Magnite (NASDAQ:MGNI – Get Free Report) had its price target lowered by investment analysts at Royal Bank of Canada from $20.00 to $18.00 in a report released on Thursday, 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 121.67% from the company’s previous close.
A number of other analysts also recently weighed in on the stock. Susquehanna cut their price target on shares of Magnite from $15.00 to $13.00 and set a “positive” rating on the stock in a research report on Thursday. B. Riley cut their price target on shares of Magnite from $20.00 to $16.00 and set a “buy” rating on the stock in a research report on Thursday. TheStreet upgraded shares of Magnite from a “d+” rating to a “c-” rating in a research report on Monday, July 31st. Stephens cut their price target on shares of Magnite from $17.00 to $14.00 and set an “overweight” rating on the stock in a research report on Thursday. Finally, 22nd Century Group reiterated a “reiterates” rating on shares of Magnite in a research report on Monday, May 22nd. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $14.43.
Check Out Our Latest Stock Analysis on MGNI
Magnite Stock Performance
Magnite (NASDAQ:MGNI – Get Free Report) last released its earnings results on Wednesday, May 10th. The company reported ($0.10) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.32) by $0.22. The company had revenue of $130.15 million for the quarter, compared to the consensus estimate of $110.90 million. Magnite had a negative net margin of 38.65% and a positive return on equity of 1.99%. Equities analysts anticipate that Magnite will post 0.24 earnings per share for the current year.
Insider Transactions at Magnite
In other news, CEO Michael G. Barrett sold 24,679 shares of the firm’s stock in a transaction that occurred on Tuesday, May 16th. The shares were sold at an average price of $10.88, for a total transaction of $268,507.52. Following the completion of the transaction, the chief executive officer now directly owns 1,505,072 shares of the company’s stock, valued at approximately $16,375,183.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CRO Sean Patrick Buckley sold 5,640 shares of the stock in a transaction that occurred on Tuesday, May 16th. The stock was sold at an average price of $10.88, for a total value of $61,363.20. Following the completion of the sale, the executive now owns 335,021 shares of the company’s stock, valued at approximately $3,645,028.48. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Michael G. Barrett sold 24,679 shares of the stock in a transaction that occurred on Tuesday, May 16th. The shares were sold at an average price of $10.88, for a total value of $268,507.52. Following the completion of the sale, the chief executive officer now directly owns 1,505,072 shares of the company’s stock, valued at approximately $16,375,183.36. The disclosure for this sale can be found here. Insiders sold 254,868 shares of company stock valued at $3,204,366 in the last ninety days. 4.30% of the stock is currently owned by corporate insiders.
Institutional Investors Weigh In On Magnite
Several large investors have recently made changes to their positions in MGNI. Lisanti Capital Growth LLC acquired a new stake in Magnite during the 2nd quarter valued at $8,210,000. Credit Suisse AG lifted its holdings in shares of Magnite by 121.5% during the second quarter. Credit Suisse AG now owns 236,891 shares of the company’s stock worth $3,234,000 after buying an additional 129,955 shares in the last quarter. S Squared Technology LLC increased its position in shares of Magnite by 1.2% in the second quarter. S Squared Technology LLC now owns 540,746 shares of the company’s stock worth $7,381,000 after purchasing an additional 6,656 shares during the period. Rubric Capital Management LP bought a new position in shares of Magnite in the second quarter worth $30,221,000. Finally, Meros Investment Management LP increased its position in shares of Magnite by 15.1% in the second quarter. Meros Investment Management LP now owns 717,666 shares of the company’s stock worth $9,796,000 after purchasing an additional 94,411 shares during the period. Institutional investors and hedge funds own 71.19% of the company’s stock.
Magnite Company Profile
Magnite, Inc operates an independent 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 provides applications and services for buyers, including advertisers, agencies, agency trading desks, and demand side platforms to buy digital advertising inventory.
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