Magnite (NASDAQ:MGNI) Stock Price Expected to Rise, Susquehanna Analyst Says

Key Points

• Susquehanna raised Magnite's price target from $22.00 to $28.00, indicating a potential upside of 24.56% from its previous close.
• Magnite received a positive consensus rating of "Moderate Buy", with eleven analysts rating it as a buy and an average target price of $25.00.
• The company's most recent earnings report showed a quarterly revenue of $162 million, surpassing expectations and reflecting a 6.4% year-over-year increase.

Magnite (NASDAQ:MGNI - Get Free Report) had its price objective raised by equities research analysts at Susquehanna from $22.00 to $28.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has a "positive" rating on the stock. Susquehanna's price target points to a potential upside of 24.61% from the stock's previous close.

Other equities analysts have also issued research reports about the company. Wells Fargo & Company upped their price objective on Magnite from $13.00 to $24.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 8th. Rosenblatt Securities restated a "buy" rating and issued a $18.00 price target on shares of Magnite in a research note on Thursday, May 8th. Benchmark lifted their price objective on shares of Magnite from $24.00 to $30.00 and gave the company a "buy" rating in a research report on Tuesday, July 22nd. Lake Street Capital lowered their target price 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. Finally, Wall Street Zen upgraded shares of Magnite from a "hold" rating to a "buy" rating in a research report on Sunday, July 13th. One analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $25.82.

Magnite Price Performance

Shares of MGNI traded up $0.72 during mid-day trading on Thursday, reaching $22.47. The stock had a trading volume of 4,302,281 shares, compared to its average volume of 2,781,658. The business has a fifty day moving average of $21.37 and a 200 day moving average of $16.82. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.98 and a current ratio of 0.98. The firm has a market cap of $3.17 billion, a price-to-earnings ratio of 77.49, a PEG ratio of 1.78 and a beta of 3.05. Magnite has a 12 month low of $8.22 and a 12 month high of $25.27.

Magnite (NASDAQ:MGNI - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported $0.20 earnings per share for the quarter, beating analysts' consensus estimates of $0.17 by $0.03. Magnite had a net margin of 6.30% and a return on equity of 8.13%. The company had revenue of $162.00 million for the quarter, compared to analysts' expectations of $157.05 million. During the same quarter in the previous year, the company earned $0.14 EPS. Magnite's revenue for the quarter was up 6.4% on a year-over-year basis. Equities analysts predict that Magnite will post 0.33 EPS for the current year.

Insider Buying and Selling

In other news, CEO Michael G. Barrett sold 70,900 shares of the business's stock in a transaction dated 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 transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Adam Lee Soroca sold 42,584 shares of the stock in a transaction dated Thursday, July 3rd. The shares were sold at an average price of $25.00, for a total transaction of $1,064,600.00. Following the completion of the transaction, the insider directly owned 366,672 shares of the company's stock, valued at approximately $9,166,800. The trade was a 10.41% 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 valued at $18,854,021 in the last three months. Corporate insiders own 3.80% of the company's stock.

Institutional Investors Weigh In On Magnite

Large investors have recently added to or reduced their stakes in the stock. LPL Financial LLC lifted its stake in shares of Magnite by 50.0% in the 4th quarter. LPL Financial LLC now owns 129,603 shares of the company's stock valued at $2,063,000 after purchasing an additional 43,207 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in Magnite by 5.9% during the 4th quarter. JPMorgan Chase & Co. now owns 1,511,439 shares of the company's stock valued at $24,062,000 after buying an additional 84,497 shares during the period. Pictet Asset Management Holding SA lifted its position in Magnite by 27.3% in the fourth quarter. Pictet Asset Management Holding SA now owns 20,403 shares of the company's stock worth $325,000 after buying an additional 4,379 shares during the last quarter. Bank of Montreal Can boosted its stake in Magnite by 18.0% during the fourth quarter. Bank of Montreal Can now owns 163,305 shares of the company's stock worth $2,600,000 after buying an additional 24,906 shares during the period. Finally, Invesco Ltd. boosted its stake in Magnite by 35.2% during the fourth quarter. Invesco Ltd. now owns 272,093 shares of the company's stock worth $4,332,000 after buying an additional 70,778 shares during the period. 73.40% of the stock is owned by institutional investors.

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.