Magnite, Inc. (NASDAQ:MGNI) Receives $26.20 Average PT from Brokerages

Magnite, Inc. (NASDAQ:MGNI) has been assigned an average rating of “Moderate Buy” from the eleven analysts that are presently covering the stock, Marketbeat reports. Two research analysts have rated the stock with a hold rating and nine have issued a buy rating on the company. The average 1 year target price among brokerages that have covered the stock in the last year is $26.20.

MGNI has been the subject of a number of recent analyst reports. Susquehanna raised their price target on shares of Magnite from $22.00 to $28.00 and gave the stock a “positive” rating in a report on Thursday, August 7th. Wall Street Zen lowered Magnite from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th. Wells Fargo & Company cut their target price on Magnite from $22.00 to $20.00 and set an “equal weight” rating for the company in a research note on Friday, November 7th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $39.00 price target on shares of Magnite in a research note on Thursday, November 6th. Finally, Scotiabank reiterated an “outperform” rating and set a $30.00 price target (up from $22.00) on shares of Magnite in a report on Thursday, August 7th.

Magnite Stock Up 0.3%

Shares of MGNI opened at $13.40 on Wednesday. Magnite has a 52-week low of $8.22 and a 52-week high of $26.65. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.45. The stock has a fifty day simple moving average of $19.31 and a two-hundred day simple moving average of $20.23. The company has a market capitalization of $1.92 billion, a PE ratio of 46.21, a price-to-earnings-growth ratio of 1.42 and a beta of 3.13.

Magnite (NASDAQ:MGNI) last announced its quarterly earnings data on Wednesday, November 5th. The company reported $0.20 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.20. Magnite had a net margin of 6.30% and a return on equity of 8.07%. The firm had revenue of $179.49 million during the quarter, compared to analyst estimates of $163.29 million. During the same quarter in the prior year, the firm posted $0.17 earnings per share. Magnite’s quarterly revenue was up 11.6% on a year-over-year basis. Magnite has set its Q4 2025 guidance at EPS. FY 2025 guidance at EPS. As a group, equities analysts forecast that Magnite will post 0.33 EPS for the current year.

Insider Activity at Magnite

In related news, insider Sean Patrick Buckley sold 20,000 shares of the stock in a transaction that occurred on Monday, September 8th. The shares were sold at an average price of $25.56, for a total transaction of $511,200.00. Following the completion of the transaction, the insider owned 307,193 shares of the company’s stock, valued at approximately $7,851,853.08. This trade represents a 6.11% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Adam Lee Soroca sold 24,986 shares of Magnite stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $24.69, for a total transaction of $616,904.34. Following the completion of the sale, the insider owned 346,393 shares of the company’s stock, valued at $8,552,443.17. This trade represents a 6.73% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 192,849 shares of company stock valued at $4,633,030 over the last quarter. 4.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Teacher Retirement System of Texas acquired a new position in Magnite during the 1st quarter worth about $233,000. Principal Financial Group Inc. increased its stake in Magnite by 1.2% during the first quarter. Principal Financial Group Inc. now owns 124,547 shares of the company’s stock worth $1,421,000 after purchasing an additional 1,474 shares during the period. Envestnet Asset Management Inc. lifted its position in shares of Magnite by 16.7% during the first quarter. Envestnet Asset Management Inc. now owns 220,544 shares of the company’s stock worth $2,516,000 after purchasing an additional 31,604 shares in the last quarter. Brown Advisory Inc. purchased a new position in shares of Magnite in the first quarter valued at approximately $290,000. Finally, M&T Bank Corp boosted its stake in shares of Magnite by 31.5% in the first quarter. M&T Bank Corp now owns 18,960 shares of the company’s stock valued at $216,000 after purchasing an additional 4,537 shares during the period. 73.40% of the stock is currently 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.