advisors LLC now owns 6,643 shares of the company’s stock valued at $76,000 after buying an additional 6,550 shares during the last quarter. 1858 Wealth Management LLC purchased a new stake in shares of Magnite in the first quarter valued at about $144,000. Cambridge Investment Research Advisors Inc. raised its holdings in shares of Magnite by 74.6% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 51,815 shares of the company’s stock valued at $591,000 after buying an additional 22,131 shares during the last quarter. Finally, Oppenheimer & Co. Inc. purchased a new stake in shares of Magnite in the first quarter valued at about $319,000. Institutional investors and hedge funds own 73.40% of the company’s stock.

Magnite Stock Performance

Shares of MGNI stock opened at $18.94 on Friday. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.45. Magnite has a 52 week low of $8.22 and a 52 week high of $26.65. The stock has a market capitalization of $2.70 billion, a PE ratio of 65.31, a P/E/G ratio of 1.30 and a beta of 3.02. The firm has a 50 day moving average of $22.37 and a two-hundred day moving average of $19.31.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $0.20 EPS for the quarter, beating the consensus estimate of $0.17 by $0.03. Magnite had a net margin of 6.30% and a return on equity of 8.07%. The company had revenue of $162.00 million during the quarter, compared to analysts’ expectations of $157.05 million. During the same quarter last year, the company posted $0.14 EPS. The firm’s revenue was up 6.4% compared to the same quarter last year. On average, research analysts predict that Magnite will post 0.33 EPS 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.