Brokerages Set Magnite, Inc. (NASDAQ:MGNI) Price Target at $14.78

Shares of Magnite, Inc. (NASDAQ:MGNI) have been given an average recommendation of “Moderate Buy” by the ten research firms that are currently covering the firm, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $14.78.

A number of equities analysts recently issued reports on the company. B. Riley lifted their target price on Magnite from $15.00 to $18.00 and gave the stock a “buy” rating in a report on Thursday, February 29th. Royal Bank of Canada reiterated an “outperform” rating and set a $15.00 price target on shares of Magnite in a report on Thursday, March 7th. Bank of America lifted their price objective on Magnite from $11.00 to $13.00 and gave the company a “neutral” rating in a research report on Thursday, February 29th. Benchmark reaffirmed a “buy” rating and issued a $18.00 price target on shares of Magnite in a research report on Monday, March 25th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $15.00 price target on shares of Magnite in a research report on Thursday, March 21st.

Insider Activity at Magnite

In related news, CEO Michael G. Barrett sold 75,000 shares of the 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 sale, the chief executive officer now directly owns 1,234,662 shares in the company, valued at approximately $13,840,561.02. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 4.30% of the company’s stock.

Institutional Investors Weigh In On Magnite

A number of large investors have recently bought and sold shares of MGNI. Cape Investment Advisory Inc. bought a new position in Magnite in the 4th quarter valued at $25,000. State of Wyoming bought a new position in Magnite in the 4th quarter valued at $29,000. Covestor Ltd boosted its position in Magnite by 7,927.8% in the 1st quarter. Covestor Ltd now owns 2,890 shares of the company’s stock valued at $38,000 after buying an additional 2,854 shares during the last quarter. Captrust Financial Advisors boosted its position in Magnite by 48.5% in the 1st quarter. Captrust Financial Advisors now owns 3,767 shares of the company’s stock valued at $50,000 after buying an additional 1,230 shares during the last quarter. Finally, Coppell Advisory Solutions LLC bought a new position in shares of Magnite in the 2nd quarter worth $52,000. 73.40% of the stock is currently owned by institutional investors.

Magnite Trading Up 0.7 %

NASDAQ:MGNI opened at $8.64 on Tuesday. The company has a market cap of $1.17 billion, a PE ratio of -6.97, a P/E/G ratio of 0.54 and a beta of 2.25. Magnite has a 52 week low of $6.28 and a 52 week high of $15.73. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.76. The business’s 50 day moving average is $10.34 and its two-hundred day moving average is $9.01.

Magnite (NASDAQ:MGNI) last announced its quarterly earnings results on Wednesday, February 28th. The company reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.03 by $0.13. The business had revenue of $165.28 million for 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%. On average, analysts predict that Magnite will post 0.47 EPS for the current year.

About Magnite

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.