Royal Bank of Canada Issues Pessimistic Forecast for Magnite (NASDAQ:MGNI) Stock Price

Magnite (NASDAQ:MGNI) had its price target lowered by Royal Bank of Canada from $22.00 to $19.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Royal Bank of Canada’s price objective indicates a potential upside of 56.90% from the stock’s current price.

Several other research firms also recently weighed in on MGNI. Rosenblatt Securities initiated coverage on Magnite in a research report on Tuesday, April 29th. They issued a “buy” rating and a $18.00 target price for the company. Susquehanna lifted their price objective on shares of Magnite from $16.00 to $22.00 and gave the company a “positive” rating in a report on Thursday, February 27th. Wells Fargo & Company increased their target price on shares of Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a report on Thursday, January 16th. Wolfe Research boosted their price target on shares of Magnite from $14.00 to $19.00 and gave the stock an “outperform” rating in a research note on Friday, January 3rd. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $14.00 price objective on shares of Magnite in a research report on Monday, April 21st. One equities research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, Magnite currently has an average rating of “Moderate Buy” and a consensus target price of $18.85.

Magnite Price Performance

Magnite stock opened at $12.11 on Friday. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.76. The company has a 50-day moving average price of $12.09 and a 200 day moving average price of $14.80. Magnite has a 12-month low of $8.22 and a 12-month high of $21.29. The stock has a market cap of $1.71 billion, a P/E ratio of 201.83, a PEG ratio of 1.00 and a beta of 2.69.

Magnite (NASDAQ:MGNI) last announced its quarterly earnings results on Wednesday, February 26th. The company reported $0.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.14). Magnite had a return on equity of 4.64% and a net margin of 2.62%. The firm had revenue of $180.20 million for the quarter, compared to analyst estimates of $183.90 million. Sell-side analysts anticipate that Magnite will post 0.33 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Adam Lee Soroca sold 15,499 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $15.75, for a total value of $244,109.25. Following the completion of the transaction, the insider now directly owns 458,386 shares of the company’s stock, valued at $7,219,579.50. This represents a 3.27 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Brian Gephart sold 6,250 shares of the stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $16.00, for a total transaction of $100,000.00. Following the completion of the transaction, the chief accounting officer now owns 132,909 shares in the company, valued at $2,126,544. This represents a 4.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 244,905 shares of company stock valued at $4,718,855 in the last ninety days. Insiders own 4.30% of the company’s stock.

Hedge Funds Weigh In On Magnite

Large investors have recently bought and sold shares of the stock. Arizona State Retirement System boosted its position in shares of Magnite by 1.5% in the 4th quarter. Arizona State Retirement System now owns 36,846 shares of the company’s stock valued at $587,000 after purchasing an additional 559 shares during the period. Truist Financial Corp boosted its holdings in shares of Magnite by 2.0% in the fourth quarter. Truist Financial Corp now owns 34,242 shares of the company’s stock valued at $545,000 after acquiring an additional 674 shares during the period. Summit Investment Advisors Inc. boosted its holdings in shares of Magnite by 6.8% in the fourth quarter. Summit Investment Advisors Inc. now owns 13,162 shares of the company’s stock valued at $210,000 after acquiring an additional 836 shares during the period. ANTIPODES PARTNERS Ltd grew its position in shares of Magnite by 13.4% during the fourth quarter. ANTIPODES PARTNERS Ltd now owns 8,072 shares of the company’s stock worth $129,000 after acquiring an additional 956 shares during the last quarter. Finally, Jones Financial Companies Lllp increased its holdings in shares of Magnite by 20.6% in the 4th quarter. Jones Financial Companies Lllp now owns 5,853 shares of the company’s stock valued at $93,000 after acquiring an additional 1,000 shares during the period. 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.