Magnite (NASDAQ:MGNI) Price Target Raised to $30.00

Magnite (NASDAQ:MGNI) had its target price hoisted by B. Riley Financial from $27.00 to $30.00 in a research note released on Friday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other equities research analysts also recently weighed in on MGNI. Susquehanna lifted their target price on Magnite from $22.00 to $30.00 and gave the stock a “positive” rating in a report on Thursday, August 6th. Weiss Ratings restated a “hold (c)” rating on shares of Magnite in a research note on Friday, August 7th. Needham & Company LLC raised their price target on shares of Magnite from $25.00 to $30.00 and gave the stock a “buy” rating in a research report on Thursday, September 3rd. Evercore reaffirmed an “outperform” rating and set a $25.00 price target on shares of Magnite in a research report on Thursday, August 6th. Finally, Benchmark lifted their price objective on shares of Magnite from $30.00 to $33.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. Eleven analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $29.36.

Magnite Stock Performance

Shares of MGNI stock opened at $25.15 on Friday. Magnite has a 12-month low of $10.82 and a 12-month high of $26.84. The company has a market capitalization of $3.61 billion, a PE ratio of 23.07, a price-to-earnings-growth ratio of 1.10 and a beta of 2.30. The firm has a 50 day moving average price of $22.41 and a two-hundred day moving average price of $17.28. The company has a quick ratio of 1.03, a current ratio of 1.02 and a debt-to-equity ratio of 0.37.

Magnite (NASDAQ:MGNI) last posted its earnings results on Wednesday, August 5th. The company reported $0.26 EPS for the quarter, beating the consensus estimate of $0.24 by $0.02. The company had revenue of $192.82 million for the quarter, compared to the consensus estimate of $179.15 million. Magnite had a return on equity of 9.33% and a net margin of 22.49%.The firm’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 earned $0.20 earnings per share. As a group, analysts predict that Magnite will post 0.61 earnings per share for the current year.

Insider Activity

In other news, Director Douglas S. Knopper sold 37,337 shares of the stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $22.72, for a total transaction of $848,296.64. Following the sale, the director directly owned 88,473 shares of the company’s stock, valued at approximately $2,010,106.56. This represents a 29.68% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Aaron Saltz sold 40,000 shares of the stock in a transaction on Thursday, September 10th. The stock was sold at an average price of $23.41, for a total value of $936,400.00. Following the sale, the insider directly owned 224,389 shares in the company, valued at approximately $5,252,946.49. This trade represents a 15.13% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 777,592 shares of company stock worth $17,860,513. 3.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Magnite

Several institutional investors and hedge funds have recently bought and sold shares of the company. Tidal Investments LLC increased its holdings in Magnite by 24.0% in the 2nd quarter. Tidal Investments LLC now owns 165,838 shares of the company’s stock valued at $3,148,000 after buying an additional 32,074 shares during the period. WINTON GROUP Ltd acquired a new position in shares of Magnite in the 2nd quarter valued at approximately $2,314,000. Allworth Financial LP lifted its holdings in shares of Magnite by 63.7% during the 2nd quarter. Allworth Financial LP now owns 1,567 shares of the company’s stock worth $30,000 after acquiring an additional 610 shares during the period. Nykredit A S bought a new stake in shares of Magnite during the 2nd quarter worth approximately $25,000. Finally, Corient Private Wealth LP acquired a new stake in shares of Magnite during the 2nd quarter worth approximately $481,000. Institutional investors own 73.40% of the company’s stock.

More Magnite News

Here are the key news stories impacting Magnite this week:

• Positive Sentiment: Analyst support increased: B. Riley raised its Magnite price target from $27 to $30 and maintained a “buy” rating, implying additional upside from recent trading levels. StoneX also reiterated its “buy” rating. StoneX Sticks to Its Buy Rating for Magnite
• Positive Sentiment: Google antitrust remedies could benefit ad-tech exchanges: Magnite shares recently rallied after an unsealed opinion in the U.S. Justice Department’s case against Alphabet’s Google raised expectations that remedies could improve competition and create opportunities for independent supply-side advertising platforms. Craig-Hallum reportedly lifted its target to $32. Magnite Rises on Google Auction Remedies
• Positive Sentiment: Product expansion supports the growth narrative: Magnite expanded its media-buying orchestration capabilities, potentially strengthening its offering to advertisers and media owners across increasingly complex digital channels. Magnite Expands Orchestration Capabilities for Media Buying
• Neutral Sentiment: Underlying results remain solid: Magnite’s latest quarter exceeded EPS and revenue expectations, with revenue up 11.3% year over year. However, investors are also weighing whether the recent AI-driven advertising enthusiasm has pushed the shares too far, with one analysis suggesting the stock could be substantially overvalued. Magnite Stock Could Be Overvalued
• Negative Sentiment: Several insiders sold shares: Director Douglas Knopper sold approximately $981,000 of stock, director Paul Caine sold $198,750, CTO David Buonasera sold 1,165 shares, and Robert Spillane was also reported to have sold shares. The Knopper and Caine transactions were made under pre-arranged Rule 10b5-1 plans, reducing their significance as discretionary bearish signals, but the cluster of sales may still weigh on sentiment. Robert Spillane Sells Magnite Shares

About Magnite

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.