Magnite, Inc. (NASDAQ:MGNI) Receives Consensus Recommendation of "Moderate Buy" from Analysts

Magnite, Inc. (NASDAQ:MGNI - Get Free Report) has been assigned a consensus recommendation of "Moderate Buy" from the eleven brokerages that are covering the firm, Marketbeat.com reports. One analyst has rated the stock with a hold recommendation and ten have given a buy recommendation to the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $16.86.

MGNI has been the subject of a number of research reports. Wells Fargo & Company assumed coverage on Magnite in a report on Monday, October 28th. They set an "equal weight" rating and a $13.00 price objective for the company. Lake Street Capital assumed coverage on Magnite in a research note on Thursday, July 25th. They issued a "buy" rating and a $21.00 price target for the company. Wolfe Research assumed coverage on Magnite in a research note on Tuesday, July 16th. They issued an "outperform" rating and a $16.00 price target for the company. Benchmark restated a "buy" rating and issued a $21.00 price target on shares of Magnite in a research note on Wednesday, October 2nd. Finally, Bank of America raised their price target on Magnite from $15.00 to $17.00 and gave the company a "buy" rating in a research note on Monday, July 29th.

Insider Transactions at Magnite

In other news, CRO Sean Patrick Buckley sold 2,623 shares of Magnite 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 completion of the transaction, the executive now directly owns 331,742 shares in the company, valued at approximately $4,156,727.26. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Magnite news, CRO Sean Patrick Buckley sold 2,623 shares of the company's stock in a transaction 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 transaction, the executive now directly owns 331,742 shares of the company's stock, valued at $4,156,727.26. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Michael G. Barrett sold 75,000 shares of the company's stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $12.63, for a total transaction of $947,250.00. Following the completion of the transaction, the chief executive officer now owns 944,552 shares in the company, valued at $11,929,691.76. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 95,533 shares of company stock worth $1,206,203. 4.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Magnite

Hedge funds have recently bought and sold shares of the business. UMB Bank n.a. increased its position in Magnite by 111.8% during the second quarter. UMB Bank n.a. now owns 2,251 shares of the company's stock worth $30,000 after acquiring an additional 1,188 shares during the period. Asset Dedication LLC bought a new position in Magnite during the second quarter worth about $52,000. Blue Trust Inc. bought a new position in Magnite during the second quarter worth about $56,000. Benjamin F. Edwards & Company Inc. increased its position in Magnite by 973.5% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 4,380 shares of the company's stock worth $58,000 after acquiring an additional 3,972 shares during the period. Finally, DekaBank Deutsche Girozentrale bought a new position in Magnite during the second quarter worth about $93,000. 73.40% of the stock is owned by institutional investors.

Magnite Stock Down 0.6 %

Shares of NASDAQ:MGNI traded down $0.07 during mid-day trading on Friday, reaching $12.41. 1,126,304 shares of the stock were exchanged, compared to its average volume of 1,370,825. 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 market cap of $1.75 billion, a P/E ratio of -112.82, a P/E/G ratio of 1.09 and a beta of 2.43. Magnite has a one year low of $6.55 and a one year high of $15.92. The stock's 50 day simple moving average is $12.88 and its 200-day simple moving average is $12.54.

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