Susquehanna Issues Positive Forecast for Magnite (NASDAQ:MGNI) Stock Price

Magnite (NASDAQ:MGNI) had its target price increased by research analysts at Susquehanna from $16.00 to $22.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “positive” rating on the stock. Susquehanna’s price objective would suggest a potential upside of 26.57% from the stock’s current price.

A number of other equities analysts have also recently weighed in on MGNI. Macquarie reiterated an “outperform” rating and set a $18.00 price target on shares of Magnite in a report on Friday, November 8th. Benchmark increased their target price on shares of Magnite from $21.00 to $25.00 and gave the stock a “buy” rating in a research note on Thursday. Wells Fargo & Company lifted their price target on shares of Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a research report on Thursday, January 16th. Scotiabank assumed coverage on shares of Magnite in a report on Thursday, December 5th. They issued a “sector outperform” rating and a $22.00 price objective on the stock. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $20.00 target price on shares of Magnite in a report on Thursday. One research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $19.27.

Magnite Trading Up 3.1 %

Magnite stock traded up $0.52 during midday trading on Thursday, hitting $17.38. 1,826,604 shares of the stock were exchanged, compared to its average volume of 2,345,884. 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 stock has a market capitalization of $2.45 billion, a price-to-earnings ratio of 289.67, a PEG ratio of 1.00 and a beta of 2.52. The stock’s 50-day simple moving average is $17.29 and its 200 day simple moving average is $15.17. Magnite has a fifty-two week low of $8.38 and a fifty-two week high of $21.29.

Magnite (NASDAQ:MGNI) last released its quarterly earnings results on Wednesday, February 26th. The company reported $0.25 EPS for the quarter, missing the consensus estimate 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 net margin of 2.62% and a return on equity of 4.64%. On average, equities analysts anticipate that Magnite will post 0.33 EPS for the current year.

Insider Activity at Magnite

In other Magnite news, CTO David Buonasera sold 1,969 shares of the company’s stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $16.31, for a total value of $32,114.39. Following the transaction, the chief technology officer now directly owns 223,795 shares in the company, valued at approximately $3,650,096.45. This represents a 0.87 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Paul Caine sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $20.35, for a total transaction of $101,750.00. Following the sale, the director now owns 182,837 shares in the company, valued at approximately $3,720,732.95. This trade represents a 2.66 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 398,110 shares of company stock valued at $7,418,043. Insiders own 4.30% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its holdings in Magnite by 1.9% in the fourth quarter. Vanguard Group Inc. now owns 13,605,104 shares of the company’s stock valued at $216,593,000 after purchasing an additional 257,032 shares during the period. Capital Research Global Investors purchased a new stake in shares of Magnite during the 4th quarter valued at $122,986,000. Wellington Management Group LLP grew its stake in shares of Magnite by 6.8% during the 4th quarter. Wellington Management Group LLP now owns 7,030,011 shares of the company’s stock valued at $111,918,000 after buying an additional 450,341 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Magnite by 3.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 5,524,643 shares of the company’s stock worth $87,957,000 after buying an additional 170,532 shares during the last quarter. Finally, Boston Partners raised its position in shares of Magnite by 39.1% in the 4th quarter. Boston Partners now owns 4,756,323 shares of the company’s stock worth $76,061,000 after buying an additional 1,336,458 shares during the period. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

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.