Magnite (NASDAQ:MGNI) Price Target Raised to $15.00

Key Points

• Wells Fargo raised its price target on Magnite from $13 to $15 and kept an "equal weight" rating, implying roughly a 6.3% upside from current levels.
• Analyst consensus is a "Moderate Buy" with eight Buys and two Holds and a consensus target price of $24.33, suggesting materially more upside than Wells Fargo's view.
• Earnings beat: Magnite reported Q results above estimates (EPS $0.13 vs. $0.11; revenue $164.4M vs. $159.2M, +5.5% year-over-year) and the stock was trading around $14.11 with a $2.02B market cap.

Magnite (NASDAQ:MGNI - Get Free Report) had its price target hoisted by stock analysts at Wells Fargo & Company from $13.00 to $15.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has an "equal weight" rating on the stock. Wells Fargo & Company's price objective points to a potential upside of 6.33% from the stock's current price.

Several other equities research analysts also recently weighed in on the stock. Needham & Company LLC restated a "buy" rating and issued a $25.00 target price on shares of Magnite in a research note on Thursday, April 16th. Evercore restated an "outperform" rating and issued a $21.00 target price on shares of Magnite in a research note on Thursday. Scotiabank raised their price target on shares of Magnite from $16.00 to $17.00 and gave the stock a "sector outperform" rating in a report on Thursday. Benchmark decreased their price target on shares of Magnite from $31.00 to $30.00 and set a "buy" rating for the company in a report on Thursday, February 26th. Finally, Royal Bank Of Canada decreased their price target on shares of Magnite from $23.00 to $20.00 and set an "outperform" rating for the company in a report on Thursday. Eight analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $24.33.

Magnite Stock Up 0.8%

MGNI traded up $0.11 during trading on Friday, hitting $14.11. The stock had a trading volume of 823,270 shares, compared to its average volume of 2,293,081. The company has a market capitalization of $2.02 billion, a PE ratio of 13.55, a PEG ratio of 0.83 and a beta of 2.33. Magnite has a twelve month low of $10.82 and a twelve month high of $26.65. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.02 and a current ratio of 1.02. The stock has a 50 day simple moving average of $12.75 and a two-hundred day simple moving average of $14.28.

Magnite (NASDAQ:MGNI - Get Free Report) last announced its earnings results on Wednesday, May 6th. The company reported $0.13 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.02. The company had revenue of $164.37 million during the quarter, compared to the consensus estimate of $159.24 million. Magnite had a net margin of 21.96% and a return on equity of 8.61%. Magnite's revenue was up 5.5% compared to the same quarter last year. During the same period last year, the firm earned $0.12 earnings per share. On average, research analysts predict that Magnite will post 0.59 earnings per share for the current year.

Insider Activity

In other Magnite news, insider Adam Lee Soroca sold 21,529 shares of the firm's stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $12.00, for a total value of $258,348.00. Following the completion of the transaction, the insider owned 388,425 shares of the company's stock, valued at approximately $4,661,100. This trade represents a 5.25% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 3.80% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the business. Stephens Inc. AR raised its holdings in shares of Magnite by 0.6% during the third quarter. Stephens Inc. AR now owns 83,468 shares of the company's stock worth $1,818,000 after purchasing an additional 517 shares during the last quarter. Smartleaf Asset Management LLC raised its holdings in shares of Magnite by 20.5% during the second quarter. Smartleaf Asset Management LLC now owns 3,387 shares of the company's stock worth $82,000 after purchasing an additional 577 shares during the last quarter. US Bancorp DE raised its holdings in shares of Magnite by 75.8% during the third quarter. US Bancorp DE now owns 1,596 shares of the company's stock worth $35,000 after purchasing an additional 688 shares during the last quarter. PNC Financial Services Group Inc. raised its holdings in shares of Magnite by 45.1% during the third quarter. PNC Financial Services Group Inc. now owns 2,428 shares of the company's stock worth $53,000 after purchasing an additional 755 shares during the last quarter. Finally, AYAL Capital Advisors Ltd raised its holdings in shares of Magnite by 0.5% during the fourth quarter. AYAL Capital Advisors Ltd now owns 200,000 shares of the company's stock worth $3,246,000 after purchasing an additional 1,000 shares during the last quarter. Hedge funds and other institutional investors own 73.40% of the company's stock.

About Magnite

Magnite, Inc NASDAQ: MGNI operates as an independent sell-side advertising platform that enables publishers and digital media owners to monetize their inventory through programmatic advertising. Formed in 2020 through the merger of Rubicon Project and Telaria, Magnite combines technologies for desktop, mobile, connected television (CTV) and digital out-of-home (DOOH) ad exchanges. The company provides an end-to-end solution designed to help media owners optimize yield across open marketplaces, private marketplaces and programmatic guaranteed deals.

At the core of Magnite's offering is its supply-side platform (SSP), which connects publishers' ad impressions to demand-side platforms (DSPs) through real-time bidding (RTB).

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