Magnite (NASDAQ:MGNI) Price Target Raised to $24.00

Magnite (NASDAQ:MGNI) had its target price raised by Wells Fargo & Company from $13.00 to $24.00 in a research report report published on Tuesday,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the stock.

Several other brokerages also recently weighed in on MGNI. Craig Hallum set a $24.00 price objective on shares of Magnite and gave the company a “buy” rating in a research report on Tuesday, May 20th. Rosenblatt Securities reiterated a “buy” rating and set a $18.00 price target on shares of Magnite in a research report on Thursday, May 8th. Lake Street Capital decreased their price target on Magnite from $21.00 to $19.00 and set a “buy” rating for the company in a research note on Thursday, May 8th. Wall Street Zen cut shares of Magnite from a “buy” rating to a “hold” rating in a research note on Saturday, July 5th. Finally, Royal Bank Of Canada decreased their target price on shares of Magnite from $22.00 to $19.00 and set an “outperform” rating for the company in a research report on Friday, May 2nd. Two research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $20.33.

Magnite Stock Down 1.0%

NASDAQ:MGNI opened at $23.45 on Tuesday. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.47. The stock has a 50 day moving average of $18.04 and a 200-day moving average of $15.82. The firm has a market capitalization of $3.31 billion, a PE ratio of 117.26, a price-to-earnings-growth ratio of 1.93 and a beta of 2.96. Magnite has a 52 week low of $8.22 and a 52 week high of $25.27.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings data on Wednesday, May 7th. The company reported $0.12 EPS for the quarter, topping analysts’ consensus estimates of $0.06 by $0.06. The firm had revenue of $145.85 million during the quarter, compared to the consensus estimate of $142.18 million. Magnite had a return on equity of 6.71% and a net margin of 4.58%. The firm’s revenue was up 4.3% on a year-over-year basis. During the same period in the prior year, the business earned $0.05 EPS. Analysts predict that Magnite will post 0.33 EPS for the current year.

Insider Activity at Magnite

In related news, CFO David Day sold 38,146 shares of the stock in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $18.95, for a total transaction of $722,866.70. Following the completion of the sale, the chief financial officer directly owned 443,528 shares of the company’s stock, valued at $8,404,855.60. This represents a 7.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Michael G. Barrett sold 300,000 shares of the company’s stock in a transaction on Tuesday, June 24th. The shares were sold at an average price of $20.01, for a total value of $6,003,000.00. Following the completion of the transaction, the chief executive officer directly owned 356,708 shares in the company, valued at $7,137,727.08. This represents a 45.68% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 883,327 shares of company stock worth $17,086,528. Company insiders own 3.80% of the company’s stock.

Institutional Investors Weigh In On Magnite

Several hedge funds have recently modified their holdings of MGNI. Jones Financial Companies Lllp lifted its stake in Magnite by 20.6% during the fourth quarter. Jones Financial Companies Lllp now owns 5,853 shares of the company’s stock valued at $93,000 after buying an additional 1,000 shares in the last quarter. SBI Securities Co. Ltd. purchased a new stake in shares of Magnite in the 4th quarter valued at approximately $25,000. Charles Schwab Investment Management Inc. boosted its stake in Magnite by 1.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,049,412 shares of the company’s stock worth $16,707,000 after purchasing an additional 16,308 shares during the period. M&T Bank Corp purchased a new position in Magnite during the 4th quarter worth approximately $230,000. Finally, Arizona State Retirement System raised its stake in Magnite by 1.5% during 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. 73.40% of the stock is owned by hedge funds and other institutional investors.

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.