Magnite (NASDAQ:MGNI) Given New $25.00 Price Target at Benchmark

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

A number of other equities research analysts have also recently commented on MGNI. Scotiabank started coverage on shares of Magnite in a research note on Thursday, December 5th. They set a “sector outperform” rating and a $22.00 price objective on the stock. Needham & Company LLC restated a “buy” rating and issued a $20.00 price objective on shares of Magnite in a report on Thursday. Macquarie reaffirmed an “outperform” rating and issued a $18.00 price target on shares of Magnite in a report on Friday, November 8th. Royal Bank of Canada boosted their target price on shares of Magnite from $19.00 to $22.00 and gave the company an “outperform” rating in a report on Friday, January 3rd. Finally, Wolfe Research raised their price objective on Magnite from $14.00 to $19.00 and gave the stock an “outperform” rating in a research report on Friday, January 3rd. One equities research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Magnite presently has an average rating of “Moderate Buy” and an average target price of $19.27.

Magnite Trading Down 1.8 %

MGNI opened at $16.55 on Thursday. The firm has a market cap of $2.33 billion, a P/E ratio of 275.83, a P/E/G ratio of 1.00 and a beta of 2.52. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.76. The stock has a 50-day moving average of $17.31 and a 200 day moving average of $15.18. Magnite has a 12 month low of $8.38 and a 12 month high of $21.29.

Magnite (NASDAQ:MGNI) last posted its earnings results on Wednesday, February 26th. The company reported $0.25 EPS for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.14). Magnite had a net margin of 2.62% and a return on equity of 4.64%. The business had revenue of $180.20 million for the quarter, compared to analysts’ expectations of $183.90 million. As a group, research analysts forecast that Magnite will post 0.33 EPS for the current year.

Insider Activity at Magnite

In related news, CEO Michael G. Barrett sold 147,996 shares of the firm’s stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $17.52, for a total transaction of $2,592,889.92. Following the transaction, the chief executive officer now directly owns 634,914 shares in the company, valued at $11,123,693.28. This trade represents a 18.90 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Paul Caine sold 5,000 shares of the 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 sale, the director now owns 182,837 shares in the company, valued at approximately $3,720,732.95. This trade represents a 2.66 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 398,110 shares of company stock valued at $7,418,043. Insiders own 4.30% of the company’s stock.

Institutional Investors Weigh In On Magnite

Hedge funds have recently added to or reduced their stakes in the stock. Victory Capital Management Inc. raised its stake in shares of Magnite by 2.9% during the third quarter. Victory Capital Management Inc. now owns 1,340,705 shares of the company’s stock valued at $18,569,000 after purchasing an additional 37,601 shares in the last quarter. Merit Financial Group LLC bought a new position in Magnite during the fourth quarter valued at about $586,000. Rice Hall James & Associates LLC bought a new position in Magnite during the fourth quarter valued at about $3,000,000. Jennison Associates LLC acquired a new position in Magnite during the fourth quarter worth about $818,000. Finally, Penbrook Management LLC raised its position in Magnite by 60.8% in the fourth quarter. Penbrook Management LLC now owns 38,480 shares of the company’s stock worth $613,000 after acquiring an additional 14,550 shares in the last quarter. 73.40% of the stock is currently owned by institutional investors.

Magnite Company Profile

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.