Magnite, Inc. (NASDAQ:MGNI) Receives Consensus Rating of “Buy” from Analysts

Shares of Magnite, Inc. (NASDAQ:MGNI) have received a consensus rating of “Buy” from the ten brokerages that are currently covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $19.29.

MGNI has been the topic of several recent research reports. 140166 initiated coverage on Magnite in a report on Friday, December 18th. They set a “positive” rating and a $30.00 price target on the stock. BidaskClub upgraded Magnite from a “buy” rating to a “strong-buy” rating in a report on Tuesday, December 22nd. Royal Bank of Canada upped their price target on Magnite from $9.00 to $16.00 and gave the stock an “outperform” rating in a report on Tuesday, November 10th. Zacks Investment Research upgraded Magnite from a “hold” rating to a “buy” rating and set a $12.00 price target on the stock in a report on Wednesday, November 11th. Finally, TheStreet upgraded Magnite from a “d” rating to a “c-” rating in a report on Friday, December 11th.

MGNI stock opened at $30.71 on Friday. The stock has a market cap of $3.44 billion, a P/E ratio of -50.34 and a beta of 2.29. Magnite has a 12-month low of $4.09 and a 12-month high of $33.00. The company has a fifty day moving average price of $20.52.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings data on Monday, November 9th. The company reported $0.06 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.11) by $0.17. The firm had revenue of $60.98 million for the quarter, compared to the consensus estimate of $53.90 million. Magnite had a negative return on equity of 9.19% and a negative net margin of 30.72%. As a group, research analysts anticipate that Magnite will post -0.21 earnings per share for the current fiscal year.

In related news, CFO David Day sold 18,033 shares of the company’s stock in a transaction dated Monday, November 30th. The stock was sold at an average price of $19.44, for a total value of $350,561.52. Following the completion of the sale, the chief financial officer now directly owns 283,009 shares of the company’s stock, valued at approximately $5,501,694.96. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Adam Lee Soroca sold 10,000 shares of the company’s stock in a transaction dated Friday, November 20th. The shares were sold at an average price of $15.00, for a total value of $150,000.00. Following the completion of the sale, the insider now directly owns 374,501 shares of the company’s stock, valued at $5,617,515. The disclosure for this sale can be found here. In the last quarter, insiders sold 306,701 shares of company stock worth $4,186,454. Company insiders own 5.70% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in MGNI. BlackRock Inc. acquired a new stake in Magnite during the 3rd quarter worth approximately $51,775,000. Royce & Associates LP acquired a new stake in Magnite during the 3rd quarter worth approximately $20,494,000. State Street Corp acquired a new stake in Magnite during the 3rd quarter worth approximately $19,644,000. Cannell Capital LLC acquired a new stake in Magnite during the 3rd quarter worth approximately $18,548,000. Finally, Portsea Asset Management LLP acquired a new stake in Magnite during the 3rd quarter worth approximately $13,945,000. 59.76% of the stock is owned by hedge funds and other institutional investors.

Magnite Company Profile

Magnite, Inc operates an independent sell-side advertising platform in the United States and internationally. Its omnichannel advertising platform enables publishers to monetize various auction types and formats, including CTV, desktop display, video, audio, and mobile, as well as allows agencies and brands to access brand-safe ad inventory and execute advertising transactions.

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Analyst Recommendations for Magnite (NASDAQ:MGNI)

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