Magnite (NASDAQ:MGNI) Price Target Raised to $28.00 at Susquehanna

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 target price boosted by investment analysts at Susquehanna from $22.00 to $28.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has a "positive" rating on the stock. Susquehanna's price target points to a potential upside of 26.35% from the company's current price.

Other analysts have also recently issued reports about the company. Needham & Company LLC upped their price objective on Magnite from $14.00 to $18.00 and gave the stock a "buy" rating in a report on Monday, May 12th. Rosenblatt Securities reaffirmed a "buy" rating and set a $18.00 price objective on shares of Magnite in a report on Thursday, May 8th. 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 report on Tuesday, July 8th. Wall Street Zen raised Magnite from a "hold" rating to a "buy" rating in a report on Sunday, July 13th. Finally, Lake Street Capital decreased their price objective on Magnite from $21.00 to $19.00 and set a "buy" rating on the stock in a report on Thursday, May 8th. One analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $25.82.

Magnite Stock Performance

Shares of NASDAQ:MGNI traded down $0.31 during mid-day trading on Thursday, reaching $22.16. 1,044,086 shares of the company traded hands, compared to its average volume of 2,693,175. The company's 50 day moving average price is $21.37 and its 200-day moving average price is $16.82. The firm has a market cap of $3.16 billion, a PE ratio of 76.40, a PEG ratio of 1.65 and a beta of 3.05. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.00 and a quick ratio of 1.00. Magnite has a 52 week low of $8.22 and a 52 week high of $25.27.

Magnite (NASDAQ:MGNI - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $0.20 earnings per share for the quarter, topping the consensus estimate of $0.17 by $0.03. Magnite had a return on equity of 8.07% and a net margin of 6.30%. The business had revenue of $162.00 million during the quarter, compared to the consensus estimate of $157.05 million. During the same period in the prior year, the company posted $0.14 EPS. The firm's revenue for the quarter was up 6.4% compared to the same quarter last year. On average, equities analysts expect that Magnite will post 0.33 EPS for the current fiscal year.

Insider Activity

In related news, insider Katie Seitz Evans sold 35,000 shares of the firm's stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $17.36, for a total transaction of $607,600.00. Following the sale, the insider owned 442,788 shares of the company's stock, valued at $7,686,799.68. This trade represents a 7.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director James Rossman sold 137,007 shares of the firm's stock in a transaction dated Wednesday, June 18th. The stock was sold at an average price of $18.78, for a total value of $2,572,991.46. Following the completion of the sale, the director directly owned 93,679 shares of the company's stock, valued at approximately $1,759,291.62. This represents a 59.39% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 952,893 shares of company stock valued at $18,751,664. Company insiders own 4.30% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. increased its position in shares of Magnite by 1.0% in the first quarter. Vanguard Group Inc. now owns 13,743,521 shares of the company's stock valued at $156,814,000 after buying an additional 138,417 shares in the last quarter. Capital Research Global Investors acquired a new stake in shares of Magnite in the fourth quarter worth approximately $122,986,000. Boston Partners boosted its stake in shares of Magnite by 5.7% in the second quarter. Boston Partners now owns 5,574,604 shares of the company's stock worth $133,037,000 after acquiring an additional 298,248 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Magnite by 3.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 5,524,643 shares of the company's stock worth $87,957,000 after acquiring an additional 170,532 shares during the last quarter. Finally, Nuveen LLC acquired a new stake in shares of Magnite in the first quarter worth approximately $41,036,000. 73.40% of the stock is currently owned by hedge funds and other 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.