Brokerages Set Magnite, Inc. (NASDAQ:MGNI) Target Price at $17.25

Magnite, Inc. (NASDAQ:MGNI) has been given an average rating of “Buy” by the ten analysts that are covering the company, MarketBeat Ratings reports. Ten research analysts have rated the stock with a buy recommendation. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $17.25.

Several equities research analysts have recently commented on MGNI shares. Royal Bank of Canada lifted their price objective on shares of Magnite from $17.00 to $19.00 and gave the stock an “outperform” rating in a research note on Wednesday, June 5th. Benchmark reaffirmed a “buy” rating and set a $21.00 price target on shares of Magnite in a research report on Tuesday, August 20th. Craig Hallum reissued a “buy” rating and issued a $20.00 price objective on shares of Magnite in a report on Wednesday, August 21st. Bank of America raised their price objective on Magnite from $15.00 to $17.00 and gave the stock a “buy” rating in a research note on Monday, July 29th. Finally, Wolfe Research assumed coverage on Magnite in a research report on Tuesday, July 16th. They issued an “outperform” rating and a $16.00 target price on the stock.

Insider Activity at Magnite

In other Magnite news, CFO David Day sold 19,077 shares of the company’s 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 $286,155.00. Following the sale, the chief financial officer now owns 430,755 shares in the company, valued at approximately $6,461,325. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Magnite news, CFO David Day sold 19,077 shares of Magnite stock in a transaction on Monday, July 15th. The shares were sold at an average price of $15.00, for a total value of $286,155.00. Following the completion of the transaction, the chief financial officer now owns 430,755 shares of the company’s stock, valued at $6,461,325. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 transaction of $242,490.00. Following the sale, the chief accounting officer now directly owns 121,169 shares in the company, valued at $1,817,535. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 250,383 shares of company stock worth $3,519,150. 4.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Charles Schwab Investment Management Inc. increased its holdings in Magnite by 1.7% in the 4th 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 in the last quarter. NBC Securities Inc. increased its stake in shares of Magnite by 4.2% during the fourth quarter. NBC Securities Inc. now owns 27,485 shares of the company’s stock worth $256,000 after purchasing an additional 1,108 shares in the last quarter. Norges Bank acquired a new position in shares of Magnite during the 4th quarter worth about $8,164,000. Dynamic Technology Lab Private Ltd purchased a new position in Magnite in the 4th quarter valued at about $99,000. Finally, Aigen Investment Management LP acquired a new stake in Magnite in the 4th quarter worth about $164,000. 73.40% of the stock is owned by institutional investors and hedge funds.

Magnite Trading Down 6.5 %

Shares of NASDAQ:MGNI opened at $13.12 on Friday. The business’s 50-day moving average is $13.70 and its 200 day moving average is $12.09. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.10 and a quick ratio of 1.10. Magnite has a 1 year low of $6.28 and a 1 year high of $15.92. The firm has a market capitalization of $1.85 billion, a P/E ratio of -20.50, a P/E/G ratio of 1.18 and a beta of 2.41.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings results on Wednesday, August 7th. The company reported $0.14 earnings per share for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.01). The business had revenue of $162.88 million for 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 revenue was up 6.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.04) EPS. On average, research analysts predict that Magnite will post 0.31 earnings per share for the current fiscal year.

Magnite Company Profile

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.