Benchmark Forecasts Strong Price Appreciation for Magnite (NASDAQ:MGNI) Stock

Key Points

• Benchmark has raised its price target for Magnite (NASDAQ:MGNI) from $30.00 to $31.00, indicating a potential upside of 37.90% from the current price.
• Magnite reported a quarterly earnings per share (EPS) of $0.20, exceeding analyst estimates, with revenues of $162 million, reflecting a 6.4% year-over-year increase.
• Several analysts have recently upgraded their ratings for Magnite, with twelve analysts giving it a "buy" rating, and the stock holds an average "Moderate Buy" consensus rating.

Magnite (NASDAQ:MGNI - Free Report) had its price target hoisted by Benchmark from $30.00 to $31.00 in a research report sent to investors on Thursday,Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other analysts also recently issued reports on MGNI. Craig Hallum set a $24.00 price objective on shares of Magnite and gave the stock a "buy" rating in a report on Tuesday, May 20th. Needham & Company LLC increased their target price on shares of Magnite from $18.00 to $25.00 and gave the company a "buy" rating in a research report on Thursday. Lake Street Capital lowered their price target on shares of Magnite from $21.00 to $19.00 and set a "buy" rating on the stock in a report on Thursday, May 8th. Royal Bank Of Canada boosted their price objective on Magnite from $19.00 to $27.00 and gave the company an "outperform" rating in a research note on Thursday, July 31st. Finally, Wells Fargo & Company increased their target price on shares of Magnite from $13.00 to $24.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 8th. One investment analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, Magnite currently has a consensus rating of "Moderate Buy" and a consensus target price of $25.82.

Magnite Stock Performance

Magnite stock traded up $0.72 during mid-day trading on Thursday, reaching $22.47. 4,302,281 shares of the company's stock were exchanged, compared to its average volume of 2,781,658. The business's fifty day simple moving average is $21.37 and its 200 day simple moving average is $16.82. The firm has a market capitalization of $3.17 billion, a PE ratio of 77.49, a P/E/G ratio of 1.78 and a beta of 3.05. Magnite has a one year low of $8.22 and a one year high of $25.27. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.47.

Magnite (NASDAQ:MGNI - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported $0.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.03. The firm had revenue of $162.00 million during the quarter, compared to analyst estimates of $157.05 million. Magnite had a return on equity of 8.13% and a net margin of 6.30%. The business's revenue was up 6.4% compared to the same quarter last year. During the same period last year, the firm posted $0.14 EPS. On average, sell-side analysts expect that Magnite will post 0.33 earnings per share for the current year.

Insider Buying and Selling at Magnite

In related news, insider Adam Lee Soroca sold 42,584 shares of the stock in a transaction on Thursday, July 3rd. The stock was sold at an average price of $25.00, for a total value of $1,064,600.00. Following the sale, the insider owned 366,672 shares in the company, valued at approximately $9,166,800. This trade represents a 10.41% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director James Rossman sold 137,007 shares of Magnite stock in a transaction on Wednesday, June 18th. The shares were sold at an average price of $18.78, for a total value of $2,572,991.46. Following the sale, the director directly owned 93,679 shares of the company's stock, valued at $1,759,291.62. This represents a 59.39% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 959,227 shares of company stock worth $18,854,021 in the last ninety days. Insiders own 3.80% of the company's stock.

Institutional Trading of Magnite

Institutional investors and hedge funds have recently modified their holdings of the business. Capital Research Global Investors purchased a new stake in Magnite in the fourth quarter valued at approximately $122,986,000. Nuveen LLC bought a new position in shares of Magnite in the 1st quarter worth $41,036,000. American Century Companies Inc. raised its position in shares of Magnite by 855.2% during the 1st quarter. American Century Companies Inc. now owns 2,961,009 shares of the company's stock valued at $33,785,000 after buying an additional 2,651,033 shares in the last quarter. Pacer Advisors Inc. bought a new stake in shares of Magnite during the 1st quarter worth $12,576,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Magnite in the fourth quarter worth $11,076,000. Hedge funds and other institutional investors own 73.40% of the company's stock.

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.