Magnite, Inc. (NASDAQ:MGNI) Receives $16.86 Consensus Price Target from Brokerages

Magnite, Inc. (NASDAQ:MGNI) has earned a consensus recommendation of “Moderate Buy” from the eleven analysts that are presently covering the stock, MarketBeat.com reports. One research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $16.86.

MGNI has been the subject of several recent analyst reports. Bank of America boosted their target price on Magnite from $15.00 to $17.00 and gave the stock a “buy” rating in a research report on Monday, July 29th. Wolfe Research began coverage on Magnite in a research report on Tuesday, July 16th. They set an “outperform” rating and a $16.00 target price for the company. Wells Fargo & Company began coverage on Magnite in a research note on Monday, October 28th. They set an “equal weight” rating and a $13.00 price target for the company. Benchmark reaffirmed a “buy” rating and set a $21.00 price target on shares of Magnite in a research note on Wednesday, October 2nd. Finally, Craig Hallum reissued a “buy” rating and issued a $20.00 target price on shares of Magnite in a research note on Wednesday, August 21st.

Magnite Stock Down 1.7 %

MGNI stock opened at $12.20 on Friday. The stock’s 50 day moving average is $12.84 and its 200-day moving average is $12.59. The firm has a market capitalization of $1.72 billion, a PE ratio of -110.91, a P/E/G ratio of 1.09 and a beta of 2.43. Magnite has a twelve month low of $6.55 and a twelve month high of $15.92. 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 issued its quarterly earnings results on Wednesday, August 7th. The company reported $0.14 EPS for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.01). Magnite had a positive return on equity of 3.74% and a negative net margin of 0.83%. The business had revenue of $162.88 million for the quarter, compared to the consensus estimate of $144.04 million. During the same quarter last year, the business posted ($0.04) earnings per share. The business’s revenue was up 6.8% compared to the same quarter last year. Sell-side analysts expect that Magnite will post 0.31 EPS for the current fiscal year.

Insiders Place Their Bets

In other Magnite news, CTO David Buonasera sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $12.65, for a total transaction of $126,500.00. Following the transaction, the chief technology officer now owns 258,102 shares in the company, valued at approximately $3,264,990.30. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Michael G. Barrett sold 75,000 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $12.63, for a total value of $947,250.00. Following the sale, the chief executive officer now owns 944,552 shares in the company, valued at $11,929,691.76. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CTO David Buonasera sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $12.65, for a total value of $126,500.00. Following the completion of the sale, the chief technology officer now owns 258,102 shares in the company, valued at $3,264,990.30. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 95,533 shares of company stock worth $1,206,203. Company insiders own 4.30% of the company’s stock.

Institutional Trading of Magnite

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its position in Magnite by 1.3% in the 1st quarter. Vanguard Group Inc. now owns 12,818,197 shares of the company’s stock valued at $137,796,000 after acquiring an additional 166,522 shares in the last quarter. Burgundy Asset Management Ltd. lifted its position in Magnite by 1.1% in the 1st quarter. Burgundy Asset Management Ltd. now owns 2,457,031 shares of the company’s stock valued at $26,413,000 after acquiring an additional 25,921 shares in the last quarter. Marshall Wace LLP lifted its position in Magnite by 59.0% in the 2nd quarter. Marshall Wace LLP now owns 1,559,520 shares of the company’s stock valued at $20,726,000 after acquiring an additional 578,678 shares in the last quarter. Meros Investment Management LP lifted its position in Magnite by 1.3% in the 2nd quarter. Meros Investment Management LP now owns 1,044,209 shares of the company’s stock valued at $13,878,000 after acquiring an additional 13,570 shares in the last quarter. Finally, Harbor Capital Advisors Inc. lifted its position in Magnite by 136.0% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 921,531 shares of the company’s stock valued at $12,763,000 after acquiring an additional 531,069 shares in the last quarter. 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.