Brokerages Set Magnite, Inc. (NASDAQ:MGNI) Target Price at $20.33

by · The Cerbat Gem

Shares of Magnite, Inc. (NASDAQ:MGNI – Get Free Report) have been assigned an average rating of “Moderate Buy” from the twelve analysts that are covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $20.33.

A number of research analysts have recently issued reports on MGNI shares. Craig Hallum set a $24.00 price objective on shares of Magnite and gave the company a “buy” rating in a report on Tuesday, May 20th. Lake Street Capital cut their price objective on Magnite from $21.00 to $19.00 and set a “buy” rating for the company in a report on Thursday, May 8th. Wall Street Zen raised shares of Magnite from a “hold” rating to a “buy” rating in a research note on Sunday. Royal Bank Of Canada dropped their target price on shares of Magnite from $22.00 to $19.00 and set an “outperform” rating for the company in a report on Friday, May 2nd. Finally, Needham & Company LLC increased their price target on shares of Magnite from $14.00 to $18.00 and gave the stock a “buy” rating in a research note on Monday, May 12th.

Get Our Latest Report on MGNI

Magnite Stock Up 2.3%

Shares of NASDAQ MGNI opened at $23.10 on Thursday. The stock has a 50-day moving average price of $18.46 and a two-hundred day moving average price of $15.90. Magnite has a 12 month low of $8.22 and a 12 month high of $25.27. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.47. The company has a market cap of $3.26 billion, a price-to-earnings ratio of 115.51, a PEG ratio of 1.84 and a beta of 2.96.

Magnite (NASDAQ:MGNI – Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The company reported $0.12 EPS for the quarter, beating analysts’ consensus estimates of $0.06 by $0.06. The firm had revenue of $145.85 million for the quarter, compared to analyst estimates of $142.18 million. Magnite had a return on equity of 6.71% and a net margin of 4.58%. The business’s revenue was up 4.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.05 EPS. As a group, analysts forecast that Magnite will post 0.33 earnings per share for the current fiscal year.

Insider Buying and Selling at Magnite

In related news, CFO David Day sold 38,146 shares of Magnite stock in a transaction on Wednesday, June 18th. The shares were sold at an average price of $18.95, for a total transaction of $722,866.70. Following the transaction, the chief financial officer owned 443,528 shares in the company, valued at approximately $8,404,855.60. The trade was a 7.92% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Adam Lee Soroca sold 44,519 shares of the business’s stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of $20.00, for a total transaction of $890,380.00. Following the completion of the sale, the insider owned 400,927 shares in the company, valued at approximately $8,018,540. The trade was a 9.99% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 888,327 shares of company stock worth $17,204,178. Insiders own 4.30% of the company’s stock.

Institutional Trading of Magnite

Large investors have recently made changes to their positions in the business. SBI Securities Co. Ltd. purchased a new stake in Magnite in the 4th quarter valued at about $25,000. MCF Advisors LLC grew its position in Magnite by 2,100.0% during the first quarter. MCF Advisors LLC now owns 2,200 shares of the company’s stock valued at $25,000 after buying an additional 2,100 shares during the period. Smartleaf Asset Management LLC grew its position in Magnite by 74.9% during the first quarter. Smartleaf Asset Management LLC now owns 2,810 shares of the company’s stock valued at $33,000 after buying an additional 1,203 shares during the period. GAMMA Investing LLC lifted its holdings in Magnite by 355.6% during the second quarter. GAMMA Investing LLC now owns 1,517 shares of the company’s stock valued at $37,000 after purchasing an additional 1,184 shares in the last quarter. Finally, AllSquare Wealth Management LLC lifted its holdings in Magnite by 76.8% during the first quarter. AllSquare Wealth Management LLC now owns 3,580 shares of the company’s stock valued at $41,000 after purchasing an additional 1,555 shares in the last quarter. 73.40% of the stock is currently owned by institutional investors.

About Magnite

(Get Free Report

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.

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