Analysts Set Magnite, Inc. (NASDAQ:MGNI) PT at $28.80

Shares of Magnite, Inc. (NASDAQ:MGNI) have been assigned an average recommendation of “Moderate Buy” from the eleven analysts that are presently covering the company, Marketbeat.com reports. Two equities research analysts have rated the stock with a hold rating and nine have issued a buy rating on the company. The average 1 year price target among analysts that have issued ratings on the stock in the last year is $28.80.

MGNI has been the subject of several recent research reports. B. Riley Financial upped their price target on shares of Magnite from $20.00 to $27.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Benchmark lifted their price objective on shares of Magnite from $30.00 to $33.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Royal Bank Of Canada boosted their target price on shares of Magnite from $20.00 to $27.00 and gave the company an “outperform” rating in a research note on Thursday, August 6th. Susquehanna upped 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, Scotiabank restated an “outperform” rating and issued a $27.00 target price on shares of Magnite in a research report on Thursday, August 6th.

Magnite Trading Down 0.1%

Shares of MGNI opened at $23.55 on Tuesday. The company has a market capitalization of $3.38 billion, a P/E ratio of 21.61, a P/E/G ratio of 1.03 and a beta of 2.30. Magnite has a one year low of $10.82 and a one year high of $26.19. 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 50-day moving average price of $21.97 and a 200 day moving average price of $16.79.

Magnite (NASDAQ:MGNI) last issued its earnings results on Wednesday, August 5th. The company reported $0.26 EPS for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $179.15 million. During the same period in the previous year, the firm posted $0.20 earnings per share. Magnite’s quarterly revenue was up 11.3% compared to the same quarter last year. Sell-side analysts forecast that Magnite will post 0.61 EPS for the current fiscal year.

More Magnite News

Here are the key news stories impacting Magnite this week:

• Positive Sentiment: Magnite and ITN expanded their partnership to launch an agentic-AI solution through Magnite Orchestration for local linear television advertising. The technology is designed to reduce campaign-buying timelines from several weeks to hours, potentially improving advertiser adoption and Magnite’s transaction volumes. Magnite and ITN Expand Partnership to Introduce Agentic AI Solution for Local Linear TV
• Positive Sentiment: Telly expanded its partnership with Magnite, enabling advertisers to programmatically purchase Home Screen advertising on Telly’s connected-TV devices. The deal builds on Magnite’s SpringServe ad-server relationship and broadens its access to streaming inventory. Telly Takes Television Advertising Beyond The Commercial Break
• Positive Sentiment: BTIG reaffirmed its Buy rating and maintained a $27 price target, implying roughly 14.6% potential upside from the referenced share price. The endorsement supports the view that Magnite’s connected-TV and programmatic advertising growth remains undervalued.
• Neutral Sentiment: Magnite presented at the Bank of America Media, Communications & Entertainment Conference. The transcript may provide additional management commentary, but no major new financial guidance was highlighted in the available report. Bank of America Conference Transcript
• Neutral Sentiment: Reported short interest was zero shares, with a zero-day days-to-cover ratio. Because the figures show no measurable short position, this data offers little insight into near-term trading pressure.
• Negative Sentiment: Insider Katie Evans sold a combined 43,385 shares for approximately $1.02 million. Both transactions were executed under a pre-arranged Rule 10b5-1 plan, which reduces their significance as a discretionary bearish signal, although the sales can still weigh modestly on sentiment.
• Negative Sentiment: Magnite did not participate in the broader ad-tech rally that lifted Digital Turbine and AppLovin, indicating investors may want stronger evidence that the new AI and connected-TV initiatives will translate into accelerating revenue and earnings.

Insider Buying and Selling at Magnite

In other Magnite news, Director Douglas S. Knopper sold 37,337 shares of the business’s stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $18.10, for a total transaction of $675,799.70. Following the completion of the transaction, the director owned 125,810 shares in the company, valued at approximately $2,277,161. The trade was a 22.89% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Sean Buckley sold 67,179 shares of the firm’s stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $24.49, for a total value of $1,645,213.71. Following the transaction, the insider directly owned 315,805 shares in the company, valued at $7,734,064.45. This trade represents a 17.54% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 1,011,095 shares of company stock valued at $21,017,452. 3.20% of the stock is currently owned by insiders.

Institutional Trading of Magnite

A number of hedge funds and other institutional investors have recently made changes to their positions in MGNI. Capital Research Global Investors increased its stake in shares of Magnite by 85.0% during the fourth quarter. Capital Research Global Investors now owns 12,920,289 shares of the company’s stock valued at $209,696,000 after acquiring an additional 5,937,428 shares during the period. BlackRock Inc. bought a new stake in shares of Magnite in the 2nd quarter worth $241,296,000. Wellington Management Group LLP lifted its holdings in shares of Magnite by 67.7% in the fourth quarter. Wellington Management Group LLP now owns 8,629,238 shares of the company’s stock valued at $140,053,000 after buying an additional 3,484,689 shares during the period. Dimensional Fund Advisors LP grew its holdings in Magnite by 10.2% during the first quarter. Dimensional Fund Advisors LP now owns 3,983,674 shares of the company’s stock worth $47,322,000 after acquiring an additional 367,854 shares during the period. Finally, Nuveen LLC raised its position in Magnite by 14.2% in the fourth quarter. Nuveen LLC now owns 3,531,108 shares of the company’s stock worth $57,310,000 after acquiring an additional 439,072 shares in the last quarter. 73.40% of the stock is currently owned by institutional investors.

About Magnite

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).