Analysts Set Magnite, Inc. (NASDAQ:MGNI) PT at $14.78

Magnite, Inc. (NASDAQ:MGNI) has earned a consensus recommendation of “Moderate Buy” from the ten research firms that are covering the stock, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold rating and eight have assigned 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.

A number of brokerages recently issued reports on MGNI. Royal Bank of Canada reissued an “outperform” rating and set a $15.00 price objective on shares of Magnite in a research report on Thursday, March 7th. Bank of America lifted their target price on Magnite from $11.00 to $13.00 and gave the company a “neutral” rating in a research report on Thursday, February 29th. B. Riley lifted their target price on Magnite from $15.00 to $18.00 and gave the company a “buy” rating in a research report on Thursday, February 29th. Susquehanna lifted their target price on Magnite from $11.00 to $14.00 and gave the company a “positive” rating in a research report on Thursday, February 29th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $15.00 target price on shares of Magnite in a research report on Thursday, March 21st.

Magnite Stock Up 0.7 %

Shares of NASDAQ:MGNI opened at $8.64 on Tuesday. The business has a 50-day moving average price of $10.34 and a 200 day moving average price of $9.01. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.76. The company has a market capitalization of $1.17 billion, a price-to-earnings ratio of -6.97, a PEG ratio of 0.54 and a beta of 2.25. Magnite has a 12-month low of $6.28 and a 12-month high of $15.73.

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

Insider Activity

In related news, CEO Michael G. Barrett sold 75,000 shares of the business’s stock in a transaction that occurred on Friday, March 15th. The stock was 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 in the company, valued at $13,840,561.02. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 4.30% of the company’s stock.

Institutional Investors Weigh In On Magnite

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MGNI. JPMorgan Chase & Co. lifted its stake in Magnite by 12.2% in the first quarter. JPMorgan Chase & Co. now owns 333,176 shares of the company’s stock valued at $4,401,000 after buying an additional 36,176 shares during the last quarter. Raymond James & Associates increased its holdings in shares of Magnite by 13.9% in the first quarter. Raymond James & Associates now owns 16,682 shares of the company’s stock valued at $220,000 after purchasing an additional 2,038 shares during the period. Cambridge Investment Research Advisors Inc. increased its holdings in shares of Magnite by 27.8% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 25,361 shares of the company’s stock valued at $335,000 after purchasing an additional 5,512 shares during the period. HighTower Advisors LLC increased its holdings in shares of Magnite by 8.7% in the first quarter. HighTower Advisors LLC now owns 111,260 shares of the company’s stock valued at $1,470,000 after purchasing an additional 8,892 shares during the period. Finally, MetLife Investment Management LLC increased its holdings in shares of Magnite by 55.0% in the first quarter. MetLife Investment Management LLC now owns 69,690 shares of the company’s stock valued at $921,000 after purchasing an additional 24,725 shares during the period. Hedge funds and other institutional investors own 73.40% of the company’s stock.

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.