Brokerages Set Magnite, Inc. (NASDAQ:MGNI) Target Price at $23.89

Shares of Magnite, Inc. (NASDAQ:MGNI) have been assigned an average recommendation of “Moderate Buy” from the ten brokerages that are covering the stock, Marketbeat Ratings reports. Two research analysts have rated the stock with a hold recommendation and eight have assigned a buy recommendation to the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $23.8889.

Several research firms have weighed in on MGNI. Wells Fargo & Company increased their price target on shares of Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a report on Friday, May 8th. Royal Bank Of Canada reiterated an “outperform” rating on shares of Magnite in a research report on Thursday, May 28th. Scotiabank increased 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. Needham & Company LLC reiterated a “buy” rating and set a $25.00 price target on shares of Magnite in a research report on Thursday, April 16th. Finally, Weiss Ratings upgraded shares of Magnite from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, May 11th.

Insiders Place Their Bets

In related news, Director David T. Pearson sold 10,766 shares of the stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $15.65, for a total value of $168,487.90. Following the completion of the transaction, the director owned 79,001 shares of the company’s stock, valued at $1,236,365.65. This represents a 11.99% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Douglas S. Knopper sold 37,337 shares of the stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $18.10, for a total transaction of $675,799.70. Following the completion of the transaction, the director directly owned 125,810 shares of the company’s stock, valued at approximately $2,277,161. The trade was a 22.89% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 381,806 shares of company stock worth $6,493,340 over the last 90 days. Insiders own 3.80% of the company’s stock.

Hedge Funds Weigh In On Magnite

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Neo Ivy Capital Management bought a new position in Magnite in the 3rd quarter valued at approximately $27,000. US Bancorp DE raised its stake in shares of Magnite by 75.8% during the third quarter. US Bancorp DE now owns 1,596 shares of the company’s stock valued at $35,000 after acquiring an additional 688 shares during the last quarter. Strategic Advocates LLC bought a new position in shares of Magnite during the third quarter valued at $42,000. PNC Financial Services Group Inc. raised its stake in shares of Magnite by 45.1% during the third quarter. PNC Financial Services Group Inc. now owns 2,428 shares of the company’s stock valued at $53,000 after acquiring an additional 755 shares during the last quarter. Finally, Central Pacific Bank Trust Division bought a new position in shares of Magnite during the fourth quarter valued at $41,000. Institutional investors own 73.40% of the company’s stock.

Magnite Stock Up 8.1%

Shares of MGNI stock opened at $18.73 on Thursday. The stock has a market cap of $2.68 billion, a price-to-earnings ratio of 18.01, a PEG ratio of 0.95 and a beta of 2.32. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.02 and a current ratio of 1.02. Magnite has a 52-week low of $10.82 and a 52-week high of $26.65. The firm’s 50-day moving average is $14.64 and its 200-day moving average is $14.11.

Magnite (NASDAQ:MGNI) last released its quarterly earnings results on Wednesday, May 6th. The company reported $0.13 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.02. The firm had revenue of $164.37 million for the quarter, compared to analysts’ expectations of $159.24 million. Magnite had a net margin of 21.96% and a return on equity of 8.40%. The business’s revenue was up 5.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.12 EPS. Sell-side analysts predict that Magnite will post 0.55 EPS for the current year.

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).