Magnite (NASDAQ:MGNI) Price Target Raised to $17.00

Magnite (NASDAQ:MGNI) had its target price upped by Scotiabank from $16.00 to $17.00 in a research report released on Thursday morning,Benzinga reports. Scotiabank currently has a sector outperform rating on the stock.

Other research analysts have also issued reports about the stock. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Magnite in a research note on Thursday, January 22nd. Royal Bank Of Canada dropped their price objective on shares of Magnite from $23.00 to $20.00 and set an “outperform” rating on the stock in a research note on Thursday. Wells Fargo & Company dropped their price target on shares of Magnite from $20.00 to $13.00 and set an “equal weight” rating on the stock in a research report on Friday, February 27th. Needham & Company LLC reissued a “buy” rating and set a $25.00 price target on shares of Magnite in a research report on Thursday, April 16th. Finally, Rosenblatt Securities reissued a “buy” rating and set a $39.00 price target on shares of Magnite in a research report on Thursday, February 26th. Eight equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, Magnite has an average rating of “Moderate Buy” and a consensus price target of $24.33.

Magnite Stock Up 0.9%

Magnite stock opened at $14.13 on Thursday. Magnite has a 1-year low of $10.82 and a 1-year high of $26.65. The firm has a market capitalization of $2.02 billion, a price-to-earnings ratio of 13.59, a price-to-earnings-growth ratio of 0.87 and a beta of 2.33. The firm’s fifty day moving average price is $12.75 and its two-hundred day moving average price is $14.28. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.38.

Magnite (NASDAQ:MGNI) last released its quarterly earnings data on Wednesday, May 6th. The company reported $0.13 earnings per share for the quarter, beating analysts’ consensus estimates of $0.11 by $0.02. Magnite had a net margin of 21.96% and a return on equity of 8.40%. The firm had revenue of $164.37 million for the quarter, compared to analyst estimates of $159.24 million. During the same period last year, the firm earned $0.12 earnings per share. The business’s quarterly revenue was up 5.5% compared to the same quarter last year. On average, equities research analysts predict that Magnite will post 0.62 earnings per share for the current fiscal year.

Insider Buying and Selling at Magnite

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

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its position in Magnite by 1.0% in the fourth quarter. Vanguard Group Inc. now owns 14,802,630 shares of the company’s stock worth $240,247,000 after acquiring an additional 148,198 shares during the period. Capital Research Global Investors raised its position in Magnite by 85.0% in the fourth quarter. Capital Research Global Investors now owns 12,920,289 shares of the company’s stock worth $209,696,000 after acquiring an additional 5,937,428 shares during the period. Wellington Management Group LLP raised its position in Magnite by 67.7% in the fourth quarter. Wellington Management Group LLP now owns 8,629,238 shares of the company’s stock worth $140,053,000 after acquiring an additional 3,484,689 shares during the period. Dimensional Fund Advisors LP raised its position in Magnite by 10.2% in the first quarter. Dimensional Fund Advisors LP now owns 3,983,674 shares of the company’s stock worth $47,322,000 after acquiring an additional 367,854 shares during the period. Finally, Granahan Investment Management LLC raised its position in Magnite by 6.3% in the third quarter. Granahan Investment Management LLC now owns 3,873,179 shares of the company’s stock worth $84,358,000 after acquiring an additional 230,393 shares during the period. 73.40% of the stock is 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).