Magnite (NASDAQ:MGNI) Stock Price Expected to Rise, Susquehanna Analyst Says

Magnite (NASDAQ:MGNI) had its price objective lifted by Susquehanna from $16.00 to $22.00 in a report released on Thursday morning,Benzinga reports. They currently have a positive rating on the stock.

MGNI has been the topic of several other research reports. Macquarie reissued an “outperform” rating and set a $18.00 price objective on shares of Magnite in a research note on Friday, November 8th. Needham & Company LLC reaffirmed a “buy” rating and set a $20.00 price objective on shares of Magnite in a research report on Thursday. Royal Bank of Canada lifted their price objective on Magnite from $19.00 to $22.00 and gave the company an “outperform” rating in a research note on Friday, January 3rd. Benchmark increased their target price on Magnite from $21.00 to $25.00 and gave the stock a “buy” rating in a research note on Thursday. Finally, Scotiabank began coverage on Magnite in a research report on Thursday, December 5th. They issued a “sector outperform” rating and a $22.00 price target for the company. One analyst has rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, Magnite has an average rating of “Moderate Buy” and a consensus price target of $19.27.

Magnite Trading Down 1.8 %

NASDAQ:MGNI opened at $16.55 on Thursday. Magnite has a 12 month low of $8.38 and a 12 month high of $21.29. 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 $17.31 and a 200-day moving average price of $15.18. The stock has a market cap of $2.33 billion, a price-to-earnings ratio of 275.83, a P/E/G ratio of 1.00 and a beta of 2.52.

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

Insider Buying and Selling

In other news, CTO David Buonasera sold 1,969 shares of Magnite 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 transaction, the chief technology officer now owns 223,795 shares in the company, valued at $3,650,096.45. This trade represents a 0.87 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Michael G. Barrett sold 147,996 shares of the company’s stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $17.52, for a total value of $2,592,889.92. Following the completion of the sale, the chief executive officer now owns 634,914 shares of the company’s stock, valued at approximately $11,123,693.28. The trade was a 18.90 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 398,110 shares of company stock valued at $7,418,043 over the last 90 days. Company insiders own 4.30% of the company’s stock.

Institutional Trading of Magnite

Institutional investors have recently made changes to their positions in the business. SBI Securities Co. Ltd. bought a new position in Magnite in the 4th quarter worth approximately $25,000. Larson Financial Group LLC raised its position in shares of Magnite by 179.2% during the fourth quarter. Larson Financial Group LLC now owns 3,647 shares of the company’s stock valued at $58,000 after buying an additional 2,341 shares during the last quarter. Quarry LP lifted its holdings in shares of Magnite by 446.8% in the third quarter. Quarry LP now owns 5,517 shares of the company’s stock worth $76,000 after buying an additional 4,508 shares in the last quarter. Quantbot Technologies LP bought a new position in shares of Magnite during the fourth quarter worth $87,000. Finally, Jones Financial Companies Lllp grew 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 acquiring an additional 1,000 shares in the last quarter. Hedge funds and other institutional investors own 73.40% of the company’s stock.

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.