Magnite (NASDAQ:MGNI) Given New $21.00 Price Target at Benchmark

Magnite (NASDAQ:MGNI) had its price objective increased by Benchmark from $18.00 to $21.00 in a research note released on Thursday morning, Benzinga reports. They currently have a buy rating on the stock.

Several other research analysts also recently weighed in on the company. Royal Bank of Canada boosted their price target on Magnite from $17.00 to $19.00 and gave the company an outperform rating in a report on Wednesday, June 5th. Craig Hallum boosted their price target on Magnite from $18.00 to $20.00 and gave the company a buy rating in a report on Thursday, May 16th. Lake Street Capital assumed coverage on Magnite in a report on Thursday, July 25th. They set a buy rating and a $21.00 price objective for the company. Wolfe Research assumed coverage on Magnite in a report on Tuesday, July 16th. They set an outperform rating and a $16.00 price objective for the company. Finally, B. Riley assumed coverage on Magnite in a report on Friday, April 19th. They set a buy rating and a $14.50 price objective for the company. Twelve equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company has an average rating of Buy and a consensus price target of $16.54.

Magnite Price Performance

Shares of NASDAQ:MGNI traded down $0.35 during trading on Thursday, hitting $12.40. 2,526,439 shares of the stock were exchanged, compared to its average volume of 1,577,243. Magnite has a 12-month low of $6.28 and a 12-month high of $15.92. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.79. The company has a fifty day moving average price of $13.72 and a two-hundred day moving average price of $11.38. The company has a market cap of $1.74 billion, a PE ratio of -19.38, a P/E/G ratio of 0.92 and a beta of 2.35.

Magnite (NASDAQ:MGNI) last posted its earnings results on Wednesday, August 7th. The company reported $0.14 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.14. Magnite had a positive return on equity of 3.23% and a negative net margin of 12.24%. The firm had revenue of $162.88 million for the quarter, compared to analyst estimates of $144.04 million. During the same quarter in the prior year, the company earned ($0.04) EPS. Magnite’s revenue was up 6.8% on a year-over-year basis. On average, analysts forecast that Magnite will post 0.38 EPS for the current year.

Insider Buying and Selling at Magnite

In other Magnite news, insider Adam Lee Soroca sold 10,597 shares of the company’s stock in a transaction dated Friday, May 17th. The shares were sold at an average price of $12.30, for a total value of $130,343.10. Following the completion of the transaction, the insider now directly owns 450,655 shares of the company’s stock, valued at approximately $5,543,056.50. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other Magnite news, insider Aaron Saltz sold 4,778 shares of the company’s stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $13.65, for a total value of $65,219.70. Following the completion of the transaction, the insider now directly owns 317,010 shares of the company’s stock, valued at approximately $4,327,186.50. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Adam Lee Soroca sold 10,597 shares of the company’s stock in a transaction dated Friday, May 17th. The shares were sold at an average price of $12.30, for a total transaction of $130,343.10. Following the completion of the transaction, the insider now directly owns 450,655 shares of the company’s stock, valued at $5,543,056.50. The disclosure for this sale can be found here. Insiders sold a total of 254,479 shares of company stock valued at $3,636,179 in the last ninety days. Insiders own 4.30% of the company’s stock.

Hedge Funds Weigh In On Magnite

Several large investors have recently modified their holdings of the stock. NBC Securities Inc. lifted its position in shares of Magnite by 4.2% during the fourth quarter. NBC Securities Inc. now owns 27,485 shares of the company’s stock worth $256,000 after purchasing an additional 1,108 shares during the last quarter. Arizona State Retirement System lifted its position in shares of Magnite by 3.4% during the second quarter. Arizona State Retirement System now owns 35,256 shares of the company’s stock worth $469,000 after purchasing an additional 1,160 shares during the last quarter. UMB Bank n.a. lifted its position in shares of Magnite by 111.8% during the second quarter. UMB Bank n.a. now owns 2,251 shares of the company’s stock worth $30,000 after purchasing an additional 1,188 shares during the last quarter. Fulton Bank N.A. lifted its position in shares of Magnite by 8.1% during the first quarter. Fulton Bank N.A. now owns 22,003 shares of the company’s stock worth $237,000 after purchasing an additional 1,653 shares during the last quarter. Finally, Moody National Bank Trust Division lifted its position in shares of Magnite by 2.4% during the second quarter. Moody National Bank Trust Division now owns 75,367 shares of the company’s stock worth $1,002,000 after purchasing an additional 1,783 shares during 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.