Magnite, Inc. (NASDAQ:MGNI) Receives $15.65 Consensus PT from Analysts

Shares of Magnite, Inc. (NASDAQ:MGNI) have been assigned an average recommendation of “Buy” from the ten analysts that are currently covering the company, MarketBeat reports. Ten analysts have rated the stock with a buy recommendation. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $15.65.

Several research firms have recently commented on MGNI. Needham & Company LLC reissued a “buy” rating and issued a $15.00 target price on shares of Magnite in a research note on Thursday, May 16th. Royal Bank of Canada boosted their price objective on Magnite from $17.00 to $19.00 and gave the stock an “outperform” rating in a report on Wednesday, June 5th. Benchmark restated a “buy” rating and set a $18.00 target price on shares of Magnite in a research report on Monday, June 17th. Craig Hallum lifted their price target on shares of Magnite from $18.00 to $20.00 and gave the stock a “buy” rating in a research report on Thursday, May 16th. Finally, Evercore ISI increased their price objective on shares of Magnite from $13.00 to $15.00 and gave the company an “outperform” rating in a report on Monday, June 3rd.

Magnite Stock Down 0.3 %

Shares of NASDAQ:MGNI opened at $13.49 on Friday. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.79. The firm has a market cap of $1.89 billion, a P/E ratio of -21.08, a P/E/G ratio of 0.93 and a beta of 2.35. Magnite has a 12 month low of $6.28 and a 12 month high of $15.73. The company’s 50-day moving average price is $11.65 and its two-hundred day moving average price is $10.47.

Magnite (NASDAQ:MGNI) last released its quarterly earnings results on Wednesday, May 8th. The company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.11) by $0.05. Magnite had a negative net margin of 12.24% and a positive return on equity of 3.23%. The business had revenue of $130.55 million for the quarter, compared to analysts’ expectations of $123.77 million. As a group, research analysts forecast that Magnite will post 0.38 EPS for the current fiscal year.

Insider Buying and Selling at Magnite

In other news, insider Adam Lee Soroca sold 10,597 shares of Magnite stock in a transaction on Friday, May 17th. The shares were sold at an average price of $12.30, for a total transaction of $130,343.10. Following the transaction, the insider now directly owns 450,655 shares of the company’s stock, valued at $5,543,056.50. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Magnite news, insider Adam Lee Soroca sold 10,597 shares of the stock in a transaction dated Friday, May 17th. The stock was sold at an average price of $12.30, for a total value of $130,343.10. Following the completion of the sale, the insider now directly owns 450,655 shares in the company, valued at $5,543,056.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CRO Sean Patrick Buckley sold 2,682 shares of the firm’s stock in a transaction dated Friday, May 24th. The stock was sold at an average price of $12.50, for a total value of $33,525.00. Following the sale, the executive now directly owns 404,875 shares in the company, valued at approximately $5,060,937.50. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 99,629 shares of company stock valued at $1,323,232. Corporate insiders own 4.30% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of MGNI. NBC Securities Inc. raised its holdings in shares of Magnite by 4.2% during the fourth quarter. NBC Securities Inc. now owns 27,485 shares of the company’s stock worth $256,000 after acquiring an additional 1,108 shares during the period. Fulton Bank N.A. increased its holdings in Magnite by 8.1% during the 1st quarter. Fulton Bank N.A. now owns 22,003 shares of the company’s stock worth $237,000 after purchasing an additional 1,653 shares in the last quarter. ProShare Advisors LLC raised its stake in shares of Magnite by 8.5% in the 1st quarter. ProShare Advisors LLC now owns 24,325 shares of the company’s stock valued at $261,000 after purchasing an additional 1,914 shares during the period. Advisory Services Network LLC raised its stake in shares of Magnite by 1.9% in the 4th quarter. Advisory Services Network LLC now owns 127,106 shares of the company’s stock valued at $1,187,000 after purchasing an additional 2,377 shares during the period. Finally, Cape Investment Advisory Inc. bought a new stake in shares of Magnite in the fourth quarter valued at about $25,000. 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.