Benchmark Issues Pessimistic Forecast for Magnite (NASDAQ:MGNI) Stock Price

Magnite (NASDAQ:MGNI) had its price objective decreased by equities researchers at Benchmark from $25.00 to $24.00 in a report issued on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. Benchmark’s price objective points to a potential upside of 58.94% from the stock’s current price.

A number of other analysts also recently weighed in on the stock. Rosenblatt Securities reissued a “buy” rating and set a $18.00 target price on shares of Magnite in a research report on Thursday. Susquehanna lifted their target price on shares of Magnite from $16.00 to $22.00 and gave the stock a “positive” rating in a research note on Thursday, February 27th. Royal Bank of Canada cut their price target on shares of Magnite from $22.00 to $19.00 and set an “outperform” rating on the stock in a research report on Friday, May 2nd. Needham & Company LLC reissued a “buy” rating and issued a $14.00 price objective on shares of Magnite in a research report on Monday, April 21st. Finally, Wells Fargo & Company upped their target price on Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a research report on Thursday, January 16th. One equities research analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $18.62.

Magnite Trading Up 1.4 %

Shares of NASDAQ MGNI opened at $15.10 on Thursday. The stock has a market cap of $2.13 billion, a P/E ratio of 251.67, a price-to-earnings-growth ratio of 1.00 and a beta of 2.73. The firm has a 50 day moving average price of $11.86 and a two-hundred day moving average price of $14.83. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.11 and a current ratio of 1.11. Magnite has a 52-week low of $8.22 and a 52-week high of $21.29.

Magnite (NASDAQ:MGNI) last announced its earnings results on Wednesday, May 7th. The company reported $0.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.06 by $0.06. Magnite had a return on equity of 4.64% and a net margin of 2.62%. The business had revenue of $145.85 million during the quarter, compared to analyst estimates of $142.18 million. During the same period last year, the company earned $0.05 EPS. Magnite’s revenue for the quarter was up 4.3% compared to the same quarter last year. As a group, equities analysts forecast that Magnite will post 0.33 EPS for the current year.

Insider Activity

In other news, insider Adam Lee Soroca sold 15,499 shares of the business’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $15.75, for a total transaction of $244,109.25. Following the completion of the sale, the insider now directly owns 458,386 shares of the company’s stock, valued at $7,219,579.50. The trade was a 3.27 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Paul Caine sold 5,000 shares of the company’s stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $20.35, for a total transaction of $101,750.00. Following the completion of the sale, the director now owns 182,837 shares in the company, valued at $3,720,732.95. This represents a 2.66 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 37,276 shares of company stock worth $647,241 over the last quarter. 3.80% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Magnite

Several institutional investors have recently bought and sold shares of the stock. Barclays PLC boosted its holdings in Magnite by 352.9% during the 3rd quarter. Barclays PLC now owns 210,598 shares of the company’s stock worth $2,917,000 after acquiring an additional 164,093 shares during the last quarter. Franklin Resources Inc. grew its position in Magnite by 99.7% in the 3rd quarter. Franklin Resources Inc. now owns 144,563 shares of the company’s stock worth $2,002,000 after purchasing an additional 72,169 shares in the last quarter. Nordea Investment Management AB increased its stake in Magnite by 4.1% in the 4th quarter. Nordea Investment Management AB now owns 893,989 shares of the company’s stock valued at $14,474,000 after buying an additional 35,490 shares during the last quarter. Fulton Bank N.A. lifted its position in shares of Magnite by 27.0% during the 4th quarter. Fulton Bank N.A. now owns 35,952 shares of the company’s stock worth $572,000 after buying an additional 7,641 shares in the last quarter. Finally, Moody National Bank Trust Division boosted its stake in shares of Magnite by 13.9% in the 4th quarter. Moody National Bank Trust Division now owns 110,278 shares of the company’s stock worth $1,756,000 after buying an additional 13,450 shares during the last quarter. Institutional investors 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.