Magnite (NASDAQ:MGNI) Stock Price Target Raised at Royal Bank Of Canada

Key Points

• Royal Bank of Canada raised its Magnite price target from $27 to $30 and maintained an Outperform rating, implying 8.11% upside from the share price cited in the report.
• Magnite reported quarterly EPS of $0.33, above the $0.29 consensus, and revenue of $204.2 million versus estimates of $190.19 million. Revenue grew 22.4% year over year.
• Analyst sentiment was broadly positive: MarketBeat reported 11 Buy ratings and one Hold, with a consensus Moderate Buy rating and a $30.18 average price target.

Magnite (NASDAQ:MGNI - Get Free Report) had its target price increased by investment analysts at Royal Bank Of Canada from $27.00 to $30.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage currently has an "outperform" rating on the stock. Royal Bank Of Canada's price target indicates a potential upside of 8.11% from the stock's current price.

Other analysts have also issued research reports about the company. Scotiabank restated a "sector outperform" rating on shares of Magnite in a research note on Thursday. Craig Hallum reaffirmed a "buy" rating and issued a $32.00 price objective on shares of Magnite in a report on Thursday, September 17th. Needham & Company LLC lifted their price objective on shares of Magnite from $25.00 to $30.00 and gave the stock a "buy" rating in a research note on Thursday, September 3rd. Benchmark increased their target price on Magnite from $30.00 to $33.00 and gave the stock a "buy" rating in a report on Thursday, August 6th. Finally, Evercore reiterated an "outperform" rating and issued a $25.00 price target on shares of Magnite in a research note on Thursday, August 6th. Eleven investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $30.18.

Magnite Stock Performance

Shares of MGNI traded up $4.96 during midday trading on Thursday, reaching $27.75. The stock had a trading volume of 6,298,212 shares, compared to its average volume of 2,498,019. The firm has a 50 day simple moving average of $23.90 and a 200-day simple moving average of $17.72. Magnite has a one year low of $10.82 and a one year high of $28.17. The firm has a market cap of $3.98 billion, a PE ratio of 25.46, a P/E/G ratio of 0.73 and a beta of 2.44. The company has a current ratio of 1.02, a quick ratio of 1.03 and a debt-to-equity ratio of 0.37.

Magnite (NASDAQ:MGNI - Get Free Report) last released its quarterly earnings data on Wednesday, November 4th. The company reported $0.33 earnings per share for the quarter, topping the consensus estimate of $0.29 by $0.04. Magnite had a net margin of 22.49% and a return on equity of 9.33%. The company had revenue of $204.20 million for the quarter, compared to analyst estimates of $190.19 million. During the same period in the previous year, the business earned $0.20 EPS. Magnite's revenue for the quarter was up 22.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that Magnite will post 0.61 EPS for the current year.

Insider Activity at Magnite

In related news, Director Paul Caine sold 12,500 shares of the stock in a transaction on Monday, October 12th. The shares were sold at an average price of $25.29, for a total transaction of $316,125.00. Following the transaction, the director directly owned 124,901 shares of the company's stock, valued at $3,158,746.29. This represents a 9.10% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Robert F. Spillane sold 10,363 shares of the firm's stock in a transaction on Monday, September 14th. The stock was sold at an average price of $23.76, for a total transaction of $246,224.88. Following the completion of the sale, the director owned 57,715 shares of the company's stock, valued at $1,371,308.40. The trade was a 15.22% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 254,126 shares of company stock worth $6,161,335 over the last quarter. 3.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. BlackRock Inc. bought a new position in shares of Magnite in the second quarter valued at approximately $241,296,000. Canada Pension Plan Investment Board bought a new position in Magnite during the second quarter worth about $56,847,000. Dimensional Fund Advisors LP raised its holdings in Magnite by 10.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,983,674 shares of the company's stock valued at $47,322,000 after acquiring an additional 367,854 shares during the period. Bank of America Corp DE bought a new position in shares of Magnite in the second quarter worth $22,431,000. Finally, Bank of New York Mellon Corp purchased a new position in shares of Magnite in the second quarter valued at $22,059,000. 73.40% of the stock is owned by institutional investors.

Magnite News Roundup

Here are the key news stories impacting Magnite this week:

• Positive Sentiment: Q3 results topped expectations. Revenue increased 14% year over year to $204.2 million, while non-GAAP EPS was $0.33 versus the $0.29 consensus. Contribution ex-TAC grew 20% to $200.6 million, and adjusted EBITDA rose 46% to $83.4 million. Magnite Q3 2026 results
• Positive Sentiment: Connected TV was a key growth driver. CTV contribution ex-TAC climbed 39% to $105.4 million, exceeding company guidance; digital video and display contribution ex-TAC also grew, by 5%. Magnite: 3 key takeaways
• Positive Sentiment: Management raised 2026 guidance and offered a strong 2027 outlook. Magnite now expects 2026 contribution ex-TAC growth of about 17% and adjusted EBITDA growth of about 30%. For 2027, it forecast more than 15% top-line growth excluding political advertising and an adjusted EBITDA margin of at least 38.5%. Q4 contribution ex-TAC is forecast at $227 million to $233 million. Magnite raises outlook
• Positive Sentiment: RBC increased its price target to $30 from $27 and maintained an Outperform rating, reinforcing the positive analyst response to the results. RBC raises Magnite price target
• Negative Sentiment: Wells Fargo remained cautious. It raised its target to $23 from $22 but kept an Equal Weight rating; the target was below the stock’s then-current trading level. Wells Fargo rating update

About Magnite

Magnite, Inc operates an independent omnichannel sell-side advertising platform that helps publishers and digital media owners monetize their content while enabling advertisers to reach audiences across multiple channels. Its platform supports the buying and selling of digital advertising inventory through automated auctions and direct transactions.

The company's solutions serve connected television and streaming video, online display and mobile advertising, audio, and digital out-of-home media.

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