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

Magnite (NASDAQ:MGNI) had its price target increased by research analysts at Susquehanna from $16.00 to $22.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has a “positive” rating on the stock. Susquehanna’s price target would indicate a potential upside of 26.57% from the company’s current price.

Several other research analysts have also recently commented on the company. Benchmark boosted their price target on Magnite from $21.00 to $25.00 and gave the stock a “buy” rating in a research note on Thursday. Scotiabank started coverage on Magnite in a research note on Thursday, December 5th. They set a “sector outperform” rating and a $22.00 target price for the company. Macquarie restated an “outperform” rating and issued a $18.00 price target on shares of Magnite in a research note on Friday, November 8th. Wells Fargo & Company boosted their price objective on Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a report on Thursday, January 16th. Finally, Wolfe Research lifted their target price on Magnite from $14.00 to $19.00 and gave the stock an “outperform” rating in a research report on Friday, January 3rd. One investment analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $19.27.

Magnite Stock Up 3.1 %

Shares of MGNI stock traded up $0.52 during trading hours on Thursday, reaching $17.38. The company had a trading volume of 1,826,604 shares, compared to its average volume of 2,345,884. The company has a market capitalization of $2.45 billion, a P/E ratio of 289.67, a price-to-earnings-growth ratio of 1.00 and a beta of 2.52. 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 twelve month low of $8.38 and a twelve month high of $21.29. The stock’s fifty day simple moving average is $17.29 and its 200 day simple moving average is $15.17.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings data 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). The firm had revenue of $180.20 million during the quarter, compared to analyst estimates of $183.90 million. Magnite had a net margin of 2.62% and a return on equity of 4.64%. As a group, sell-side analysts expect that Magnite will post 0.33 earnings per share for the current fiscal year.

Insider Buying and Selling at Magnite

In related news, CEO Michael G. Barrett sold 147,996 shares of the stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $17.52, for a total value of $2,592,889.92. Following the completion of the transaction, the chief executive officer now owns 634,914 shares in the company, valued at $11,123,693.28. This represents a 18.90 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO David Day sold 11,644 shares of the business’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $16.44, for a total value of $191,427.36. Following the sale, the chief financial officer now directly owns 400,859 shares in the company, valued at approximately $6,590,121.96. The trade was a 2.82 % 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. Corporate insiders own 4.30% of the company’s stock.

Hedge Funds Weigh In On Magnite

Hedge funds and other institutional investors have recently modified their holdings of the stock. Arizona State Retirement System lifted its stake in Magnite by 1.5% during the fourth quarter. Arizona State Retirement System now owns 36,846 shares of the company’s stock valued at $587,000 after buying an additional 559 shares in the last quarter. Truist Financial Corp raised its holdings in shares of Magnite by 2.0% during the fourth quarter. Truist Financial Corp now owns 34,242 shares of the company’s stock valued at $545,000 after acquiring an additional 674 shares during the period. Summit Investment Advisors Inc. lifted its position in shares of Magnite by 6.8% in the 4th quarter. Summit Investment Advisors Inc. now owns 13,162 shares of the company’s stock valued at $210,000 after acquiring an additional 836 shares in the last quarter. Verdence Capital Advisors LLC boosted its stake in Magnite by 4.8% in the 3rd quarter. Verdence Capital Advisors LLC now owns 19,326 shares of the company’s stock worth $268,000 after purchasing an additional 892 shares during the period. Finally, ANTIPODES PARTNERS Ltd grew its position in Magnite by 13.4% during the 4th quarter. ANTIPODES PARTNERS Ltd now owns 8,072 shares of the company’s stock worth $129,000 after purchasing an additional 956 shares in the last quarter. Institutional investors and hedge funds 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.