Magnite, Inc. (NASDAQ:MGNI) Stock Has Average Price Target of $29.36 According to Analysts

Magnite, Inc. (NASDAQ:MGNI) has received a consensus rating of “Moderate Buy” from the twelve research firms that are presently covering the stock, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold rating and ten have issued a buy rating on the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $29.36.

A number of analysts have recently commented on MGNI shares. Evercore reissued an “outperform” rating and set a $25.00 price target on shares of Magnite in a research note on Thursday, August 6th. Needham & Company LLC upped their price objective on Magnite from $25.00 to $30.00 and gave the company a “buy” rating in a research note on Thursday, September 3rd. Royal Bank Of Canada raised their price objective on shares of Magnite from $20.00 to $27.00 and gave the company an “outperform” rating in a report on Thursday, August 6th. Susquehanna lifted their target price on shares of Magnite from $22.00 to $30.00 and gave the stock a “positive” rating in a research report on Thursday, August 6th. Finally, Wells Fargo & Company boosted their target price on shares of Magnite from $21.00 to $22.00 and gave the stock an “equal weight” rating in a report on Friday, August 7th.

Magnite Stock Up 0.9%

Shares of MGNI opened at $24.96 on Friday. Magnite has a 52 week low of $10.82 and a 52 week high of $26.84. The stock has a market capitalization of $3.58 billion, a price-to-earnings ratio of 22.90, a PEG ratio of 0.81 and a beta of 2.33. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.03 and a current ratio of 1.02. The stock has a fifty day moving average of $23.61 and a 200-day moving average of $18.18.

Magnite (NASDAQ:MGNI) last released its quarterly earnings data on Wednesday, August 5th. The company reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.02. Magnite had a return on equity of 9.33% and a net margin of 22.49%.The company had revenue of $192.82 million for the quarter, compared to the consensus estimate of $179.15 million. During the same quarter last year, the business posted $0.20 EPS. Magnite’s revenue for the quarter was up 11.3% on a year-over-year basis. As a group, sell-side analysts anticipate that Magnite will post 0.61 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Aaron Saltz sold 40,000 shares of Magnite stock in a transaction on Thursday, September 10th. The shares were sold at an average price of $23.41, for a total transaction of $936,400.00. Following the transaction, the insider owned 224,389 shares in the company, valued at approximately $5,252,946.49. The trade was a 15.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Douglas Knopper sold 37,337 shares of the business’s stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $22.72, for a total transaction of $848,296.64. Following the completion of the sale, the director directly owned 88,473 shares in the company, valued at approximately $2,010,106.56. This represents a 29.68% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 672,759 shares of company stock valued at $15,780,319. 3.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Magnite

A number of institutional investors have recently made changes to their positions in MGNI. Versant Capital Management Inc grew its position in shares of Magnite by 20.1% in the 3rd quarter. Versant Capital Management Inc now owns 5,662 shares of the company’s stock valued at $143,000 after buying an additional 947 shares during the last quarter. Tidal Investments LLC raised its position in shares of Magnite by 24.0% during the second quarter. Tidal Investments LLC now owns 165,838 shares of the company’s stock worth $3,148,000 after acquiring an additional 32,074 shares during the last quarter. WINTON GROUP Ltd acquired a new position in shares of Magnite in the second quarter worth approximately $2,314,000. Allworth Financial LP lifted its stake in shares of Magnite by 63.7% in the second quarter. Allworth Financial LP now owns 1,567 shares of the company’s stock worth $30,000 after acquiring an additional 610 shares during the period. Finally, Nykredit A S acquired a new position in shares of Magnite in the second quarter worth approximately $25,000. Institutional investors own 73.40% of the company’s stock.

About Magnite

Magnite, Inc is an independent sell-side advertising technology company that helps publishers, broadcasters and other content owners monetize digital advertising inventory. Its platform connects sellers of advertising space with brands, agencies and demand-side platforms, facilitating the automated buying and selling of ads across connected television (CTV), streaming video, mobile applications, websites, audio and digital out-of-home media.

The company offers tools for managing, packaging and selling advertising inventory, including programmatic auctions, direct and private marketplace transactions, audience targeting, yield optimization and measurement.