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

Magnite (NASDAQ:MGNI - Free Report) had its target price increased by Benchmark from $21.00 to $25.00 in a research report released on Thursday,Benzinga reports. The firm currently has a buy rating on the stock.

Other analysts have also recently issued research reports about the stock. Scotiabank initiated coverage on shares of Magnite in a research note on Thursday, December 5th. They issued a "sector outperform" rating and a $22.00 price target for the company. Wells Fargo & Company increased their price target on Magnite from $13.00 to $15.00 and gave the company an "equal weight" rating in a research report on Thursday, January 16th. Wolfe Research lifted their price objective on shares of Magnite from $14.00 to $19.00 and gave the stock an "outperform" rating in a research report on Friday, January 3rd. Royal Bank of Canada increased their price target on shares of Magnite from $19.00 to $22.00 and gave the company an "outperform" rating in a research note on Friday, January 3rd. Finally, Macquarie reiterated an "outperform" rating and set a $18.00 target price on shares of Magnite in a research report on Friday, November 8th. One analyst has rated the stock with a hold rating and twelve have given a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $19.27.

Remove Ads

Magnite Stock Performance

Shares of Magnite stock traded down $1.08 during midday trading on Thursday, hitting $14.69. The company had a trading volume of 3,693,646 shares, compared to its average volume of 2,506,155. The stock has a market cap of $2.07 billion, a price-to-earnings ratio of 244.83, a PEG ratio of 1.00 and a beta of 2.52. The company has a fifty day simple moving average of $17.30 and a 200 day simple moving average of $15.24. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.76. Magnite has a 12-month low of $8.38 and a 12-month high of $21.29.

Magnite (NASDAQ:MGNI - Get Free Report) last released its earnings results on Wednesday, February 26th. The company reported $0.25 earnings per share 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 analysts' expectations of $183.90 million. Magnite had a net margin of 2.62% and a return on equity of 4.64%. As a group, analysts predict that Magnite will post 0.33 earnings per share for the current fiscal year.

Insider Activity at Magnite

In related news, Director James Rossman sold 149,936 shares of the firm's stock in a transaction that occurred on Friday, February 7th. The shares were sold at an average price of $19.46, for a total value of $2,917,754.56. Following the sale, the director now directly owns 219,920 shares of the company's stock, valued at approximately $4,279,643.20. This trade represents a 40.54 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Sean Patrick Buckley sold 18,693 shares of the stock in a transaction on Friday, February 7th. The stock was sold at an average price of $20.00, for a total value of $373,860.00. Following the completion of the transaction, the insider now directly owns 408,529 shares in the company, valued at $8,170,580. This trade represents a 4.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 398,110 shares of company stock worth $7,418,043 over the last three months. 4.30% of the stock is currently owned by corporate insiders.

Institutional Trading of Magnite

A number of institutional investors have recently modified their holdings of the company. SBI Securities Co. Ltd. acquired a new position in Magnite during the 4th quarter worth approximately $25,000. Larson Financial Group LLC increased its holdings in Magnite by 179.2% in the fourth 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 last quarter. Quantbot Technologies LP acquired a new stake in Magnite during the fourth quarter valued at approximately $87,000. Quarry LP raised its position in shares of Magnite by 446.8% during the 3rd quarter. Quarry LP now owns 5,517 shares of the company's stock valued at $76,000 after acquiring an additional 4,508 shares in the last quarter. Finally, Jones Financial Companies Lllp raised its holdings in shares of Magnite by 20.6% during the fourth quarter. Jones Financial Companies Lllp now owns 5,853 shares of the company's stock worth $93,000 after purchasing an additional 1,000 shares during the period. 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.