Magnite (NASDAQ:MGNI) Stock Price Expected to Rise, Royal Bank Of Canada Analyst Says

Magnite (NASDAQ:MGNI) had its price objective upped by Royal Bank Of Canada from $19.00 to $27.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Royal Bank Of Canada’s target price suggests a potential upside of 21.68% from the company’s previous close.

Several other equities analysts also recently weighed in on the company. Rosenblatt Securities reissued a “buy” rating and set a $18.00 target price on shares of Magnite in a research report on Thursday, May 8th. Benchmark boosted 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. Needham & Company LLC raised their target price on shares of Magnite from $14.00 to $18.00 and gave the stock a “buy” rating in a report on Monday, May 12th. Wall Street Zen upgraded shares of Magnite from a “hold” rating to a “buy” rating in a report on Sunday, July 13th. Finally, Lake Street Capital reduced their price objective on shares of Magnite from $21.00 to $19.00 and set a “buy” rating on the stock in a research report on Thursday, May 8th. One research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $21.91.

Magnite Trading Down 3.6%

MGNI stock opened at $22.19 on Thursday. The firm has a fifty day moving average price of $20.74 and a 200 day moving average price of $16.59. Magnite has a fifty-two week low of $8.22 and a fifty-two week high of $25.27. The firm has a market cap of $3.13 billion, a PE ratio of 110.96, a price-to-earnings-growth ratio of 1.88 and a beta of 3.05. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.98 and a current ratio of 0.98.

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. Magnite had a net margin of 4.58% and a return on equity of 6.71%. The business had revenue of $145.85 million during the quarter, compared to analysts’ expectations of $142.18 million. During the same period last year, the company posted $0.05 EPS. The business’s revenue was up 4.3% on a year-over-year basis. Sell-side analysts anticipate that Magnite will post 0.33 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CFO David Day sold 36,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 26th. The shares were sold at an average price of $20.95, for a total transaction of $754,200.00. Following the transaction, the chief financial officer directly owned 443,528 shares of the company’s stock, valued at approximately $9,291,911.60. This trade represents a 7.51% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Paul Caine sold 5,000 shares of Magnite stock in a transaction that occurred on Thursday, July 10th. The shares were sold at an average price of $23.53, for a total transaction of $117,650.00. Following the sale, the director directly owned 183,603 shares of the company’s stock, valued at $4,320,178.59. This represents a 2.65% decrease in their position. The disclosure for this sale can be found here. Insiders sold 959,227 shares of company stock worth $18,854,021 over the last 90 days. Corporate insiders own 3.80% of the company’s stock.

Institutional Investors Weigh In On Magnite

Several hedge funds have recently made changes to their positions in the company. MCF Advisors LLC increased its stake in shares of Magnite by 2,100.0% during the first quarter. MCF Advisors LLC now owns 2,200 shares of the company’s stock valued at $25,000 after buying an additional 2,100 shares during the period. Smartleaf Asset Management LLC lifted its stake in Magnite by 74.9% in the first quarter. Smartleaf Asset Management LLC now owns 2,810 shares of the company’s stock worth $33,000 after acquiring an additional 1,203 shares during the period. GAMMA Investing LLC grew its holdings in Magnite by 355.6% during the 2nd quarter. GAMMA Investing LLC now owns 1,517 shares of the company’s stock worth $37,000 after acquiring an additional 1,184 shares in the last quarter. AllSquare Wealth Management LLC increased its position in Magnite by 76.8% during the 1st quarter. AllSquare Wealth Management LLC now owns 3,580 shares of the company’s stock valued at $41,000 after purchasing an additional 1,555 shares during the period. Finally, CWM LLC increased its position in Magnite by 133.6% during the 2nd quarter. CWM LLC now owns 1,775 shares of the company’s stock valued at $43,000 after purchasing an additional 1,015 shares during the period. 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.