Magnite, Inc. (NASDAQ:MGNI) Receives $17.25 Average PT from Brokerages

Magnite, Inc. (NASDAQ:MGNI) has received a consensus rating of “Buy” from the ten ratings firms that are presently covering the firm, Marketbeat reports. Ten analysts have rated the stock with a buy rating. The average 1-year price target among brokers that have covered the stock in the last year is $17.25.

Several analysts have recently weighed in on the company. Wolfe Research initiated coverage on Magnite in a report on Tuesday, July 16th. They issued an “outperform” rating and a $16.00 price objective for the company. Bank of America raised their price objective on shares of Magnite from $15.00 to $17.00 and gave the company a “buy” rating in a research report on Monday, July 29th. Craig Hallum reiterated a “buy” rating and issued a $20.00 target price on shares of Magnite in a report on Wednesday, August 21st. Evercore ISI increased their target price on shares of Magnite from $13.00 to $15.00 and gave the company an “outperform” rating in a research note on Monday, June 3rd. Finally, Benchmark reaffirmed a “buy” rating and issued a $21.00 price target on shares of Magnite in a report on Wednesday.

Magnite Stock Performance

Shares of MGNI opened at $13.24 on Friday. Magnite has a 52-week low of $6.28 and a 52-week high of $15.92. The firm has a 50-day moving average price of $13.68 and a 200 day moving average price of $12.11. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.77.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings data 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 negative net margin of 0.83% and a positive return on equity of 3.74%. The company had revenue of $162.88 million for the quarter, compared to analyst estimates of $144.04 million. During the same quarter in the prior year, the business earned ($0.04) EPS. Magnite’s revenue was up 6.8% compared to the same quarter last year. On average, sell-side analysts predict that Magnite will post 0.31 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Adam Lee Soroca sold 7,910 shares of the 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 sale, the insider now owns 436,001 shares in the company, valued at $5,489,252.59. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Magnite news, CAO Brian Gephart sold 16,166 shares of Magnite stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $15.00, for a total transaction of $242,490.00. Following the transaction, the chief accounting officer now owns 121,169 shares of the company’s stock, valued at approximately $1,817,535. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Adam Lee Soroca sold 7,910 shares of the stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $12.59, for a total transaction of $99,586.90. Following the completion of the sale, the insider now directly owns 436,001 shares of the company’s stock, valued at $5,489,252.59. The disclosure for this sale can be found here. In the last three months, insiders have sold 250,383 shares of company stock worth $3,519,150. Corporate insiders own 4.30% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. Cape Investment Advisory Inc. purchased a new position in shares of Magnite during the 4th quarter valued at $25,000. UMB Bank n.a. grew its stake in Magnite by 111.8% in the second quarter. UMB Bank n.a. now owns 2,251 shares of the company’s stock valued at $30,000 after purchasing an additional 1,188 shares in the last quarter. Asset Dedication LLC purchased a new position in Magnite in the second quarter valued at about $52,000. Blue Trust Inc. acquired a new position in Magnite in the 2nd quarter worth about $56,000. Finally, Benjamin F. Edwards & Company Inc. raised its stake in shares of Magnite by 973.5% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 4,380 shares of the company’s stock worth $58,000 after purchasing an additional 3,972 shares in the last quarter. Institutional investors and hedge funds own 73.40% of the company’s stock.

Magnite Company Profile

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.