Magnite (NASDAQ:MGNI) Price Target Raised to $15.00

Magnite (NASDAQ:MGNI) had its price target boosted by analysts at Wells Fargo & Company from $13.00 to $15.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s target price indicates a potential upside of 6.33% from the company’s previous close.

MGNI has been the subject of a number of other research reports. Scotiabank lifted their price objective on shares of Magnite from $16.00 to $17.00 and gave the company a “sector outperform” rating in a report on Thursday. Needham & Company LLC reaffirmed a “buy” rating and issued a $25.00 price objective on shares of Magnite in a report on Thursday, April 16th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $39.00 price objective on shares of Magnite in a report on Thursday, February 26th. Weiss Ratings reiterated a “hold (c)” rating on shares of Magnite in a research report on Thursday, January 22nd. Finally, Benchmark dropped their target price on shares of Magnite from $31.00 to $30.00 and set a “buy” rating on the stock in a research report on Thursday, February 26th. Eight research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, Magnite presently has a consensus rating of “Moderate Buy” and a consensus target price of $24.33.

Magnite Stock Performance

Shares of Magnite stock traded up $0.11 during trading on Friday, hitting $14.11. 823,270 shares of the company’s stock were exchanged, compared to its average volume of 2,293,081. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.02 and a current ratio of 1.02. The business has a 50-day simple moving average of $12.75 and a 200-day simple moving average of $14.28. Magnite has a 52-week low of $10.82 and a 52-week high of $26.65. The stock has a market capitalization of $2.02 billion, a price-to-earnings ratio of 13.55, a PEG ratio of 0.83 and a beta of 2.33.

Magnite (NASDAQ:MGNI) last issued its earnings results on Wednesday, May 6th. The company reported $0.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.11 by $0.02. Magnite had a net margin of 21.96% and a return on equity of 8.61%. The firm had revenue of $164.37 million during the quarter, compared to analysts’ expectations of $159.24 million. During the same quarter last year, the company posted $0.12 earnings per share. The firm’s revenue was up 5.5% compared to the same quarter last year. On average, research analysts forecast that Magnite will post 0.59 EPS for the current year.

Insider Activity

In other news, insider Adam Lee Soroca sold 21,529 shares of Magnite stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $12.00, for a total value of $258,348.00. Following the sale, the insider owned 388,425 shares in the company, valued at $4,661,100. This trade represents a 5.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 3.80% of the stock is currently owned by company insiders.

Institutional Trading of Magnite

Several institutional investors have recently modified their holdings of the stock. Neo Ivy Capital Management acquired a new position in Magnite during the third quarter worth about $27,000. US Bancorp DE boosted its position in Magnite by 75.8% during the third quarter. US Bancorp DE now owns 1,596 shares of the company’s stock worth $35,000 after acquiring an additional 688 shares during the last quarter. State of Wyoming acquired a new position in Magnite during the third quarter worth about $39,000. Strategic Advocates LLC acquired a new position in Magnite during the third quarter worth about $42,000. Finally, PNC Financial Services Group Inc. boosted its position in Magnite by 45.1% during the third quarter. PNC Financial Services Group Inc. now owns 2,428 shares of the company’s stock worth $53,000 after acquiring an additional 755 shares during the last quarter. Institutional investors and hedge funds own 73.40% of the company’s stock.

About Magnite

Magnite, Inc (NASDAQ: MGNI) operates as an independent sell-side advertising platform that enables publishers and digital media owners to monetize their inventory through programmatic advertising. Formed in 2020 through the merger of Rubicon Project and Telaria, Magnite combines technologies for desktop, mobile, connected television (CTV) and digital out-of-home (DOOH) ad exchanges. The company provides an end-to-end solution designed to help media owners optimize yield across open marketplaces, private marketplaces and programmatic guaranteed deals.

At the core of Magnite’s offering is its supply-side platform (SSP), which connects publishers’ ad impressions to demand-side platforms (DSPs) through real-time bidding (RTB).