Benchmark Forecasts Strong Price Appreciation for Magnite (NASDAQ:MGNI) Stock

Magnite (NASDAQ:MGNI) had its price objective increased by analysts at Benchmark from $21.00 to $25.00 in a research note issued on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. Benchmark’s price objective would suggest a potential upside of 42.45% from the stock’s current price.

Other equities research analysts have also recently issued research reports about the company. Scotiabank started coverage on Magnite in a research note on Thursday, December 5th. They set a “sector outperform” rating and a $22.00 target price for the company. Royal Bank of Canada upped their target price on shares of Magnite from $19.00 to $22.00 and gave the stock an “outperform” rating in a report on Friday, January 3rd. Wolfe Research increased their price target on Magnite from $14.00 to $19.00 and gave the company an “outperform” rating in a research report on Friday, January 3rd. Needham & Company LLC reissued a “buy” rating and set a $20.00 target price on shares of Magnite in a research report on Thursday. Finally, Macquarie reiterated an “outperform” rating and set a $18.00 target price on shares of Magnite in a research note on Friday, November 8th. One 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, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $18.65.

Magnite Trading Up 4.1 %

Shares of MGNI stock traded up $0.69 during mid-day trading on Thursday, reaching $17.55. 1,532,346 shares of the stock traded hands, compared to its average volume of 2,336,409. The stock’s fifty day simple moving average is $17.29 and its two-hundred day simple moving average is $15.17. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.76. Magnite has a 1-year low of $8.38 and a 1-year high of $21.29. The company has a market cap of $2.47 billion, a price-to-earnings ratio of 291.98, a price-to-earnings-growth ratio of 1.00 and a beta of 2.52.

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

Insiders Place Their Bets

In other news, CTO David Buonasera sold 1,969 shares of the firm’s stock in a transaction on Friday, December 13th. The shares were sold at an average price of $16.31, for a total transaction of $32,114.39. Following the sale, the chief technology officer now owns 223,795 shares in the company, valued at approximately $3,650,096.45. This trade represents a 0.87 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Sean Patrick Buckley sold 10,527 shares of Magnite stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $19.13, for a total value of $201,381.51. Following the sale, the insider now directly owns 370,558 shares of the company’s stock, valued at approximately $7,088,774.54. This trade represents a 2.76 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 398,110 shares of company stock worth $7,418,043 over the last 90 days. Corporate insiders own 4.30% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Western Wealth Management LLC purchased a new stake in Magnite in the fourth quarter worth $159,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Magnite by 7.2% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 368,620 shares of the company’s stock worth $5,868,000 after acquiring an additional 24,659 shares in the last quarter. ProShare Advisors LLC grew its stake in shares of Magnite by 49.0% in the 4th quarter. ProShare Advisors LLC now owns 35,432 shares of the company’s stock worth $564,000 after buying an additional 11,656 shares during the last quarter. Occudo Quantitative Strategies LP purchased a new stake in shares of Magnite in the fourth quarter worth $251,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Magnite by 3.9% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 71,580 shares of the company’s stock valued at $1,140,000 after purchasing an additional 2,714 shares in the last quarter. Hedge funds and other 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.