Magnite, Inc. (NASDAQ:MGNI) Given Average Rating of “Moderate Buy” by Brokerages

Magnite, Inc. (NASDAQ:MGNI) has been given an average recommendation of “Moderate Buy” by the nine ratings firms that are presently covering the company, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $24.3750.

Several research firms have issued reports on MGNI. Wells Fargo & Company raised their price target on shares of Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a research report on Friday, May 8th. Weiss Ratings upgraded shares of Magnite from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, May 11th. Evercore restated an “outperform” rating and issued a $21.00 price target on shares of Magnite in a research report on Thursday, May 7th. Royal Bank Of Canada restated an “outperform” rating on shares of Magnite in a research report on Thursday, May 28th. Finally, Scotiabank raised their price target on shares of Magnite from $16.00 to $17.00 and gave the stock a “sector outperform” rating in a research report on Thursday, May 7th.

Magnite Stock Performance

NASDAQ MGNI opened at $14.68 on Friday. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.02 and a quick ratio of 1.02. The firm has a market capitalization of $2.10 billion, a price-to-earnings ratio of 14.12, a P/E/G ratio of 0.69 and a beta of 2.32. The company’s fifty day moving average is $13.10 and its two-hundred day moving average is $13.80. Magnite has a 52-week low of $10.82 and a 52-week high of $26.65.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $0.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.11 by $0.02. The company had revenue of $164.37 million for the quarter, compared to analyst estimates of $159.24 million. Magnite had a net margin of 21.96% and a return on equity of 8.40%. The business’s quarterly revenue was up 5.5% on a year-over-year basis. During the same period last year, the business posted $0.12 EPS. Equities research analysts forecast that Magnite will post 0.6 EPS for the current year.

Insider Activity at Magnite

In other news, Director Robert F. Spillane sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $13.33, for a total transaction of $133,300.00. Following the completion of the transaction, the director directly owned 43,917 shares of the company’s stock, valued at approximately $585,413.61. This trade represents a 18.55% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 3.80% of the company’s stock.

Hedge Funds Weigh In On Magnite

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its holdings in shares of Magnite by 1.0% during the 4th quarter. Vanguard Group Inc. now owns 14,802,630 shares of the company’s stock worth $240,247,000 after acquiring an additional 148,198 shares during the period. Capital Research Global Investors lifted its holdings in shares of Magnite by 85.0% during the 4th quarter. Capital Research Global Investors now owns 12,920,289 shares of the company’s stock worth $209,696,000 after acquiring an additional 5,937,428 shares during the period. Wellington Management Group LLP lifted its holdings in shares of Magnite by 67.7% during the 4th quarter. Wellington Management Group LLP now owns 8,629,238 shares of the company’s stock worth $140,053,000 after acquiring an additional 3,484,689 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Magnite by 10.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,983,674 shares of the company’s stock worth $47,322,000 after acquiring an additional 367,854 shares during the period. Finally, Granahan Investment Management LLC lifted its holdings in shares of Magnite by 6.3% during the 3rd quarter. Granahan Investment Management LLC now owns 3,873,179 shares of the company’s stock worth $84,358,000 after acquiring an additional 230,393 shares during the period. 73.40% of the stock is owned by institutional investors.

About Magnite

Magnite, Inc (NASDAQ: MGNI) operates as an independent sell-side advertising platform that enables publishers and digital media owners to monetize their inventory through programmatic advertising. Formed in 2020 through the merger of Rubicon Project and Telaria, Magnite combines technologies for desktop, mobile, connected television (CTV) and digital out-of-home (DOOH) ad exchanges. The company provides an end-to-end solution designed to help media owners optimize yield across open marketplaces, private marketplaces and programmatic guaranteed deals.

At the core of Magnite’s offering is its supply-side platform (SSP), which connects publishers’ ad impressions to demand-side platforms (DSPs) through real-time bidding (RTB).