Magnite (NASDAQ:MGNI) Given New $30.00 Price Target at B. Riley Financial

Magnite (NASDAQ:MGNI) had its target price upped by analysts at B. Riley Financial from $27.00 to $30.00 in a research note issued on Friday, Benzinga reports. The firm currently has a “buy” rating on the stock. B. Riley Financial’s target price would indicate a potential upside of 17.05% from the company’s current price.

Other equities analysts have also issued research reports about the company. Craig Hallum reaffirmed a “buy” rating and set a $32.00 price objective on shares of Magnite in a report on Thursday. Needham & Company LLC raised their price target on Magnite from $25.00 to $30.00 and gave the stock a “buy” rating in a research note on Thursday, September 3rd. Benchmark lifted their price target on Magnite from $30.00 to $33.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Weiss Ratings reissued a “hold (c)” rating on shares of Magnite in a report on Friday, August 7th. Finally, Scotiabank restated an “outperform” rating and set a $27.00 target price on shares of Magnite in a research report on Thursday, August 6th. Ten analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, Magnite currently has a consensus rating of “Moderate Buy” and an average price target of $29.36.

Magnite Stock Up 7.8%

MGNI stock opened at $25.63 on Friday. The company has a current ratio of 1.02, a quick ratio of 1.03 and a debt-to-equity ratio of 0.37. Magnite has a twelve month low of $10.82 and a twelve month high of $26.84. The company’s 50 day moving average is $22.31 and its two-hundred day moving average is $17.20. The stock has a market cap of $3.68 billion, a P/E ratio of 23.51, a PEG ratio of 1.04 and a beta of 2.30.

Magnite (NASDAQ:MGNI) last issued its earnings results on Wednesday, August 5th. The company reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.02. The business had revenue of $192.82 million during the quarter, compared to analysts’ expectations of $179.15 million. Magnite had a net margin of 22.49% and a return on equity of 9.33%. The company’s revenue for the quarter was up 11.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.20 EPS. Research analysts expect that Magnite will post 0.61 earnings per share for the current fiscal year.

Insider Activity

In other Magnite news, CEO Michael Barrett sold 293,968 shares of the business’s stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $22.72, for a total transaction of $6,678,952.96. Following the transaction, the chief executive officer owned 403,074 shares in the company, valued at approximately $9,157,841.28. The trade was a 42.17% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Katie Evans sold 32,285 shares of the stock in a transaction that occurred on Tuesday, September 8th. The stock was sold at an average price of $23.63, for a total value of $762,894.55. Following the transaction, the insider directly owned 466,897 shares of the company’s stock, valued at approximately $11,032,776.11. This trade represents a 6.47% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 732,755 shares of company stock valued at $16,680,546 over the last ninety days. 3.20% of the stock is currently owned by company insiders.

Institutional Trading of Magnite

A number of institutional investors have recently modified their holdings of the business. BlackRock Inc. purchased a new position in Magnite in the second quarter worth $241,296,000. Capital Research Global Investors boosted its position in shares of Magnite by 85.0% during the 4th quarter. Capital Research Global Investors now owns 12,920,289 shares of the company’s stock worth $209,696,000 after purchasing an additional 5,937,428 shares in the last quarter. Canada Pension Plan Investment Board acquired a new position in shares of Magnite during the 2nd quarter worth $56,847,000. Dimensional Fund Advisors LP grew its stake in shares of Magnite by 10.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,983,674 shares of the company’s stock worth $47,322,000 after purchasing an additional 367,854 shares during the period. Finally, 325 Capital LLC increased its holdings in shares of Magnite by 208.5% in the 4th quarter. 325 Capital LLC now owns 2,005,387 shares of the company’s stock valued at $32,547,000 after purchasing an additional 1,355,326 shares in the last quarter. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

Magnite Company Profile

Magnite, Inc is an independent sell-side advertising technology company that operates a global platform for digital media owners and app developers. Its technology helps publishers and media companies manage, package, sell and optimize advertising inventory across connected television (CTV), online video, mobile, desktop, audio and digital out-of-home channels.

Magnite’s platform connects publishers with agencies, brands and demand-side platforms, supporting automated, data-driven programmatic advertising transactions.