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

Shares of Magnite, Inc. (NASDAQ:MGNI) have been assigned a consensus rating of “Moderate Buy” from the ten ratings firms that are covering the stock, Marketbeat.com reports. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $14.78.

Several brokerages have commented on MGNI. Bank of America boosted their target price on shares of Magnite from $11.00 to $13.00 and gave the stock a “neutral” rating in a research report on Thursday, February 29th. Royal Bank of Canada reiterated an “outperform” rating and issued a $15.00 price objective on shares of Magnite in a research report on Thursday, March 7th. Benchmark reiterated a “buy” rating and issued a $18.00 price objective on shares of Magnite in a research report on Monday, March 25th. Susquehanna boosted their price objective on shares of Magnite from $11.00 to $14.00 and gave the stock a “positive” rating in a research report on Thursday, February 29th. Finally, B. Riley boosted their price objective on shares of Magnite from $15.00 to $18.00 and gave the stock a “buy” rating in a research report on Thursday, February 29th.

Insider Buying and Selling

In related news, CEO Michael G. Barrett sold 75,000 shares of the stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $11.21, for a total transaction of $840,750.00. Following the completion of the sale, the chief executive officer now owns 1,234,662 shares of the company’s stock, valued at approximately $13,840,561.02. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 4.30% of the company’s stock.

Hedge Funds Weigh In On Magnite

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Cerity Partners LLC boosted its stake in shares of Magnite by 9.8% during the 4th quarter. Cerity Partners LLC now owns 11,181 shares of the company’s stock valued at $118,000 after buying an additional 1,000 shares during the last quarter. NBC Securities Inc. lifted its stake in 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 during the last quarter. Captrust Financial Advisors lifted its stake in Magnite by 48.5% during the first quarter. Captrust Financial Advisors now owns 3,767 shares of the company’s stock worth $50,000 after purchasing an additional 1,230 shares during the last quarter. Amundi lifted its stake in Magnite by 16.7% during the fourth quarter. Amundi now owns 8,739 shares of the company’s stock worth $92,000 after purchasing an additional 1,249 shares during the last quarter. Finally, Metropolitan Life Insurance Co NY lifted its stake in Magnite by 22.5% during the fourth quarter. Metropolitan Life Insurance Co NY now owns 8,112 shares of the company’s stock worth $86,000 after purchasing an additional 1,490 shares during the last quarter. Hedge funds and other institutional investors own 73.40% of the company’s stock.

Magnite Stock Performance

Shares of MGNI opened at $8.82 on Tuesday. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.09 and a current ratio of 1.09. The stock has a market capitalization of $1.20 billion, a P/E ratio of -7.11, a P/E/G ratio of 0.57 and a beta of 2.25. The company’s fifty day moving average is $10.38 and its two-hundred day moving average is $9.01. Magnite has a 1 year low of $6.28 and a 1 year high of $15.73.

Magnite (NASDAQ:MGNI) last issued its earnings results on Wednesday, February 28th. The company reported $0.16 EPS for the quarter, topping the consensus estimate of $0.03 by $0.13. The company had revenue of $165.28 million for the quarter, compared to analyst estimates of $160.24 million. Magnite had a negative net margin of 25.69% and a positive return on equity of 2.52%. On average, sell-side analysts predict that Magnite will post 0.47 earnings per share for the current 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.