Magnite (NASDAQ:MGNI) Downgraded by Wall Street Zen to Hold

Wall Street Zen downgraded shares of Magnite (NASDAQ:MGNI) from a buy rating to a hold rating in a research note published on Saturday.

Several other equities research analysts also recently weighed in on the company. Scotiabank reissued an “outperform” rating and set a $30.00 price objective (up previously from $22.00) on shares of Magnite in a report on Thursday, August 7th. Susquehanna upped their price objective on Magnite from $22.00 to $28.00 and gave the company a “positive” rating in a research note on Thursday, August 7th. Wells Fargo & Company cut their price objective on Magnite from $22.00 to $20.00 and set an “equal weight” rating on the stock in a research note on Friday. Benchmark raised their price target on shares of Magnite from $30.00 to $31.00 and gave the stock a “buy” rating in a report on Thursday, August 7th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Magnite in a research report on Wednesday, October 8th. Nine research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Magnite currently has a consensus rating of “Moderate Buy” and a consensus target price of $26.20.

Magnite Stock Up 1.6%

Shares of MGNI traded up $0.24 during midday trading on Friday, hitting $15.10. The stock had a trading volume of 4,562,689 shares, compared to its average volume of 2,832,885. The firm has a market cap of $2.15 billion, a price-to-earnings ratio of 52.07, a price-to-earnings-growth ratio of 1.42 and a beta of 3.13. The company has a 50 day simple moving average of $20.85 and a two-hundred day simple moving average of $20.08. Magnite has a twelve month low of $8.22 and a twelve month high of $26.65. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.00 and a quick ratio of 1.00.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings data on Wednesday, November 5th. The company reported $0.20 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.20. Magnite had a return on equity of 8.07% and a net margin of 6.30%.The business had revenue of $179.49 million during the quarter, compared to the consensus estimate of $163.29 million. During the same period last year, the company earned $0.17 earnings per share. Magnite’s quarterly revenue was up 11.6% on a year-over-year basis. Magnite has set its Q4 2025 guidance at EPS. FY 2025 guidance at EPS. On average, analysts anticipate that Magnite will post 0.33 EPS for the current year.

Insider Activity

In related news, Director Diane Yu sold 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 26th. The shares were sold at an average price of $25.23, for a total transaction of $504,600.00. Following the sale, the director owned 67,481 shares of the company’s stock, valued at approximately $1,702,545.63. This represents a 22.86% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Michael G. Barrett sold 35,951 shares of the firm’s stock in a transaction on Monday, August 18th. The shares were sold at an average price of $23.85, for a total transaction of $857,431.35. Following the completion of the transaction, the chief executive officer directly owned 249,857 shares of the company’s stock, valued at approximately $5,959,089.45. The trade was a 12.58% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 328,275 shares of company stock worth $7,977,776. 3.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On Magnite

Institutional investors and hedge funds have recently made changes to their positions in the business. Teacher Retirement System of Texas bought a new position in shares of Magnite during the 1st quarter valued at about $233,000. Principal Financial Group Inc. increased its holdings in Magnite by 1.2% during the 1st quarter. Principal Financial Group Inc. now owns 124,547 shares of the company’s stock valued at $1,421,000 after purchasing an additional 1,474 shares during the period. Envestnet Asset Management Inc. grew its holdings in shares of Magnite by 16.7% during the 1st quarter. Envestnet Asset Management Inc. now owns 220,544 shares of the company’s stock worth $2,516,000 after acquiring an additional 31,604 shares during the period. Brown Advisory Inc. bought a new position in shares of Magnite in the 1st quarter worth approximately $290,000. Finally, M&T Bank Corp lifted its stake in shares of Magnite by 31.5% in the 1st quarter. M&T Bank Corp now owns 18,960 shares of the company’s stock valued at $216,000 after purchasing an additional 4,537 shares during the period. Hedge funds and other institutional investors own 73.40% of the company’s stock.

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.