Magnite (NASDAQ:MGNI) Price Target Raised to $15.00

Magnite (NASDAQ:MGNI) had its price objective boosted by Wells Fargo & Company from $13.00 to $15.00 in a research report report published on Friday,Benzinga reports. They currently have an equal weight rating on the stock.

A number of other equities analysts also recently issued reports on MGNI. Royal Bank Of Canada dropped their price target on Magnite from $23.00 to $20.00 and set an “outperform” rating on the stock in a research note on Thursday. Weiss Ratings restated a “hold (c)” rating on shares of Magnite in a research note on Thursday, January 22nd. Benchmark dropped their price target on Magnite from $31.00 to $30.00 and set a “buy” rating on the stock in a research note on Thursday, February 26th. Scotiabank raised their price target on Magnite from $16.00 to $17.00 and gave the stock a “sector outperform” rating in a research note on Thursday. Finally, Rosenblatt Securities restated a “buy” rating and issued a $39.00 price target on shares of Magnite in a research note on Thursday, February 26th. Eight equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $24.33.

Magnite Price Performance

Shares of MGNI opened at $14.13 on Friday. The firm has a market cap of $2.02 billion, a PE ratio of 13.59, a P/E/G ratio of 0.65 and a beta of 2.33. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.38. The firm has a fifty day simple moving average of $12.75 and a two-hundred day simple moving average of $14.28. Magnite has a 1-year low of $10.82 and a 1-year high of $26.65.

Magnite (NASDAQ:MGNI) last released its quarterly earnings results on Wednesday, May 6th. The company reported $0.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.11 by $0.02. The firm had revenue of $164.37 million for the quarter, compared to the consensus estimate of $159.24 million. Magnite had a return on equity of 8.40% and a net margin of 21.96%.The company’s revenue for the quarter was up 5.5% on a year-over-year basis. During the same period last year, the business posted $0.12 EPS. On average, equities analysts anticipate that Magnite will post 0.62 EPS for the current year.

Insider Activity at Magnite

In other news, insider Adam Lee Soroca sold 21,529 shares of the company’s stock in a transaction on Wednesday, February 18th. The stock was sold at an average price of $12.00, for a total value of $258,348.00. Following the completion of the sale, the insider directly owned 388,425 shares in the company, valued at $4,661,100. This represents a 5.25% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. 4.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On Magnite

Hedge funds and other institutional investors have recently modified their holdings of the stock. Neo Ivy Capital Management bought a new position in Magnite in the 3rd quarter worth $27,000. US Bancorp DE boosted its holdings in Magnite by 75.8% in the 3rd quarter. US Bancorp DE now owns 1,596 shares of the company’s stock worth $35,000 after buying an additional 688 shares during the period. State of Wyoming bought a new position in Magnite in the 3rd quarter worth $39,000. Central Pacific Bank Trust Division bought a new position in Magnite in the 4th quarter worth $41,000. Finally, Strategic Advocates LLC bought a new position in Magnite in the 3rd quarter worth $42,000. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

About Magnite

Magnite, Inc (NASDAQ: MGNI) operates as an independent sell-side advertising platform that enables publishers and digital media owners to monetize their inventory through programmatic advertising. Formed in 2020 through the merger of Rubicon Project and Telaria, Magnite combines technologies for desktop, mobile, connected television (CTV) and digital out-of-home (DOOH) ad exchanges. The company provides an end-to-end solution designed to help media owners optimize yield across open marketplaces, private marketplaces and programmatic guaranteed deals.

At the core of Magnite’s offering is its supply-side platform (SSP), which connects publishers’ ad impressions to demand-side platforms (DSPs) through real-time bidding (RTB).