Magnite (NASDAQ:MGNI) PT Raised to $19.00 at Royal Bank of Canada

Magnite (NASDAQ:MGNIGet Free Report) had its price target hoisted by analysts at Royal Bank of Canada from $17.00 to $19.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Royal Bank of Canada’s target price would suggest a potential upside of 39.91% from the company’s previous close.

MGNI has been the subject of several other reports. B. Riley began coverage on Magnite in a report on Friday, April 19th. They set a “buy” rating and a $14.50 target price for the company. Bank of America raised Magnite from a “neutral” rating to a “buy” rating and upped their target price for the company from $13.00 to $15.00 in a report on Friday, May 24th. Needham & Company LLC reaffirmed a “buy” rating and set a $15.00 target price on shares of Magnite in a report on Thursday, May 16th. Benchmark reaffirmed a “buy” rating and set a $18.00 target price on shares of Magnite in a report on Thursday, May 16th. Finally, Craig Hallum upped their target price on Magnite from $18.00 to $20.00 and gave the company a “buy” rating in a report on Thursday, May 16th. Ten research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $15.65.

View Our Latest Stock Analysis on Magnite

Magnite Trading Down 0.3 %

Shares of Magnite stock opened at $13.58 on Wednesday. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.79. The firm has a market cap of $1.90 billion, a price-to-earnings ratio of -21.22, a price-to-earnings-growth ratio of 0.93 and a beta of 2.35. The business has a fifty day simple moving average of $10.25 and a 200-day simple moving average of $9.82. Magnite has a fifty-two week low of $6.28 and a fifty-two week high of $15.73.

Magnite (NASDAQ:MGNIGet Free Report) last announced its quarterly earnings data on Wednesday, May 8th. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.11) by $0.05. The business had revenue of $130.55 million during the quarter, compared to analyst estimates of $123.77 million. Magnite had a positive return on equity of 3.23% and a negative net margin of 12.24%. On average, equities analysts forecast that Magnite will post 0.38 EPS for the current fiscal year.

Insider Buying and Selling

In other Magnite news, CRO Sean Patrick Buckley sold 2,682 shares of the company’s stock in a transaction dated Friday, May 24th. The stock was sold at an average price of $12.50, for a total value of $33,525.00. Following the transaction, the executive now directly owns 404,875 shares of the company’s stock, valued at approximately $5,060,937.50. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Magnite news, CEO Michael G. Barrett sold 75,000 shares of the company’s stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $11.21, for a total value of $840,750.00. Following the transaction, the chief executive officer now directly owns 1,234,662 shares of the company’s stock, valued at approximately $13,840,561.02. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CRO Sean Patrick Buckley sold 2,682 shares of the company’s stock in a transaction dated Friday, May 24th. The stock was sold at an average price of $12.50, for a total value of $33,525.00. Following the completion of the transaction, the executive now directly owns 404,875 shares in the company, valued at $5,060,937.50. The disclosure for this sale can be found here. In the last ninety days, insiders sold 109,011 shares of company stock valued at $1,274,134. Corporate insiders own 4.30% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. NBC Securities Inc. increased its holdings in shares of Magnite by 4.2% during the 4th quarter. NBC Securities Inc. now owns 27,485 shares of the company’s stock valued at $256,000 after acquiring an additional 1,108 shares during the last quarter. Fulton Bank N.A. increased its holdings in shares of Magnite by 8.1% during the 1st quarter. Fulton Bank N.A. now owns 22,003 shares of the company’s stock valued at $237,000 after acquiring an additional 1,653 shares during the last quarter. ProShare Advisors LLC increased its holdings in shares of Magnite by 8.5% during the 1st quarter. ProShare Advisors LLC now owns 24,325 shares of the company’s stock valued at $261,000 after acquiring an additional 1,914 shares during the last quarter. Advisory Services Network LLC increased its holdings in shares of Magnite by 1.9% during the 4th quarter. Advisory Services Network LLC now owns 127,106 shares of the company’s stock valued at $1,187,000 after acquiring an additional 2,377 shares during the last quarter. Finally, Principal Financial Group Inc. increased its holdings in shares of Magnite by 17.0% during the 3rd quarter. Principal Financial Group Inc. now owns 17,424 shares of the company’s stock valued at $131,000 after acquiring an additional 2,526 shares during the last quarter. 73.40% of the stock is owned by institutional investors and hedge funds.

About Magnite

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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.

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