Royal Bank of Canada Cuts Magnite (NASDAQ:MGNI) Price Target to $19.00

Magnite (NASDAQ:MGNI) had its price objective lowered by investment analysts at Royal Bank of Canada from $22.00 to $19.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Royal Bank of Canada’s price target would suggest a potential upside of 56.90% from the company’s previous close.

Other equities research analysts also recently issued research reports about the stock. Susquehanna raised their price objective on shares of Magnite from $16.00 to $22.00 and gave the company a “positive” rating in a research report on Thursday, February 27th. Rosenblatt Securities initiated coverage on Magnite in a research note on Tuesday, April 29th. They issued a “buy” rating and a $18.00 price target on the stock. Wolfe Research increased their price objective on Magnite from $14.00 to $19.00 and gave the stock an “outperform” rating in a research report on Friday, January 3rd. Benchmark restated a “buy” rating and set a $25.00 target price on shares of Magnite in a research report on Monday, April 21st. Finally, Wells Fargo & Company boosted their price objective on shares of Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a report on Thursday, January 16th. One investment analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $18.85.

Magnite Trading Up 1.4 %

Shares of MGNI stock opened at $12.11 on Friday. The company has a market capitalization of $1.71 billion, a P/E ratio of 201.83, a price-to-earnings-growth ratio of 1.00 and a beta of 2.69. 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 business’s 50 day moving average is $12.09 and its two-hundred day moving average is $14.80. Magnite has a twelve month low of $8.22 and a twelve month high of $21.29.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings data on Wednesday, February 26th. The company reported $0.25 earnings per share for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.14). The firm had revenue of $180.20 million during 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%. Equities analysts forecast that Magnite will post 0.33 EPS for the current year.

Insider Activity

In other Magnite news, insider Sean Patrick Buckley sold 18,693 shares of the firm’s stock in a transaction dated Friday, February 7th. The shares were sold at an average price of $20.00, for a total transaction of $373,860.00. Following the sale, the insider now directly owns 408,529 shares of the company’s stock, valued at $8,170,580. This trade represents a 4.38 % 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 James Rossman sold 149,936 shares of the company’s stock in a transaction that occurred on Friday, February 7th. The stock was sold at an average price of $19.46, for a total transaction of $2,917,754.56. Following the transaction, the director now directly owns 219,920 shares of the company’s stock, valued at $4,279,643.20. This trade represents a 40.54 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 244,905 shares of company stock worth $4,718,855 over the last ninety days. 4.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Magnite

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. SBI Securities Co. Ltd. acquired a new position in shares of Magnite in the 4th quarter valued at about $25,000. Larson Financial Group LLC raised its holdings in Magnite by 179.2% in the fourth quarter. Larson Financial Group LLC now owns 3,647 shares of the company’s stock valued at $58,000 after buying an additional 2,341 shares during the period. GAMMA Investing LLC lifted its position in Magnite by 10,170.3% during the first quarter. GAMMA Investing LLC now owns 3,800 shares of the company’s stock valued at $43,000 after buying an additional 3,763 shares in the last quarter. Quantbot Technologies LP purchased a new stake in Magnite during the fourth quarter worth approximately $87,000. Finally, Jones Financial Companies Lllp increased its position in shares of Magnite by 20.6% in the fourth quarter. Jones Financial Companies Lllp now owns 5,853 shares of the company’s stock worth $93,000 after acquiring an additional 1,000 shares in the last quarter. 73.40% of the stock is currently owned by institutional investors and hedge funds.

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.