Magnite, Inc. (NASDAQ:MGNI) Receives Average Recommendation of “Moderate Buy” from Brokerages

Magnite, Inc. (NASDAQ:MGNI) has earned an average rating of “Moderate Buy” from the ten ratings firms that are presently covering the company, MarketBeat reports. Two investment analysts have rated the stock with a hold recommendation and eight have issued a buy recommendation on the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $14.39.

Several research analysts recently commented on the company. Needham & Company LLC reissued a “buy” rating and set a $15.00 target price on shares of Magnite in a research note on Thursday, March 21st. Susquehanna upped their price objective on Magnite from $11.00 to $14.00 and gave the stock a “positive” rating in a research report on Thursday, February 29th. Benchmark reaffirmed a “buy” rating and set a $18.00 price objective on shares of Magnite in a research report on Monday, March 25th. B. Riley initiated coverage on Magnite in a research report on Friday. They set a “buy” rating and a $14.50 price objective for the company. Finally, Bank of America upped their price objective on Magnite from $11.00 to $13.00 and gave the stock a “neutral” rating in a research report on Thursday, February 29th.

Magnite Price Performance

MGNI opened at $8.69 on Tuesday. Magnite has a 12 month low of $6.28 and a 12 month high of $15.73. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.09 and a quick ratio of 1.09. The business has a fifty day moving average price of $10.30 and a 200 day moving average price of $9.05.

Magnite (NASDAQ:MGNI) last released its earnings results on Wednesday, February 28th. The company reported $0.16 EPS for the quarter, topping the consensus estimate of $0.03 by $0.13. Magnite had a positive return on equity of 2.52% and a negative net margin of 25.69%. The firm had revenue of $165.28 million during the quarter, compared to analysts’ expectations of $160.24 million. As a group, sell-side analysts anticipate that Magnite will post 0.47 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Michael G. Barrett sold 75,000 shares of the firm’s stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $11.21, for a total transaction of $840,750.00. Following the transaction, the chief executive officer now owns 1,234,662 shares in the company, valued at approximately $13,840,561.02. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 4.30% of the stock is currently owned by company insiders.

Institutional Trading of Magnite

A number of hedge funds have recently added to or reduced their stakes in MGNI. Cape Investment Advisory Inc. acquired a new stake in Magnite during the 4th quarter worth approximately $25,000. Guinness Atkinson Asset Management Inc lifted its position in Magnite by 59.1% during the 3rd quarter. Guinness Atkinson Asset Management Inc now owns 4,824 shares of the company’s stock worth $36,000 after acquiring an additional 1,792 shares during the period. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Magnite in the 4th quarter valued at approximately $99,000. Legato Capital Management LLC acquired a new stake in shares of Magnite in the 4th quarter valued at approximately $103,000. Finally, Valeo Financial Advisors LLC acquired a new stake in shares of Magnite in the 3rd quarter valued at approximately $112,000. 73.40% of the stock is owned by institutional investors and hedge funds.

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.