Magnite (NASDAQ:MGNI) Price Target Cut to $30.00 by Analysts at Benchmark

Magnite (NASDAQ:MGNI) had its price target reduced by stock analysts at Benchmark from $31.00 to $30.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. Benchmark’s target price indicates a potential upside of 131.48% from the company’s current price.

Several other analysts also recently weighed in on MGNI. Weiss Ratings restated a “hold (c)” rating on shares of Magnite in a research note on Thursday, January 22nd. Wells Fargo & Company dropped their target price on Magnite from $22.00 to $20.00 and set an “equal weight” rating on the stock in a report on Friday, November 7th. Rosenblatt Securities reissued a “buy” rating and issued a $39.00 target price on shares of Magnite in a research note on Thursday. Finally, Wall Street Zen lowered Magnite from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th. Eight research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $26.89.

Magnite Stock Up 8.3%

MGNI traded up $0.99 during midday trading on Thursday, reaching $12.96. The company’s stock had a trading volume of 1,700,003 shares, compared to its average volume of 2,376,362. The firm has a market capitalization of $1.86 billion, a price-to-earnings ratio of 34.73, a PEG ratio of 0.64 and a beta of 2.39. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.43. Magnite has a 1 year low of $8.22 and a 1 year high of $26.65. The stock’s 50-day moving average is $14.37 and its 200-day moving average is $17.71.

Insider Buying and Selling

In related news, insider Adam Lee Soroca sold 21,529 shares of Magnite stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $12.00, for a total value of $258,348.00. Following the completion of the sale, the insider directly owned 388,425 shares in the company, valued at approximately $4,661,100. This trade represents a 5.25% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 3.80% of the company’s stock.

Institutional Trading of Magnite

A number of large investors have recently made changes to their positions in the stock. Neo Ivy Capital Management purchased a new position in shares of Magnite during the third quarter valued at approximately $27,000. US Bancorp DE raised its stake in Magnite by 75.8% during the 3rd quarter. US Bancorp DE now owns 1,596 shares of the company’s stock valued at $35,000 after buying an additional 688 shares during the last quarter. State of Wyoming bought a new position in shares of Magnite during the 3rd quarter valued at $39,000. USA Financial Formulas bought a new position in shares of Magnite during the 3rd quarter valued at $40,000. Finally, Central Pacific Bank Trust Division purchased a new position in shares of Magnite in the 4th quarter worth $41,000. 73.40% of the stock is currently owned by institutional investors.

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).