Magnite, Inc. (NASDAQ:MGNI) Receives Average Rating of “Moderate Buy” from Brokerages

Shares of Magnite, Inc. (NASDAQ:MGNIGet Free Report) have received a consensus rating of “Moderate Buy” from the ten ratings firms that are currently covering the company, Marketbeat reports. Two research analysts have rated the stock with a hold recommendation and eight have assigned a buy recommendation to the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $13.56.

Several brokerages recently commented on MGNI. Bank of America initiated coverage on shares of Magnite in a research note on Thursday, January 11th. They set a “neutral” rating and a $11.00 price objective for the company. Susquehanna dropped their price target on shares of Magnite from $13.00 to $11.00 and set a “positive” rating on the stock in a report on Thursday, November 9th. TheStreet cut shares of Magnite from a “c-” rating to a “d+” rating in a research note on Thursday, October 26th. Finally, Royal Bank of Canada reduced their price target on shares of Magnite from $15.00 to $13.00 and set an “outperform” rating on the stock in a research report on Thursday, November 9th.

Get Our Latest Stock Report on Magnite

Magnite Trading Down 5.2 %

Shares of NASDAQ MGNI opened at $8.85 on Thursday. Magnite has a 52-week low of $6.28 and a 52-week high of $15.73. The company has a debt-to-equity ratio of 0.92, a quick ratio of 1.12 and a current ratio of 1.12. The firm has a 50 day moving average price of $8.98 and a two-hundred day moving average price of $8.98. The stock has a market cap of $1.22 billion, a P/E ratio of -5.30 and a beta of 2.24.

Magnite (NASDAQ:MGNIGet Free Report) last released its quarterly earnings data on Wednesday, November 8th. The company reported $0.02 earnings per share for the quarter. Magnite had a negative net margin of 37.24% and a positive return on equity of 1.36%. The firm had revenue of $133.14 million for the quarter, compared to analyst estimates of $130.30 million. As a group, equities analysts forecast that Magnite will post -1.29 EPS for the current year.

Institutional Trading of Magnite

A number of institutional investors have recently bought and sold shares of MGNI. Dimensional Fund Advisors LP boosted its position in shares of Magnite by 132.3% in the first quarter. Dimensional Fund Advisors LP now owns 4,221,231 shares of the company’s stock worth $39,087,000 after buying an additional 2,403,904 shares during the period. Burgundy Asset Management Ltd. bought a new stake in Magnite during the 3rd quarter valued at $17,759,000. Rubric Capital Management LP bought a new stake in shares of Magnite in the 2nd quarter worth $30,221,000. Driehaus Capital Management LLC raised its stake in shares of Magnite by 297.9% in the 2nd quarter. Driehaus Capital Management LLC now owns 2,000,168 shares of the company’s stock worth $27,302,000 after buying an additional 1,497,537 shares in the last quarter. Finally, Victory Capital Management Inc. grew its holdings in shares of Magnite by 9,584.5% in the 4th quarter. Victory Capital Management Inc. now owns 1,257,147 shares of the company’s stock worth $13,313,000 after acquiring an additional 1,244,166 shares during the last quarter. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

About Magnite

(Get Free Report

Magnite, Inc operates an independent 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 provides applications and services for buyers, including advertisers, agencies, agency trading desks, and demand side platforms to buy digital advertising inventory.

See Also

Analyst Recommendations for Magnite (NASDAQ:MGNI)

Receive News & Ratings for Magnite Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Magnite and related companies with MarketBeat.com's FREE daily email newsletter.