Magnite (NASDAQ:MGNI) Price Target Raised to $21.00

Magnite (NASDAQ:MGNI) had its price target upped by Wells Fargo & Company from $15.00 to $21.00 in a research note issued to investors on Friday morning,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the stock.

Several other analysts have also recently commented on MGNI. Weiss Ratings raised Magnite from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, May 11th. Scotiabank upped their price objective on Magnite from $16.00 to $17.00 and gave the stock a “sector outperform” rating in a report on Thursday, May 7th. Evercore reiterated an “outperform” rating and issued a $21.00 price objective on shares of Magnite in a research report on Thursday, May 7th. Royal Bank Of Canada reissued an “outperform” rating on shares of Magnite in a report on Thursday, May 28th. Finally, Needham & Company LLC restated a “buy” rating and set a $25.00 target price on shares of Magnite in a research report on Thursday, April 16th. Eight research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, Magnite presently has a consensus rating of “Moderate Buy” and an average target price of $24.56.

Magnite Price Performance

Shares of NASDAQ:MGNI opened at $19.00 on Friday. Magnite has a fifty-two week low of $10.82 and a fifty-two week high of $26.65. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.38. The firm’s 50-day simple moving average is $16.69 and its 200-day simple moving average is $14.51. The company has a market cap of $2.72 billion, a price-to-earnings ratio of 18.27, a PEG ratio of 0.97 and a beta of 2.25.

Magnite (NASDAQ:MGNI) last posted its quarterly 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 8.40%. The firm had revenue of $164.37 million during the quarter, compared to analysts’ expectations of $159.24 million. During the same period in the prior year, the company posted $0.12 earnings per share. The firm’s revenue for the quarter was up 5.5% on a year-over-year basis. As a group, equities research analysts predict that Magnite will post 0.55 earnings per share for the current year.

Insider Transactions at Magnite

In other Magnite news, insider Sean Patrick Buckley sold 19,233 shares of Magnite stock in a transaction dated Tuesday, July 7th. The shares were sold at an average price of $21.03, for a total transaction of $404,469.99. Following the completion of the transaction, the insider owned 354,281 shares in the company, valued at approximately $7,450,529.43. The trade was a 5.15% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Paul Caine sold 5,000 shares of the company’s stock in a transaction dated Friday, July 10th. The shares were sold at an average price of $20.64, for a total transaction of $103,200.00. Following the completion of the sale, the director directly owned 162,401 shares in the company, valued at $3,351,956.64. This trade represents a 2.99% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 491,639 shares of company stock worth $8,676,734 in the last 90 days. Insiders own 3.80% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. US Bancorp DE lifted its stake in Magnite by 75.8% in 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 in the last quarter. Central Pacific Bank Trust Division purchased a new position in Magnite during the fourth quarter worth $41,000. PNC Financial Services Group Inc. raised its holdings in shares of Magnite by 106.3% in the first quarter. PNC Financial Services Group Inc. now owns 3,783 shares of the company’s stock worth $45,000 after acquiring an additional 1,949 shares during the last quarter. Smartleaf Asset Management LLC raised its holdings in shares of Magnite by 98.4% in the fourth quarter. Smartleaf Asset Management LLC now owns 3,678 shares of the company’s stock worth $61,000 after acquiring an additional 1,824 shares during the last quarter. Finally, Harbor Investment Advisory LLC acquired a new position in shares of Magnite in the second quarter worth $62,000. 73.40% of the stock is owned by hedge funds and other 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).