Magnite (NASDAQ:MGNI) Price Target Raised to $31.00

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 objective boosted by Benchmark from $30.00 to $31.00 in a report published on Thursday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other brokerages also recently commented on MGNI. Rosenblatt Securities reissued a "buy" rating and set a $39.00 price objective on shares of Magnite in a research report on Thursday. Lake Street Capital cut their price objective on Magnite from $21.00 to $19.00 and set a "buy" rating for the company in a research report on Thursday, May 8th. Needham & Company LLC upped their target price on Magnite from $18.00 to $25.00 and gave the company a "buy" rating in a report on Thursday. Royal Bank Of Canada increased their target price on Magnite from $19.00 to $27.00 and gave the stock an "outperform" rating in a research report on Thursday, July 31st. Finally, Wells Fargo & Company raised their price objective on Magnite from $13.00 to $24.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 8th. One research analyst has rated the stock with a hold rating and eleven have given a buy rating to the company's stock. According to MarketBeat.com, Magnite currently has an average rating of "Moderate Buy" and a consensus price target of $25.82.

Magnite Stock Down 1.4%

Shares of MGNI traded down $0.32 during mid-day trading on Thursday, hitting $22.16. 1,044,086 shares of the company traded hands, compared to its average volume of 2,693,175. Magnite has a 1-year low of $8.22 and a 1-year high of $25.27. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.45. The company has a market capitalization of $3.15 billion, a PE ratio of 76.40, a price-to-earnings-growth ratio of 1.65 and a beta of 3.05. The business has a 50 day moving average of $21.37 and a 200 day moving average of $16.82.

Magnite (NASDAQ:MGNI - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $0.20 EPS for the quarter, topping the consensus estimate of $0.17 by $0.03. The company had revenue of $162.00 million during the quarter, compared to analyst estimates of $157.05 million. Magnite had a net margin of 6.30% and a return on equity of 8.07%. The firm's revenue was up 6.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.14 EPS. Equities research analysts anticipate that Magnite will post 0.33 EPS for the current year.

Insiders Place Their Bets

In related news, CFO David Day sold 36,000 shares of the firm's stock in a transaction that occurred on Thursday, June 26th. The stock was sold at an average price of $20.95, for a total value of $754,200.00. Following the sale, the chief financial officer owned 443,528 shares of the company's stock, valued at approximately $9,291,911.60. This trade represents a 7.51% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Michael G. Barrett sold 70,900 shares of Magnite stock in a transaction on Tuesday, July 15th. The shares were sold at an average price of $23.27, for a total value of $1,649,843.00. Following the sale, the chief executive officer directly owned 285,808 shares in the company, valued at $6,650,752.16. The trade was a 19.88% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 952,893 shares of company stock worth $18,751,664. 4.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Universal Beteiligungs und Servicegesellschaft mbH grew its holdings in shares of Magnite by 2.3% during the second quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 614,317 shares of the company's stock valued at $14,817,000 after buying an additional 13,652 shares in the last quarter. MTM Investment Management LLC purchased a new position in shares of Magnite during the second quarter valued at $58,000. Cetera Investment Advisers grew its holdings in shares of Magnite by 15.8% during the second quarter. Cetera Investment Advisers now owns 39,163 shares of the company's stock valued at $945,000 after buying an additional 5,342 shares in the last quarter. SG Americas Securities LLC grew its holdings in shares of Magnite by 72.4% during the second quarter. SG Americas Securities LLC now owns 41,378 shares of the company's stock valued at $998,000 after buying an additional 17,373 shares in the last quarter. Finally, Police & Firemen s Retirement System of New Jersey grew its holdings in shares of Magnite by 18.3% during the second quarter. Police & Firemen s Retirement System of New Jersey now owns 31,618 shares of the company's stock valued at $763,000 after buying an additional 4,886 shares in the last quarter. 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.