Magnite (NASDAQ:MGNI) Stock Price Expected to Rise, Benchmark Analyst Says

Magnite (NASDAQ:MGNI) had its price target lifted by Benchmark from $21.00 to $25.00 in a research note released on Thursday morning,Benzinga reports. They currently have a buy rating on the stock.

Other equities research 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 target price for the company. Wells Fargo & Company lifted their price objective on Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a report on Thursday, January 16th. Wolfe Research raised 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. 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 report on Friday, January 3rd. Finally, Macquarie reaffirmed an “outperform” rating and set a $18.00 price objective on shares of Magnite in a report on Friday, November 8th. One research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $19.27.

Magnite Trading Down 1.8 %

Shares of NASDAQ:MGNI opened at $16.55 on Thursday. The company 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 stock’s 50-day moving average is $17.31 and its 200-day moving average is $15.18. 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 52-week low of $8.38 and a 52-week high of $21.29.

Magnite (NASDAQ:MGNI) last announced 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 company had revenue of $180.20 million during the quarter, compared to analyst estimates of $183.90 million. Magnite had a return on equity of 4.64% and a net margin of 2.62%. Equities research analysts predict that Magnite will post 0.33 earnings per share for the current year.

Insider Transactions at Magnite

In other Magnite news, CEO Michael G. Barrett sold 147,996 shares of the business’s 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 directly owns 634,914 shares of the company’s stock, valued at approximately $11,123,693.28. The trade was a 18.90 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CTO David Buonasera sold 1,969 shares of the stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $16.31, for a total transaction of $32,114.39. Following the sale, the chief technology officer now directly owns 223,795 shares in the company, valued at $3,650,096.45. This trade represents a 0.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 398,110 shares of company stock worth $7,418,043. Insiders own 4.30% of the company’s stock.

Institutional Investors Weigh In On Magnite

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in Magnite by 1.9% in the fourth quarter. Vanguard Group Inc. now owns 13,605,104 shares of the company’s stock valued at $216,593,000 after acquiring an additional 257,032 shares during the last quarter. Capital Research Global Investors bought a new position in shares of Magnite during the 4th quarter valued at about $122,986,000. Wellington Management Group LLP grew its position in shares of Magnite by 6.8% in the 4th quarter. Wellington Management Group LLP now owns 7,030,011 shares of the company’s stock valued at $111,918,000 after purchasing an additional 450,341 shares during the period. Dimensional Fund Advisors LP increased its stake in Magnite by 3.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 5,524,643 shares of the company’s stock worth $87,957,000 after purchasing an additional 170,532 shares in the last quarter. Finally, Boston Partners increased its stake in Magnite by 39.1% during the 4th quarter. Boston Partners now owns 4,756,323 shares of the company’s stock worth $76,061,000 after purchasing an additional 1,336,458 shares in the last quarter. 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.