Magnite Inc. (NASDAQ:MGNI) shares traded -35.09% lower at $8.01 on Wall Street last session.
In accordance with the data, 12 analysts cover Magnite Inc. (NASDAQ:MGNI). The consensus rating among analysts is ‘Overweight’. As we calculate the median target price by taking the range between a high of $18.00 and a low of $11.00, we find $15.00. Given the previous closing price of $12.34, this indicates a potential upside of 21.56 percent. MGNI stock price is now -42.50% away from the 50-day moving average and -27.84% away from the 200-day moving average. The market capitalization of the company currently stands at $1.08B.
It has been rated a hold by 3 analysts and a buy by 9. Brokers who have rated the stock have averaged $14.68 as their price target over the next twelve months.
With the price target of $15, B. Riley Securities recently initiated with Buy rating for Magnite Inc. (NASDAQ: MGNI).
In other news, BARRETT MICHAEL G., CEO sold 25,000 shares of the company’s stock on Jul 11. The stock was sold for $375,500 at an average price of $15.02. Upon completion of the transaction, the CEO now directly owns 1,405,072 shares in the company, valued at $11.25 million. An SEC document containing details of the transaction can be found on the SEC’s website. On Jul 11, Chief Operating Officer Evans Katie Seitz sold 17,774 shares of the business’s stock. A total of $266,610 was realized by selling the stock at an average price of $15.00. This leaves the insider owning 356,071 shares of the company worth $2.85 million. Insiders disposed of 782,619 shares of company stock worth roughly $6.27 million over the past 1 year. A total of 2.40% 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 DRIEHAUS CAPITAL MANAGEMENT LLC during the first quarter worth $4,026,000. SUSQUEHANNA INTERNATIONAL GROUP, LLP invested $1,970,000 in shares of MGNI during the first quarter. In the first quarter, QUBE RESEARCH & TECHNOLOGIES LTD acquired a new stake in Magnite Inc. valued at approximately $1,853,000. CM WEALTH ADVISORS LLC acquired a new stake in MGNI for approximately $678,000. GSA CAPITAL PARTNERS LLP purchased a new stake in MGNI valued at around $652,000 in the second quarter. In total, there are 305 active investors with 67.40% ownership of the company’s stock.
Magnite Inc. (NASDAQ: MGNI) opened at $10.01 on Thursday. During the past 12 months, Magnite Inc. has had a low of $5.59 and a high of $15.73. As of last week, the company has a debt-to-equity ratio of 0.96, a current ratio of 1.20, and a quick ratio of 1.20. The fifty day moving average price for MGNI is $13.85 and a two-hundred day moving average price translates $11.11 for the stock.
The latest earnings results from Magnite Inc. (NASDAQ: MGNI) was released for Jun, 2023. According to the Advertising Agencies Company, earnings per share came in at $0.09, beating analysts’ expectations of $0.03 by 0.06. This compares to -$0.19 EPS in the same period last year. The net profit margin was -31.30% and return on equity was -23.60% for MGNI. The company reported revenue of $152.54 million for the quarter, compared to $137.78 million a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue rose 10.71 percent. For the current quarter, analysts expect MGNI to generate $138.3M 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.
