Magnite (NASDAQ:MGNI) Price Target Raised to $30.00 at Benchmark

Magnite (NASDAQ:MGNI - Get Free Report) had its price objective lifted by equities researchers at Benchmark from $24.00 to $30.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has a "buy" rating on the stock. Benchmark's price objective indicates a potential upside of 27.67% from the company's previous close.

A number of other research analysts also recently commented on MGNI. Wall Street Zen upgraded Magnite from a "hold" rating to a "buy" rating in a research note on Sunday, July 13th. Craig Hallum set a $24.00 price objective on Magnite and gave the company a "buy" rating in a report on Tuesday, May 20th. Rosenblatt Securities restated a "buy" rating and issued a $18.00 target price on shares of Magnite in a report on Thursday, May 8th. Lake Street Capital cut their target price on Magnite from $21.00 to $19.00 and set a "buy" rating for the company in a research note on Thursday, May 8th. Finally, Needham & Company LLC lifted their target price on shares of Magnite from $14.00 to $18.00 and gave the company a "buy" rating in a research report on Monday, May 12th. One equities research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $20.83.

Magnite Price Performance

MGNI stock traded up $0.55 on Tuesday, hitting $23.50. 874,168 shares of the company's stock traded hands, compared to its average volume of 2,687,078. The stock has a fifty day moving average of $19.86 and a 200-day moving average of $16.31. The stock has a market cap of $3.32 billion, a price-to-earnings ratio of 117.36, a P/E/G ratio of 1.84 and a beta of 2.96. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.47. Magnite has a 1-year low of $8.22 and a 1-year high of $25.27.

Magnite (NASDAQ:MGNI - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The company reported $0.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.06 by $0.06. The firm had revenue of $145.85 million during the quarter, compared to the consensus estimate of $142.18 million. Magnite had a return on equity of 6.71% and a net margin of 4.58%. The business's revenue for the quarter was up 4.3% on a year-over-year basis. During the same period in the prior year, the business earned $0.05 EPS. On average, analysts forecast that Magnite will post 0.33 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Adam Lee Soroca sold 44,519 shares of Magnite stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of $20.00, for a total value of $890,380.00. Following the transaction, the insider owned 400,927 shares in the company, valued at approximately $8,018,540. This trade represents a 9.99% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Katie Seitz Evans sold 35,000 shares of the stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $17.36, for a total value of $607,600.00. Following the completion of the transaction, the insider owned 442,788 shares of the company's stock, valued at $7,686,799.68. This represents a 7.33% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 959,227 shares of company stock valued at $18,854,021 over the last 90 days. 3.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On Magnite

A number of hedge funds have recently modified their holdings of the business. MCF Advisors LLC increased its position in shares of Magnite by 2,100.0% during the first quarter. MCF Advisors LLC now owns 2,200 shares of the company's stock worth $25,000 after buying an additional 2,100 shares during the period. Smartleaf Asset Management LLC lifted its position in shares of Magnite by 74.9% during the 1st quarter. Smartleaf Asset Management LLC now owns 2,810 shares of the company's stock valued at $33,000 after acquiring an additional 1,203 shares during the period. GAMMA Investing LLC boosted its stake in Magnite by 355.6% during the second quarter. GAMMA Investing LLC now owns 1,517 shares of the company's stock worth $37,000 after acquiring an additional 1,184 shares in the last quarter. AllSquare Wealth Management LLC grew its holdings in Magnite by 76.8% in the first quarter. AllSquare Wealth Management LLC now owns 3,580 shares of the company's stock worth $41,000 after purchasing an additional 1,555 shares during the period. Finally, CWM LLC increased its stake in Magnite by 133.6% in the second quarter. CWM LLC now owns 1,775 shares of the company's stock valued at $43,000 after purchasing an additional 1,015 shares in the last quarter. Institutional investors and hedge funds 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.