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

Shares of Magnite, Inc. (NASDAQ:MGNI - Get Free Report) have received a consensus rating of "Moderate Buy" from the thirteen brokerages that are currently covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a hold recommendation and twelve have given a buy recommendation to the company. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $19.27.

A number of equities analysts have recently weighed in on MGNI shares. Needham & Company LLC reaffirmed a "buy" rating and issued a $20.00 price target on shares of Magnite in a research note on Wednesday. Susquehanna raised their price target on Magnite from $16.00 to $22.00 and gave the stock a "positive" rating in a research note on Thursday, February 27th. Benchmark reissued a "buy" rating and issued a $25.00 price target on shares of Magnite in a research note on Monday, March 10th. Wells Fargo & Company increased their price objective on Magnite from $13.00 to $15.00 and gave the stock an "equal weight" rating in a report on Thursday, January 16th. Finally, Royal Bank of Canada lifted their target price on shares of Magnite from $19.00 to $22.00 and gave the company an "outperform" rating in a research note on Friday, January 3rd.

Magnite Stock Down 6.4 %

Shares of Magnite stock traded down $0.62 during midday trading on Tuesday, hitting $9.08. The company's stock had a trading volume of 3,670,355 shares, compared to its average volume of 2,023,652. The firm has a market capitalization of $1.30 billion, a P/E ratio of 151.33, a PEG ratio of 1.00 and a beta of 2.69. Magnite has a 1-year low of $8.38 and a 1-year high of $21.29. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.76. The stock has a 50-day simple moving average of $15.50 and a 200-day simple moving average of $15.09.

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Magnite (NASDAQ:MGNI - Get Free Report) last released its earnings results on Wednesday, February 26th. The company reported $0.25 earnings per share for the quarter, missing the consensus estimate of $0.39 by ($0.14). The business had revenue of $180.20 million for the quarter, compared to analysts' expectations of $183.90 million. Magnite had a net margin of 2.62% and a return on equity of 4.64%. As a group, sell-side analysts expect that Magnite will post 0.33 earnings per share for the current year.

Insider Activity at Magnite

In other news, CAO Brian Gephart sold 6,250 shares of the firm's stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $16.00, for a total value of $100,000.00. Following the sale, the chief accounting officer now owns 132,909 shares in the company, valued at approximately $2,126,544. This trade represents a 4.49 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Paul Caine sold 5,000 shares of the company's stock in a transaction on Monday, February 10th. The shares were sold at an average price of $20.35, for a total transaction of $101,750.00. Following the transaction, the director now owns 182,837 shares of the company's stock, valued at approximately $3,720,732.95. The trade was a 2.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 244,905 shares of company stock worth $4,718,855. 4.30% of the stock is owned by insiders.

Institutional Trading of Magnite

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of Magnite in the fourth quarter valued at about $11,076,000. Western Wealth Management LLC bought a new stake in shares of Magnite in the 4th quarter worth approximately $159,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Magnite by 7.2% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 368,620 shares of the company's stock worth $5,868,000 after purchasing an additional 24,659 shares in the last quarter. ProShare Advisors LLC grew its holdings in shares of Magnite by 49.0% during the 4th quarter. ProShare Advisors LLC now owns 35,432 shares of the company's stock worth $564,000 after purchasing an additional 11,656 shares in the last quarter. Finally, Occudo Quantitative Strategies LP bought a new stake in shares of Magnite during the fourth quarter valued at approximately $251,000. 73.40% of the stock is currently 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.