Magnite, Inc. (NASDAQ:MGNI) Given Consensus Rating of "Buy" by Brokerages

Shares of Magnite, Inc. (NASDAQ:MGNI - Get Free Report) have been assigned an average rating of "Buy" from the ten research firms that are covering the firm, Marketbeat reports. Ten equities research analysts have rated the stock with a buy rating. The average 1 year target price among analysts that have covered the stock in the last year is $17.25.

Several brokerages recently issued reports on MGNI. Needham & Company LLC reaffirmed a "buy" rating and set a $15.00 target price on shares of Magnite in a research report on Wednesday, October 2nd. Bank of America upped their target price on Magnite from $15.00 to $17.00 and gave the company a "buy" rating in a research report on Monday, July 29th. Royal Bank of Canada reaffirmed an "outperform" rating and set a $19.00 target price on shares of Magnite in a research report on Friday, September 27th. Benchmark reaffirmed a "buy" rating and set a $21.00 target price on shares of Magnite in a research report on Wednesday, October 2nd. Finally, Craig Hallum reaffirmed a "buy" rating and set a $20.00 target price on shares of Magnite in a research report on Wednesday, August 21st.

Magnite Stock Up 1.3 %

Shares of MGNI traded up $0.16 during trading hours on Tuesday, hitting $12.22. The company had a trading volume of 1,267,601 shares, compared to its average volume of 1,604,653. The company has a market capitalization of $1.72 billion, a PE ratio of -18.84, a price-to-earnings-growth ratio of 1.04 and a beta of 2.41. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.77. Magnite has a one year low of $6.28 and a one year high of $15.92. The company's fifty day moving average price is $13.20 and its two-hundred day moving average price is $12.24.

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

Insider Activity

In other news, CAO Brian Gephart sold 16,166 shares of the stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $15.00, for a total value of $242,490.00. Following the transaction, the chief accounting officer now directly owns 121,169 shares of the company's stock, valued at approximately $1,817,535. This represents a 0.00 % 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. In other news, CEO Michael G. Barrett sold 100,000 shares of the company's stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $15.00, for a total value of $1,500,000.00. Following the sale, the chief executive officer now owns 1,052,493 shares in the company, valued at $15,787,395. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Brian Gephart sold 16,166 shares of the company's stock in a transaction dated 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 sale, the chief accounting officer now owns 121,169 shares in the company, valued at $1,817,535. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 250,383 shares of company stock valued at $3,519,150. Company insiders own 4.30% of the company's stock.

Institutional Trading of Magnite

A number of hedge funds have recently modified their holdings of MGNI. Grizzlyrock Capital LLC purchased a new position in Magnite during the fourth quarter worth approximately $6,656,000. GSA Capital Partners LLP purchased a new position in Magnite during the fourth quarter worth approximately $4,490,000. Twin Focus Capital Partners LLC purchased a new position in Magnite during the fourth quarter worth approximately $143,000. Wellington Management Group LLP boosted its position in Magnite by 1.8% during the fourth quarter. Wellington Management Group LLP now owns 2,939,541 shares of the company's stock worth $27,455,000 after purchasing an additional 52,129 shares in the last quarter. Finally, Vanguard Group Inc. boosted its position in Magnite by 1.7% during the fourth quarter. Vanguard Group Inc. now owns 12,651,675 shares of the company's stock worth $118,167,000 after purchasing an additional 209,771 shares in the last quarter. Hedge funds and other institutional investors own 73.40% of the company's stock.

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.