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

Magnite (NASDAQ:MGNI) had its price target lifted by investment analysts at Bank of America from $15.00 to $17.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm currently has a “buy” rating on the stock. Bank of America‘s target price suggests a potential upside of 17.00% from the company’s current price.

MGNI has been the topic of a number of other research reports. Royal Bank of Canada increased their target price on shares of Magnite from $17.00 to $19.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 5th. Wolfe Research initiated coverage on Magnite in a report on Tuesday, July 16th. They issued an “outperform” rating and a $16.00 price objective for the company. Craig Hallum increased their target price on Magnite from $18.00 to $20.00 and gave the stock a “buy” rating in a report on Thursday, May 16th. Benchmark reaffirmed a “buy” rating and set a $18.00 price objective on shares of Magnite in a research report on Monday, June 17th. Finally, B. Riley began coverage on shares of Magnite in a research report on Friday, April 19th. They issued a “buy” rating and a $14.50 target price for the company. Twelve investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $16.29.

Magnite Stock Performance

Shares of NASDAQ:MGNI traded up $0.14 during trading on Monday, reaching $14.53. 1,376,216 shares of the stock were exchanged, compared to its average volume of 1,519,204. Magnite has a 12 month low of $6.28 and a 12 month high of $15.92. The stock has a 50-day moving average price of $13.42 and a 200-day moving average price of $11.10. 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 firm has a market cap of $2.03 billion, a PE ratio of -22.66, a PEG ratio of 1.00 and a beta of 2.35.

Magnite (NASDAQ:MGNI) last posted its earnings results on Wednesday, May 8th. The company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.05. The company had revenue of $130.55 million during the quarter, compared to the consensus estimate of $123.77 million. Magnite had a positive return on equity of 3.23% and a negative net margin of 12.24%. Research analysts expect that Magnite will post 0.38 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CRO Sean Patrick Buckley sold 2,682 shares of the business’s stock in a transaction dated Friday, May 24th. The stock was sold at an average price of $12.50, for a total transaction of $33,525.00. Following the sale, the executive now directly owns 404,875 shares in the company, valued at $5,060,937.50. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CRO Sean Patrick Buckley sold 2,682 shares of Magnite stock in a transaction on Friday, May 24th. The shares were sold at an average price of $12.50, for a total transaction of $33,525.00. Following the transaction, the executive now owns 404,875 shares in the company, valued at $5,060,937.50. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Adam Lee Soroca sold 10,597 shares of the stock in a transaction on 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 sale, the insider now 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 have sold 254,479 shares of company stock worth $3,636,179 in the last 90 days. Insiders own 4.30% of the company’s stock.

Hedge Funds Weigh In On Magnite

Hedge funds and other institutional investors have recently made changes to their positions in the stock. NBC Securities Inc. lifted its position in shares of Magnite by 4.2% in the 4th 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 period. Fulton Bank N.A. lifted its holdings in Magnite by 8.1% in the first quarter. Fulton Bank N.A. now owns 22,003 shares of the company’s stock valued at $237,000 after buying an additional 1,653 shares during the period. Moody National Bank Trust Division boosted its position in Magnite by 2.4% during the second quarter. Moody National Bank Trust Division now owns 75,367 shares of the company’s stock valued at $1,002,000 after acquiring an additional 1,783 shares during the last quarter. ProShare Advisors LLC grew its holdings in Magnite by 8.5% during the 1st quarter. ProShare Advisors LLC now owns 24,325 shares of the company’s stock worth $261,000 after acquiring an additional 1,914 shares during the period. Finally, Verdence Capital Advisors LLC grew its holdings in Magnite by 12.9% during the 2nd quarter. Verdence Capital Advisors LLC now owns 18,434 shares of the company’s stock worth $245,000 after acquiring an additional 2,109 shares during the period. 73.40% of the stock is owned by institutional investors and hedge funds.

About Magnite

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.