In yesterday’s Wall Street session, Magnite Inc. (NASDAQ:MGNI) shares traded at $11.87, up 6.84% from the previous session.
As of this writing, 10 analysts cover Magnite Inc. (NASDAQ:MGNI). The consensus rating among analysts is ‘Buy’. As we calculate the median target price by taking the range between a high of $17.00 and a low of $9.00, we find $13.75. Given the previous closing price of $11.11, this indicates a potential upside of 23.76 percent. MGNI stock price is now 50.25% away from the 50-day moving average and 22.87% away from the 200-day moving average. The market capitalization of the company currently stands at $1.57B.
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There are 1 analysts who have given it a hold rating, whereas 9 have given it a buy rating. Brokers who have rated the stock have averaged $13.65 as their price target over the next twelve months.
With the price target of $18, The Benchmark Company recently initiated with Buy rating for Magnite Inc. (NASDAQ: MGNI). On September 22, 2021, Berenberg recently initiated its ‘Buy’ rating on the stock quoting a target price of $37, while ‘Macquarie’ rates the stock as ‘Outperform’.
In other news, BARRETT MICHAEL G., CEO sold 75,000 shares of the company’s stock on Nov 15. The stock was sold for $868,486 at an average price of $11.58. Upon completion of the transaction, the CEO now directly owns 1,430,236 shares in the company, valued at $16.98 million. An SEC document containing details of the transaction can be found on the SEC’s website. On May 11, Director Lam Rachel bought 2,500 shares of the business’s stock. A total of $22,500 was incurred on buying the stock at an average price of $9.00. This leaves the insider owning 186,763 shares of the company worth $2.22 million. Insiders disposed of 397,697 shares of company stock worth roughly $4.72 million over the past 1 year. A total of 3.50% of the company’s stock is owned by insiders.
There have been several recent changes in the stakes of large investors in MGNI stock. A new stake in Magnite Inc. shares was purchased by WELLINGTON MANAGEMENT GROUP LLP during the first quarter worth $16,764,000. BUILDERS UNION LLP invested $13,884,000 in shares of MGNI during the first quarter. In the first quarter, HARSPRING CAPITAL MANAGEMENT, LLC acquired a new stake in Magnite Inc. valued at approximately $2,137,000. JUMP FINANCIAL, LLC acquired a new stake in MGNI for approximately $1,547,000. CHARTWELL INVESTMENT PARTNERS, LLC purchased a new stake in MGNI valued at around $1,346,000 in the second quarter. In total, there are 319 active investors with 67.60% ownership of the company’s stock.
Thursday morning saw Magnite Inc. (NASDAQ: MGNI) opened at $11.18. During the past 12 months, Magnite Inc. has had a low of $5.59 and a high of $19.14. As of last week, the company has a debt-to-equity ratio of 0.90, a current ratio of 1.20, and a quick ratio of 1.20. The fifty day moving average price for MGNI is $7.90 and a two-hundred day moving average price translates $9.66 for the stock.
The latest earnings results from Magnite Inc. (NASDAQ: MGNI) was released for Jun, 2022. According to the Advertising Agencies Company, earnings per share came in at $0.14, missing analysts’ expectations of $0.17 by -0.03. This compares to -$0.18 EPS in the same period last year. The net profit margin was -16.60% and return on equity was -11.20% for MGNI. The company reported revenue of $145.81 million for the quarter, compared to $131.87 million a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue rose 10.57 percent. For the current quarter, analysts expect MGNI to generate $124.36M in revenue.
Magnite Inc.(MGNI) Company Profile
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. It markets its technology solutions to buyers and sellers through a sales teams that operate from various locations. The company was formerly known as The Rubicon Project, Inc. and changed name to Magnite, Inc. in July 2020. Magnite, Inc. was incorporated in 2007 and is headquartered in New York, New York.
