Magnite (NASDAQ:MGNI) Price Target Raised to $22.00

Magnite (NASDAQ:MGNI) had its target price upped by Susquehanna from $16.00 to $22.00 in a research report report published on Thursday morning,Benzinga reports. They currently have a positive rating on the stock.

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

Magnite Stock Performance

NASDAQ MGNI opened at $15.77 on Thursday. The company’s 50 day moving average is $17.30 and its 200-day moving average is $15.22. Magnite has a 12-month low of $8.38 and a 12-month high of $21.29. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.76. The firm has a market cap of $2.22 billion, a P/E ratio of 262.83, a price-to-earnings-growth ratio of 1.00 and a beta of 2.52.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings results on Wednesday, February 26th. The company reported $0.25 earnings per share (EPS) for the quarter, missing the consensus estimate 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 during the quarter, compared to the consensus estimate of $183.90 million. Sell-side analysts predict that Magnite will post 0.33 earnings per share for the current year.

Insider Transactions at Magnite

In other news, insider Sean Patrick Buckley sold 10,527 shares of the company’s stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $19.13, for a total value of $201,381.51. Following the completion of the sale, the insider now owns 370,558 shares of the company’s stock, valued at approximately $7,088,774.54. This represents a 2.76 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Michael G. Barrett sold 147,996 shares of the company’s stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $17.52, for a total transaction of $2,592,889.92. Following the completion of the sale, the chief executive officer now directly owns 634,914 shares of the company’s stock, valued at $11,123,693.28. This trade represents a 18.90 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 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

A number of institutional investors have recently made changes to their positions in 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 boosted its stake 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 purchasing an additional 2,341 shares in the last quarter. Quarry LP boosted its stake 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 purchasing an additional 4,508 shares in the last quarter. Quantbot Technologies LP purchased a new stake in shares of Magnite in the 4th quarter valued at $87,000. Finally, Jones Financial Companies Lllp boosted its stake 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 purchasing an additional 1,000 shares in the last quarter. Hedge funds and other institutional investors own 73.40% of the company’s stock.

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.