Benchmark Lowers Magnite (NASDAQ:MGNI) Price Target to $30.00

Magnite (NASDAQ:MGNI) had its price objective lowered by stock analysts at Benchmark from $31.00 to $30.00 in a report issued on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. Benchmark’s target price points to a potential upside of 131.48% from the company’s current price.

Other research analysts also recently issued reports about the stock. Wall Street Zen downgraded shares of Magnite from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th. Weiss Ratings restated a “hold (c)” rating on shares of Magnite in a research note on Thursday, January 22nd. Wells Fargo & Company decreased their target price on Magnite from $22.00 to $20.00 and set an “equal weight” rating on the stock in a report on Friday, November 7th. Finally, Rosenblatt Securities reissued a “buy” rating and set a $39.00 price target on shares of Magnite in a report on Thursday. Eight analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $26.89.

Magnite Stock Performance

Shares of NASDAQ:MGNI traded up $0.99 during trading on Thursday, hitting $12.96. The company’s stock had a trading volume of 1,700,003 shares, compared to its average volume of 2,376,362. The company has a 50-day moving average of $14.37 and a 200-day moving average of $17.71. Magnite has a 12 month low of $8.22 and a 12 month high of $26.65. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.01 and a quick ratio of 1.01. The firm has a market cap of $1.86 billion, a price-to-earnings ratio of 34.73, a P/E/G ratio of 0.64 and a beta of 2.39.

Insider Buying and Selling

In other news, insider Adam Lee Soroca sold 21,529 shares of the business’s stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $12.00, for a total value of $258,348.00. Following the transaction, the insider directly owned 388,425 shares in the company, valued at $4,661,100. The trade was a 5.25% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 3.80% of the stock is currently owned by corporate insiders.

Institutional Trading of Magnite

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Neo Ivy Capital Management purchased a new position in Magnite in the 3rd quarter worth approximately $27,000. US Bancorp DE raised its position in shares of Magnite by 75.8% during the third quarter. US Bancorp DE now owns 1,596 shares of the company’s stock valued at $35,000 after buying an additional 688 shares during the last quarter. State of Wyoming bought a new stake in shares of Magnite during the third quarter valued at approximately $39,000. USA Financial Formulas purchased a new position in shares of Magnite in the third quarter worth $40,000. Finally, Central Pacific Bank Trust Division bought a new position in shares of Magnite during the fourth quarter worth $41,000. Institutional investors own 73.40% of the company’s stock.

Magnite Company Profile

Magnite, Inc (NASDAQ: MGNI) operates as an independent sell-side advertising platform that enables publishers and digital media owners to monetize their inventory through programmatic advertising. Formed in 2020 through the merger of Rubicon Project and Telaria, Magnite combines technologies for desktop, mobile, connected television (CTV) and digital out-of-home (DOOH) ad exchanges. The company provides an end-to-end solution designed to help media owners optimize yield across open marketplaces, private marketplaces and programmatic guaranteed deals.

At the core of Magnite’s offering is its supply-side platform (SSP), which connects publishers’ ad impressions to demand-side platforms (DSPs) through real-time bidding (RTB).