Magnite, Inc. (NASDAQ:MGNI) Given Average Rating of “Buy” by Analysts

Shares of Magnite, Inc. (NASDAQ:MGNI) have received a consensus recommendation of “Buy” from the ten brokerages that are covering the stock, MarketBeat reports. Ten research analysts have rated the stock with a buy recommendation. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $17.25.

A number of analysts have recently issued reports on the stock. Bank of America lifted their price objective on shares of Magnite from $15.00 to $17.00 and gave the company a “buy” rating in a research note on Monday, July 29th. Benchmark reiterated a “buy” rating and issued a $21.00 price objective on shares of Magnite in a report on Wednesday. Craig Hallum restated a “buy” rating and set a $20.00 target price on shares of Magnite in a research note on Wednesday, August 21st. Royal Bank of Canada lifted their target price on Magnite from $17.00 to $19.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 5th. Finally, Lake Street Capital assumed coverage on Magnite in a report on Thursday, July 25th. They issued a “buy” rating and a $21.00 price target for the company.

Insider Transactions at Magnite

In related news, CRO Sean Patrick Buckley sold 2,623 shares of the company’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $12.53, for a total transaction of $32,866.19. Following the sale, the executive now directly owns 331,742 shares of the company’s stock, valued at approximately $4,156,727.26. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Magnite news, CAO Brian Gephart sold 16,166 shares of Magnite stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $15.00, for a total value of $242,490.00. Following the completion of the transaction, the chief accounting officer now directly owns 121,169 shares in the company, valued at $1,817,535. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CRO Sean Patrick Buckley sold 2,623 shares of the stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $12.53, for a total value of $32,866.19. Following the sale, the executive now owns 331,742 shares in the company, valued at $4,156,727.26. The disclosure for this sale can be found here. In the last quarter, insiders sold 250,383 shares of company stock worth $3,519,150. 4.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. grew its position in shares of Magnite by 1.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 975,662 shares of the company’s stock worth $9,113,000 after acquiring an additional 16,062 shares during the last quarter. NBC Securities Inc. grew its position in Magnite by 4.2% in the 4th quarter. NBC Securities Inc. now owns 27,485 shares of the company’s stock worth $256,000 after purchasing an additional 1,108 shares during the last quarter. Norges Bank acquired a new stake in shares of Magnite in the fourth quarter valued at approximately $8,164,000. Dynamic Technology Lab Private Ltd bought a new stake in shares of Magnite during the fourth quarter valued at approximately $99,000. Finally, Aigen Investment Management LP acquired a new position in shares of Magnite during the fourth quarter worth approximately $164,000. 73.40% of the stock is currently owned by institutional investors.

Magnite Price Performance

Shares of Magnite stock opened at $13.24 on Friday. Magnite has a twelve month low of $6.28 and a twelve month high of $15.92. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.77. The company has a fifty day moving average price of $13.68 and a 200 day moving average price of $12.11.

Magnite (NASDAQ:MGNI) last issued its earnings results on Wednesday, August 7th. The company reported $0.14 earnings per share for the quarter, missing the consensus estimate of $0.15 by ($0.01). The company had revenue of $162.88 million during the quarter, compared to analysts’ expectations of $144.04 million. Magnite had a positive return on equity of 3.74% and a negative net margin of 0.83%. Magnite’s quarterly revenue was up 6.8% on a year-over-year basis. During the same period in the previous year, the company earned ($0.04) EPS. Equities analysts expect that Magnite will post 0.31 EPS for the current fiscal year.

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.