Analysts Set Magnite, Inc. (NASDAQ:MGNI) Target Price at $17.25

Shares of Magnite, Inc. (NASDAQ:MGNI) have received a consensus recommendation of “Buy” from the ten brokerages that are currently covering the company, Marketbeat Ratings reports. Ten research analysts have rated the stock with a buy rating. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $17.25.

Several equities research analysts have issued reports on the company. Craig Hallum reaffirmed a “buy” rating and set a $20.00 price target on shares of Magnite in a report on Wednesday, August 21st. Wolfe Research initiated coverage on Magnite in a research report on Tuesday, July 16th. They issued an “outperform” rating and a $16.00 target price on the stock. Royal Bank of Canada restated an “outperform” rating and set a $19.00 price target on shares of Magnite in a report on Friday, September 27th. Needham & Company LLC reaffirmed a “buy” rating and issued a $15.00 price objective on shares of Magnite in a research note on Wednesday, October 2nd. Finally, Lake Street Capital assumed coverage on Magnite in a report on Thursday, July 25th. They set a “buy” rating and a $21.00 price objective on the stock.

Magnite Price Performance

Shares of MGNI opened at $12.01 on Tuesday. The stock has a market capitalization of $1.70 billion, a P/E ratio of -18.77, a P/E/G ratio of 1.07 and a beta of 2.41. Magnite has a twelve month low of $6.28 and a twelve month high of $15.92. The company has a 50 day moving average of $13.11 and a 200-day moving average of $12.25. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.77.

Magnite (NASDAQ:MGNI) last released its earnings results on Wednesday, August 7th. The company reported $0.14 earnings per share for the quarter, missing the consensus estimate of $0.15 by ($0.01). Magnite had a negative net margin of 0.83% and a positive return on equity of 3.74%. The firm had revenue of $162.88 million during the quarter, compared to the consensus estimate of $144.04 million. During the same period in the prior year, the business posted ($0.04) earnings per share. Magnite’s quarterly revenue was up 6.8% compared to the same quarter last year. As a group, equities research analysts forecast that Magnite will post 0.31 EPS for the current fiscal year.

Insider Activity

In other Magnite news, CFO David Day sold 19,077 shares of Magnite stock in a transaction on Monday, July 15th. The stock was sold at an average price of $15.00, for a total transaction of $286,155.00. Following the completion of the transaction, the chief financial officer now owns 430,755 shares in the company, valued at approximately $6,461,325. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Magnite news, CFO David Day sold 19,077 shares of Magnite stock in a transaction on Monday, July 15th. The stock was sold at an average price of $15.00, for a total transaction of $286,155.00. Following the completion of the transaction, the chief financial officer now owns 430,755 shares in the company, valued at approximately $6,461,325. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Adam Lee Soroca sold 7,910 shares of the business’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $12.59, for a total value of $99,586.90. Following the completion of the transaction, the insider now owns 436,001 shares of the company’s stock, valued at $5,489,252.59. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 250,383 shares of company stock worth $3,519,150 in the last quarter. 4.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the stock. Granite Investment Partners LLC bought a new position in shares of Magnite during the 2nd quarter valued at $11,227,000. Driehaus Capital Management LLC purchased a new position in shares of Magnite in the second quarter worth approximately $9,938,000. Grizzlyrock Capital LLC bought a new stake in Magnite during the fourth quarter valued at approximately $6,656,000. Marshall Wace LLP increased its holdings in Magnite by 59.0% during the second quarter. Marshall Wace LLP now owns 1,559,520 shares of the company’s stock valued at $20,726,000 after buying an additional 578,678 shares during the last quarter. Finally, Dana Investment Advisors Inc. bought a new position in Magnite in the second quarter worth approximately $6,556,000. 73.40% of the stock is owned by hedge funds and other institutional investors.

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.