Benchmark Increases Magnite (NASDAQ:MGNI) Price Target to $25.00

Magnite (NASDAQ:MGNI) had its price target increased by equities research analysts at Benchmark from $21.00 to $25.00 in a research report issued on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. Benchmark’s price target indicates a potential upside of 58.53% from the company’s current price.

A number of other equities analysts also recently weighed in on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $20.00 price target on shares of Magnite in a research note on Thursday. Macquarie reiterated an “outperform” rating and issued a $18.00 target price on shares of Magnite in a report on Friday, November 8th. Wolfe Research upped their price target on Magnite from $14.00 to $19.00 and gave the stock an “outperform” rating in a research note on Friday, January 3rd. Scotiabank assumed coverage on Magnite in a report on Thursday, December 5th. They issued a “sector outperform” rating and a $22.00 price objective on the stock. Finally, Wells Fargo & Company boosted their target price on Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a report on Thursday, January 16th. One research analyst has rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $19.27.

Magnite Trading Down 4.7 %

Shares of MGNI opened at $15.77 on Thursday. Magnite has a fifty-two week low of $8.38 and a fifty-two week high of $21.29. The company has a market capitalization of $2.22 billion, a PE ratio of 262.83, a price-to-earnings-growth ratio of 1.00 and a beta of 2.52. The stock has a fifty day moving average of $17.30 and a two-hundred day moving average of $15.21. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.11 and a current ratio of 1.11.

Magnite (NASDAQ:MGNI) last released its earnings results on Wednesday, February 26th. The company reported $0.25 EPS for the quarter, missing the consensus estimate of $0.39 by ($0.14). The business had revenue of $180.20 million during the quarter, compared to analyst estimates of $183.90 million. Magnite had a net margin of 2.62% and a return on equity of 4.64%. As a group, analysts forecast that Magnite will post 0.33 EPS for the current year.

Insider Transactions at Magnite

In related news, Director Paul Caine sold 5,000 shares of the business’s stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $20.35, for a total value of $101,750.00. Following the transaction, the director now owns 182,837 shares in the company, valued at approximately $3,720,732.95. The trade was a 2.66 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Sean Patrick Buckley sold 10,527 shares of the stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $19.13, for a total value of $201,381.51. Following the completion of the transaction, the insider now directly owns 370,558 shares of the company’s stock, valued at $7,088,774.54. This represents a 2.76 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 398,110 shares of company stock valued at $7,418,043. Corporate insiders own 4.30% of the company’s stock.

Institutional Trading of Magnite

A number of hedge funds and other institutional investors have recently made changes to their positions in MGNI. Vanguard Group Inc. grew its holdings in Magnite by 1.9% during the 4th quarter. Vanguard Group Inc. now owns 13,605,104 shares of the company’s stock worth $216,593,000 after acquiring an additional 257,032 shares in the last quarter. Capital Research Global Investors bought a new position in shares of Magnite during the fourth quarter worth about $122,986,000. Wellington Management Group LLP grew its stake in Magnite by 6.8% in the fourth quarter. Wellington Management Group LLP now owns 7,030,011 shares of the company’s stock worth $111,918,000 after purchasing an additional 450,341 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Magnite by 3.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 5,524,643 shares of the company’s stock valued at $87,957,000 after buying an additional 170,532 shares during the last quarter. Finally, Boston Partners raised its stake in Magnite by 39.1% during the fourth quarter. Boston Partners now owns 4,756,323 shares of the company’s stock valued at $76,061,000 after buying an additional 1,336,458 shares in 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.