Brokerages Set Magnite, Inc. (NASDAQ:MGNI) PT at $16.86

Shares of Magnite, Inc. (NASDAQ:MGNI) have been given an average rating of “Moderate Buy” by the twelve ratings firms that are currently covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a hold recommendation and eleven have given a buy recommendation to the company. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $16.96.

Several equities analysts have recently issued reports on the company. Wells Fargo & Company started coverage on Magnite in a report on Monday, October 28th. They issued an “equal weight” rating and a $13.00 target price for the company. Lake Street Capital began coverage on Magnite in a research note on Thursday, July 25th. They set a “buy” rating and a $21.00 target price on the stock. Royal Bank of Canada restated an “outperform” rating and set a $19.00 price objective 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 report on Wednesday, October 2nd. Finally, Bank of America raised their price target on shares of Magnite from $15.00 to $17.00 and gave the stock a “buy” rating in a research note on Monday, July 29th.

Magnite Stock Performance

NASDAQ MGNI opened at $13.61 on Friday. The company has a fifty day moving average price of $12.80 and a 200-day moving average price of $12.63. The firm has a market cap of $1.92 billion, a price-to-earnings ratio of -123.73, a PEG ratio of 1.23 and a beta of 2.43. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.10 and a quick ratio of 1.10. Magnite has a 1 year low of $6.55 and a 1 year high of $15.92.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings data on Wednesday, August 7th. The company reported $0.14 earnings per share (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 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 previous year, the company posted ($0.04) earnings per share. The company’s revenue for the quarter was up 6.8% on a year-over-year basis. As a group, equities research analysts predict that Magnite will post 0.29 EPS for the current fiscal year.

Insider Buying and Selling at Magnite

In other news, insider Aaron Saltz sold 5,112 shares of the stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $13.50, for a total value of $69,012.00. Following the sale, the insider now directly owns 307,745 shares of the company’s stock, valued at approximately $4,154,557.50. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, insider Aaron Saltz sold 5,112 shares of the stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $13.50, for a total value of $69,012.00. Following the sale, the insider now owns 307,745 shares in the company, valued at approximately $4,154,557.50. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Adam Lee Soroca sold 7,910 shares of the business’s stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $12.59, for a total value of $99,586.90. Following the transaction, the insider now owns 436,001 shares of the company’s stock, valued at approximately $5,489,252.59. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 100,645 shares of company stock valued at $1,275,215 in the last quarter. 4.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Magnite

Several hedge funds have recently bought and sold shares of the stock. New Century Financial Group LLC purchased a new stake in shares of Magnite during the 2nd quarter valued at $640,000. Commonwealth Equity Services LLC increased its stake in Magnite by 668.3% in the second quarter. Commonwealth Equity Services LLC now owns 81,573 shares of the company’s stock valued at $1,084,000 after acquiring an additional 70,956 shares during the last quarter. Tidal Investments LLC raised its position in Magnite by 212.8% during the first quarter. Tidal Investments LLC now owns 69,388 shares of the company’s stock valued at $746,000 after purchasing an additional 47,205 shares in the last quarter. Baader Bank Aktiengesellschaft bought a new stake in Magnite during the second quarter worth about $671,000. Finally, Lisanti Capital Growth LLC purchased a new position in shares of Magnite in the 1st quarter worth about $3,063,000. 73.40% of the stock is currently owned by institutional investors.

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.