Analysts Set Magnite, Inc. (NASDAQ:MGNI) Target Price at $24.10

Shares of Magnite, Inc. (NASDAQ:MGNI) have been given a consensus recommendation of “Moderate Buy” by the eleven research firms that are covering the firm, Marketbeat.com reports. Two analysts have rated the stock with a hold recommendation and nine have assigned a buy recommendation to the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $24.10.

Several equities analysts have recently weighed in on MGNI shares. Benchmark reduced their price target on Magnite from $31.00 to $30.00 and set a “buy” rating for the company in a report on Thursday, February 26th. Rosenblatt Securities reiterated a “buy” rating and issued a $39.00 price objective on shares of Magnite in a report on Thursday, February 26th. Wells Fargo & Company reduced their price objective on Magnite from $20.00 to $13.00 and set an “equal weight” rating for the company in a report on Friday, February 27th. Scotiabank reduced their price objective on Magnite from $30.00 to $16.00 and set a “sector outperform” rating for the company in a report on Thursday, February 26th. Finally, Evercore reiterated an “outperform” rating and issued a $20.00 price objective on shares of Magnite in a report on Thursday, February 26th.

Magnite Price Performance

Shares of NASDAQ:MGNI opened at $13.25 on Friday. Magnite has a 1-year low of $9.64 and a 1-year high of $26.65. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.02 and a quick ratio of 1.02. The business has a fifty day moving average price of $12.30 and a 200-day moving average price of $14.90. The company has a market capitalization of $1.91 billion, a PE ratio of 14.10, a PEG ratio of 0.77 and a beta of 2.39.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings results on Wednesday, February 25th. The company reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.35 by ($0.01). Magnite had a net margin of 20.25% and a return on equity of 8.44%. The company had revenue of $205.36 million for the quarter, compared to the consensus estimate of $193.87 million. During the same quarter in the previous year, the business earned $0.34 earnings per share. Magnite’s revenue was up 5.9% compared to the same quarter last year. As a group, equities analysts expect that Magnite will post 0.33 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Adam Lee Soroca sold 21,529 shares of Magnite stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $12.00, for a total value of $258,348.00. Following the completion of the sale, the insider directly owned 388,425 shares in the company, valued at approximately $4,661,100. This trade represents a 5.25% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 3.80% of the company’s stock.

Institutional Investors Weigh In On Magnite

Large investors have recently bought and sold shares of the business. Neo Ivy Capital Management bought a new stake in Magnite in the 3rd quarter worth about $27,000. US Bancorp DE increased its holdings in Magnite by 75.8% in the 3rd quarter. US Bancorp DE now owns 1,596 shares of the company’s stock worth $35,000 after buying an additional 688 shares in the last quarter. State of Wyoming bought a new stake in shares of Magnite during the 3rd quarter valued at about $39,000. USA Financial Formulas bought a new stake in shares of Magnite during the 3rd quarter valued at about $40,000. Finally, Strategic Advocates LLC bought a new stake in shares of Magnite during the 3rd quarter valued at about $42,000. 73.40% of the stock is currently owned by institutional investors.

Magnite Company Profile

Magnite, Inc (NASDAQ: MGNI) operates as an independent sell-side advertising platform that enables publishers and digital media owners to monetize their inventory through programmatic advertising. Formed in 2020 through the merger of Rubicon Project and Telaria, Magnite combines technologies for desktop, mobile, connected television (CTV) and digital out-of-home (DOOH) ad exchanges. The company provides an end-to-end solution designed to help media owners optimize yield across open marketplaces, private marketplaces and programmatic guaranteed deals.

At the core of Magnite’s offering is its supply-side platform (SSP), which connects publishers’ ad impressions to demand-side platforms (DSPs) through real-time bidding (RTB).