Susquehanna Issues Positive Forecast for Magnite (NASDAQ:MGNI) Stock Price

Magnite (NASDAQ:MGNI) had its price objective increased by Susquehanna from $16.00 to $22.00 in a research report released on Thursday,Benzinga reports. The brokerage currently has a positive rating on the stock.

Several other equities research analysts have also commented on MGNI. Needham & Company LLC restated a “buy” rating and set a $20.00 target price on shares of Magnite in a research report on Thursday. Wells Fargo & Company raised their price target on shares of Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a research report on Thursday, January 16th. Macquarie reissued an “outperform” rating and set a $18.00 price objective on shares of Magnite in a report on Friday, November 8th. Benchmark raised their target price on Magnite from $21.00 to $25.00 and gave the company a “buy” rating in a report on Thursday. Finally, Royal Bank of Canada upped their price target on Magnite from $19.00 to $22.00 and gave the stock an “outperform” rating in a report on Friday, January 3rd. One equities research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, Magnite has an average rating of “Moderate Buy” and an average price target of $19.27.

Magnite Stock Performance

NASDAQ MGNI opened at $16.55 on Thursday. The firm’s fifty day moving average price is $17.31 and its two-hundred day moving average price is $15.18. The stock has a market cap of $2.33 billion, a PE ratio of 275.83, a PEG ratio of 1.00 and a beta of 2.52. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.11 and a current ratio of 1.11. Magnite has a fifty-two week low of $8.38 and a fifty-two week high of $21.29.

Magnite (NASDAQ:MGNI) last issued its earnings results on Wednesday, February 26th. The company reported $0.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.14). Magnite had a return on equity of 4.64% and a net margin of 2.62%. The firm had revenue of $180.20 million during the quarter, compared to analyst estimates of $183.90 million. On average, equities analysts expect that Magnite will post 0.33 EPS for the current fiscal year.

Insider Buying and Selling at Magnite

In other news, Director Paul Caine sold 5,000 shares of the firm’s stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $20.35, for a total transaction of $101,750.00. Following the transaction, the director now directly owns 182,837 shares of the company’s stock, valued at approximately $3,720,732.95. This trade represents a 2.66 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Michael G. Barrett sold 147,996 shares of the stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $17.52, for a total value of $2,592,889.92. Following the sale, the chief executive officer now owns 634,914 shares of the company’s stock, valued at $11,123,693.28. This represents a 18.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 398,110 shares of company stock worth $7,418,043 over the last ninety days. Insiders own 4.30% of the company’s stock.

Institutional Trading of Magnite

A number of institutional investors have recently made changes to their positions in MGNI. Arizona State Retirement System increased its stake in shares of Magnite by 1.5% in the fourth quarter. Arizona State Retirement System now owns 36,846 shares of the company’s stock worth $587,000 after buying an additional 559 shares during the period. Truist Financial Corp grew its holdings in Magnite by 2.0% in the 4th quarter. Truist Financial Corp now owns 34,242 shares of the company’s stock worth $545,000 after acquiring an additional 674 shares during the last quarter. Summit Investment Advisors Inc. increased its position in shares of Magnite by 6.8% in the fourth quarter. Summit Investment Advisors Inc. now owns 13,162 shares of the company’s stock valued at $210,000 after acquiring an additional 836 shares during the period. Verdence Capital Advisors LLC raised its stake in shares of Magnite by 4.8% during the third quarter. Verdence Capital Advisors LLC now owns 19,326 shares of the company’s stock valued at $268,000 after acquiring an additional 892 shares during the last quarter. Finally, ANTIPODES PARTNERS Ltd boosted its holdings in shares of Magnite by 13.4% during the fourth quarter. ANTIPODES PARTNERS Ltd now owns 8,072 shares of the company’s stock worth $129,000 after purchasing an additional 956 shares during the period. Hedge funds and other institutional investors own 73.40% of the company’s stock.

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.