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

Shares of Magnite, Inc. (NASDAQ:MGNI) have been assigned a consensus recommendation of “Moderate Buy” from the twelve ratings firms that are currently covering the firm, Marketbeat.com reports. Two investment analysts have rated the stock with a hold rating and ten have issued a buy rating on the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $25.6364.

MGNI has been the topic of a number of recent research reports. Wall Street Zen raised shares of Magnite from a “hold” rating to a “buy” rating in a research report on Saturday. Scotiabank reaffirmed an “outperform” rating and issued a $30.00 target price (up from $22.00) on shares of Magnite in a research report on Thursday, August 7th. Royal Bank Of Canada upped their target price on shares of Magnite from $19.00 to $27.00 and gave the stock an “outperform” rating in a research report on Thursday, July 31st. Rosenblatt Securities reaffirmed a “buy” rating and issued a $39.00 target price on shares of Magnite in a research report on Friday, September 26th. Finally, Benchmark upped their target price on shares of Magnite from $30.00 to $31.00 and gave the stock a “buy” rating in a research report on Thursday, August 7th.

Magnite Stock Up 4.4%

Shares of NASDAQ MGNI opened at $18.67 on Friday. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.45. Magnite has a 12 month low of $8.22 and a 12 month high of $26.65. The firm has a market capitalization of $2.66 billion, a PE ratio of 64.38, a price-to-earnings-growth ratio of 1.23 and a beta of 3.02. The firm has a fifty day simple moving average of $22.52 and a two-hundred day simple moving average of $19.31.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $0.20 EPS for the quarter, topping the consensus estimate of $0.17 by $0.03. The business had revenue of $162.00 million during the quarter, compared to analyst estimates of $157.05 million. Magnite had a net margin of 6.30% and a return on equity of 8.07%. The company’s revenue for the quarter was up 6.4% on a year-over-year basis. During the same period in the prior year, the business earned $0.14 EPS. Equities analysts expect that Magnite will post 0.33 earnings per share for the current year.

Insider Activity at Magnite

In related news, insider Aaron Saltz sold 8,522 shares of the stock in a transaction dated Friday, September 19th. The shares were sold at an average price of $24.50, for a total transaction of $208,789.00. Following the sale, the insider directly owned 215,079 shares of the company’s stock, valued at approximately $5,269,435.50. This represents a 3.81% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Sean Patrick Buckley sold 20,000 shares of the stock in a transaction dated Monday, September 8th. The shares were sold at an average price of $25.56, for a total transaction of $511,200.00. Following the sale, the insider directly owned 307,193 shares in the company, valued at $7,851,853.08. This trade represents a 6.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 323,275 shares of company stock worth $7,877,776 in the last ninety days. 4.30% of the stock is currently owned by company insiders.

Institutional Trading of Magnite

Several institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. grew its position in Magnite by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 13,743,521 shares of the company’s stock valued at $156,814,000 after purchasing an additional 138,417 shares during the last quarter. Boston Partners grew its position in Magnite by 5.7% during the 2nd quarter. Boston Partners now owns 5,574,604 shares of the company’s stock valued at $133,037,000 after purchasing an additional 298,248 shares during the last quarter. American Century Companies Inc. boosted its holdings in shares of Magnite by 63.1% during the 2nd quarter. American Century Companies Inc. now owns 4,829,197 shares of the company’s stock valued at $116,480,000 after acquiring an additional 1,868,188 shares during the last quarter. Nuveen LLC purchased a new stake in shares of Magnite during the 1st quarter valued at about $41,036,000. Finally, Geode Capital Management LLC boosted its holdings in shares of Magnite by 6.0% during the 2nd quarter. Geode Capital Management LLC now owns 3,216,842 shares of the company’s stock valued at $77,597,000 after acquiring an additional 183,414 shares during the last quarter. 73.40% of the stock is 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.