Magnite (NASDAQ:MGNI) Price Target Raised to $25.00

Magnite (NASDAQ:MGNI) had its price objective boosted by Benchmark from $21.00 to $25.00 in a research note published on Thursday morning,Benzinga reports. They currently have a buy rating on the stock.

Several other analysts have also recently commented on the company. Royal Bank of Canada boosted their price target on Magnite from $19.00 to $22.00 and gave the stock an “outperform” rating in a research report on Friday, January 3rd. Needham & Company LLC reiterated a “buy” rating and set a $20.00 price target on shares of Magnite in a research report on Thursday. Wells Fargo & Company boosted their price target on Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a research report on Thursday, January 16th. Wolfe Research boosted their price objective on Magnite from $14.00 to $19.00 and gave the stock an “outperform” rating in a research note on Friday, January 3rd. Finally, Macquarie reissued an “outperform” rating and set a $18.00 price objective on shares of Magnite in a research note on Friday, November 8th. One analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, Magnite presently has an average rating of “Moderate Buy” and an average price target of $19.27.

Magnite Stock Down 4.7 %

Shares of MGNI opened at $15.77 on Thursday. 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 one year low of $8.38 and a one year high of $21.29. The stock has a market capitalization of $2.22 billion, a price-to-earnings ratio of 262.83, a PEG ratio of 1.00 and a beta of 2.52. The stock has a 50 day moving average price of $17.30 and a 200 day moving average price of $15.22.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings results on Wednesday, February 26th. The company reported $0.25 EPS for the quarter, missing the consensus estimate 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 for the quarter, compared to analysts’ expectations of $183.90 million. Equities research analysts forecast that Magnite will post 0.33 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Michael G. Barrett sold 147,996 shares of the company’s stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $17.52, for a total value of $2,592,889.92. Following the transaction, 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 position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CTO David Buonasera sold 1,969 shares of the company’s stock in a transaction on Friday, December 13th. The shares were sold at an average price of $16.31, for a total value of $32,114.39. Following the completion of the transaction, the chief technology officer now directly owns 223,795 shares in the company, valued at approximately $3,650,096.45. This trade represents a 0.87 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 398,110 shares of company stock valued at $7,418,043 in the last quarter. Insiders own 4.30% of the company’s stock.

Institutional Investors Weigh In On Magnite

Several institutional investors and hedge funds have recently modified their holdings of MGNI. SBI Securities Co. Ltd. purchased a new stake in shares of Magnite in the 4th quarter valued at $25,000. Larson Financial Group LLC raised its holdings in shares of Magnite by 179.2% in the 4th quarter. Larson Financial Group LLC now owns 3,647 shares of the company’s stock valued at $58,000 after buying an additional 2,341 shares during the period. Quarry LP raised its holdings in shares of Magnite by 446.8% in the 3rd quarter. Quarry LP now owns 5,517 shares of the company’s stock valued at $76,000 after buying an additional 4,508 shares during the period. Quantbot Technologies LP purchased a new stake in shares of Magnite in the 4th quarter valued at $87,000. Finally, Jones Financial Companies Lllp raised its holdings in shares of Magnite by 20.6% in the 4th quarter. Jones Financial Companies Lllp now owns 5,853 shares of the company’s stock valued at $93,000 after buying an additional 1,000 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.