B. Riley Financial Increases Magnite (NASDAQ:MGNI) Price Target to $30.00

Key Points

• B. Riley Financial raised Magnite’s price target to $30 from $27 and maintained a “buy” rating, implying 17.05% upside from the prior close. Analysts broadly remain positive, with a consensus “Moderate Buy” rating and average target of $29.36.
• Magnite reported stronger-than-expected quarterly results, with EPS of $0.26 versus $0.24 expected and revenue of $192.82 million, up 11.3% year over year.
• Magnite shares rose 7.8% to open at $25.63, while institutional investors own 73.4% of the company. However, insiders have sold 732,755 shares worth approximately $16.7 million over the past three months.

Magnite (NASDAQ:MGNI - Get Free Report) had its price target raised by stock analysts at B. Riley Financial from $27.00 to $30.00 in a research note issued to investors on Friday, Benzinga reports. The firm currently has a "buy" rating on the stock. B. Riley Financial's price target would suggest a potential upside of 17.05% from the company's previous close.

Several other research firms have also weighed in on MGNI. Craig Hallum reaffirmed a "buy" rating and set a $32.00 target price on shares of Magnite in a report on Thursday. Rosenblatt Securities raised their price target on shares of Magnite from $39.00 to $40.00 and gave the company a "buy" rating in a research report on Thursday, August 6th. Royal Bank Of Canada upped their price objective on shares of Magnite from $20.00 to $27.00 and gave the stock an "outperform" rating in a research report on Thursday, August 6th. Scotiabank restated an "outperform" rating and set a $27.00 target price on shares of Magnite in a research report on Thursday, August 6th. Finally, Susquehanna increased their price target on Magnite from $22.00 to $30.00 and gave the stock a "positive" rating in a research report on Thursday, August 6th. Ten analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $29.36.

Magnite Trading Up 7.8%

Shares of Magnite stock opened at $25.63 on Friday. Magnite has a 1 year low of $10.82 and a 1 year high of $26.84. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.02 and a quick ratio of 1.03. The stock has a market cap of $3.68 billion, a PE ratio of 23.51, a price-to-earnings-growth ratio of 1.04 and a beta of 2.30. The firm has a fifty day moving average price of $22.31 and a 200 day moving average price of $17.20.

Magnite (NASDAQ:MGNI - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.02. Magnite had a return on equity of 9.33% and a net margin of 22.49%.The business had revenue of $192.82 million during the quarter, compared to analysts' expectations of $179.15 million. During the same quarter in the previous year, the firm posted $0.20 EPS. The company's revenue for the quarter was up 11.3% on a year-over-year basis. Equities research analysts predict that Magnite will post 0.61 earnings per share for the current year.

Insider Activity at Magnite

In other news, insider Aaron Saltz sold 40,000 shares of the stock in a transaction that occurred on Thursday, September 10th. The shares were sold at an average price of $23.41, for a total value of $936,400.00. Following the completion of the sale, the insider owned 224,389 shares of the company's stock, valued at $5,252,946.49. This represents a 15.13% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Douglas S. Knopper sold 37,337 shares of the stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $22.72, for a total value of $848,296.64. Following the completion of the transaction, the director owned 88,473 shares of the company's stock, valued at $2,010,106.56. The trade was a 29.68% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 732,755 shares of company stock valued at $16,680,546 in the last three months. Company insiders own 3.20% of the company's stock.

Hedge Funds Weigh In On Magnite

Large investors have recently made changes to their positions in the stock. BlackRock Inc. purchased a new stake in Magnite during the 2nd quarter worth approximately $241,296,000. Capital Research Global Investors grew its position in shares of Magnite by 85.0% during the fourth quarter. Capital Research Global Investors now owns 12,920,289 shares of the company's stock worth $209,696,000 after buying an additional 5,937,428 shares in the last quarter. Canada Pension Plan Investment Board acquired a new stake in Magnite in the second quarter valued at approximately $56,847,000. 325 Capital LLC increased its position in shares of Magnite by 208.5% in the 4th quarter. 325 Capital LLC now owns 2,005,387 shares of the company's stock valued at $32,547,000 after purchasing an additional 1,355,326 shares during the last quarter. Finally, Bank of America Corp DE acquired a new position in shares of Magnite during the second quarter worth $22,431,000. 73.40% of the stock is currently owned by institutional investors and hedge funds.

Magnite Company Profile

Magnite, Inc is an independent sell-side advertising technology company that operates a global platform for digital media owners and app developers. Its technology helps publishers and media companies manage, package, sell and optimize advertising inventory across connected television (CTV), online video, mobile, desktop, audio and digital out-of-home channels.

Magnite's platform connects publishers with agencies, brands and demand-side platforms, supporting automated, data-driven programmatic advertising transactions.

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