Analysts Set Magnite, Inc. (NASDAQ:MGNI) Price Target at $25.64

Shares of Magnite, Inc. (NASDAQ:MGNI) have received an average rating of “Moderate Buy” from the twelve analysts that are covering the firm, MarketBeat reports. Two equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $25.6364.

A number of brokerages have commented on MGNI. Scotiabank reiterated an “outperform” rating and set a $30.00 price target (up from $22.00) on shares of Magnite in a research report on Thursday, August 7th. Wells Fargo & Company reduced their price target on shares of Magnite from $24.00 to $22.00 and set an “equal weight” rating on the stock in a research report on Monday, October 6th. Benchmark increased their price target on shares of Magnite from $30.00 to $31.00 and gave the company a “buy” rating in a research report on Thursday, August 7th. Needham & Company LLC increased their price target on shares of Magnite from $18.00 to $25.00 and gave the company a “buy” rating in a research report on Thursday, August 7th. Finally, Royal Bank Of Canada increased their price target on shares of Magnite from $19.00 to $27.00 and gave the company an “outperform” rating in a research report on Thursday, July 31st.

Magnite Stock Performance

Shares of MGNI opened at $19.94 on Friday. The company has a market cap of $2.84 billion, a PE ratio of 68.76, a price-to-earnings-growth ratio of 1.32 and a beta of 3.02. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.45. The stock has a 50-day moving average price of $22.21 and a 200-day moving average price of $19.45. Magnite has a 12-month low of $8.22 and a 12-month high of $26.65.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $0.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.17 by $0.03. The firm had revenue of $162.00 million during the quarter, compared to the consensus estimate of $157.05 million. Magnite had a return on equity of 8.07% and a net margin of 6.30%.The company’s revenue for the quarter was up 6.4% on a year-over-year basis. During the same quarter last year, the company posted $0.14 EPS. As a group, equities analysts forecast that Magnite will post 0.33 earnings per share for the current fiscal year.

Insider Buying and Selling at Magnite

In related news, insider Adam Lee Soroca sold 24,986 shares of the firm’s stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $24.69, for a total transaction of $616,904.34. Following the transaction, the insider directly owned 346,393 shares in the company, valued at $8,552,443.17. This trade represents a 6.73% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Diane Yu sold 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 26th. The stock was sold at an average price of $25.23, for a total value of $504,600.00. Following the transaction, the director owned 67,481 shares in the company, valued at approximately $1,702,545.63. The trade was a 22.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 323,275 shares of company stock worth $7,877,776 over the last quarter. Company insiders own 3.80% of the company’s stock.

Institutional Investors Weigh In On Magnite

Institutional investors and hedge funds have recently bought and sold shares of the business. GAMMA Investing LLC lifted its holdings in Magnite by 355.6% in the 2nd quarter. GAMMA Investing LLC now owns 1,517 shares of the company’s stock worth $37,000 after buying an additional 1,184 shares during the period. CWM LLC lifted its stake in shares of Magnite by 133.6% in the 2nd quarter. CWM LLC now owns 1,775 shares of the company’s stock valued at $43,000 after purchasing an additional 1,015 shares during the period. USA Financial Formulas purchased a new position in shares of Magnite in the 3rd quarter valued at approximately $40,000. MCF Advisors LLC lifted its stake in shares of Magnite by 2,100.0% in the 1st quarter. MCF Advisors LLC now owns 2,200 shares of the company’s stock valued at $25,000 after purchasing an additional 2,100 shares during the period. Finally, MTM Investment Management LLC purchased a new position in shares of Magnite in the 2nd quarter valued at approximately $58,000. Hedge funds and other institutional investors 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.