Magnite (NASDAQ:MGNI) Price Target Raised to $18.00

Magnite (NASDAQ:MGNI) had its price objective raised by stock analysts at Needham & Company LLC from $14.00 to $18.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Needham & Company LLC’s price target would suggest a potential upside of 19.21% from the stock’s current price.

Other equities analysts also recently issued reports about the company. Susquehanna raised their price objective on Magnite from $16.00 to $22.00 and gave the company a “positive” rating in a research note on Thursday, February 27th. Wells Fargo & Company raised their price objective on Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a research note on Thursday, January 16th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $18.00 price objective on shares of Magnite in a research note on Thursday. Royal Bank of Canada dropped their price objective on Magnite from $22.00 to $19.00 and set an “outperform” rating for the company in a research note on Friday, May 2nd. Finally, Benchmark dropped their price target on Magnite from $25.00 to $24.00 and set a “buy” rating for the company in a research report on Thursday. One investment analyst has rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, Magnite presently has a consensus rating of “Moderate Buy” and a consensus price target of $18.92.

Magnite Stock Up 1.4%

MGNI opened at $15.10 on Monday. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11. The business has a 50 day simple moving average of $11.86 and a 200-day simple moving average of $14.86. The stock has a market capitalization of $2.13 billion, a P/E ratio of 251.67, a P/E/G ratio of 1.00 and a beta of 2.73. Magnite has a 12 month low of $8.22 and a 12 month high of $21.29.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings results on Wednesday, May 7th. The company reported $0.12 EPS for the quarter, beating the consensus estimate of $0.06 by $0.06. The business had revenue of $145.85 million during the quarter, compared to analysts’ expectations of $142.18 million. Magnite had a return on equity of 4.64% and a net margin of 2.62%. The company’s quarterly revenue was up 4.3% compared to the same quarter last year. During the same period last year, the firm earned $0.05 EPS. On average, equities analysts anticipate that Magnite will post 0.33 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Adam Lee Soroca sold 15,499 shares of Magnite stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $15.75, for a total value of $244,109.25. Following the transaction, the insider now owns 458,386 shares in the company, valued at approximately $7,219,579.50. This trade represents a 3.27% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Brian Gephart sold 6,250 shares of Magnite stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $16.00, for a total value of $100,000.00. Following the completion of the transaction, the chief accounting officer now owns 132,909 shares in the company, valued at $2,126,544. The trade was a 4.49% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 32,276 shares of company stock valued at $545,491 over the last quarter. Company insiders own 3.80% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Merit Financial Group LLC acquired a new position in shares of Magnite during the fourth quarter worth about $586,000. Rice Hall James & Associates LLC acquired a new position in shares of Magnite during the fourth quarter worth about $3,000,000. Jennison Associates LLC acquired a new position in shares of Magnite during the fourth quarter worth about $818,000. JPMorgan Chase & Co. lifted its stake in shares of Magnite by 5.9% during the fourth quarter. JPMorgan Chase & Co. now owns 1,511,439 shares of the company’s stock worth $24,062,000 after purchasing an additional 84,497 shares in the last quarter. Finally, Penbrook Management LLC lifted its stake in shares of Magnite by 60.8% during the fourth quarter. Penbrook Management LLC now owns 38,480 shares of the company’s stock worth $613,000 after purchasing an additional 14,550 shares in the last quarter. Institutional investors and hedge funds 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.