Wells Fargo & Company Forecasts Strong Price Appreciation for Magnite (NASDAQ:MGNI) Stock

Magnite (NASDAQ:MGNI) had its price target increased by equities researchers at Wells Fargo & Company from $13.00 to $15.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective suggests a potential downside of 6.72% from the company’s current price.

Other equities research analysts have also issued reports about the stock. Scotiabank began coverage on shares of Magnite in a report on Thursday, December 5th. They issued a “sector outperform” rating and a $22.00 price target on the stock. Royal Bank of Canada upped their target price on Magnite from $19.00 to $22.00 and gave the stock an “outperform” rating in a research note on Friday, January 3rd. Macquarie reiterated an “outperform” rating and set a $18.00 price target on shares of Magnite in a research report on Friday, November 8th. Benchmark restated a “buy” rating and issued a $21.00 price objective on shares of Magnite in a research report on Wednesday, October 2nd. Finally, Needham & Company LLC raised their price objective on shares of Magnite from $17.00 to $20.00 and gave the stock a “buy” rating in a research note on Thursday, December 5th. One analyst has rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $18.35.

Magnite Stock Performance

Shares of MGNI stock traded down $0.01 during trading hours on Thursday, hitting $16.08. The company’s stock had a trading volume of 84,268 shares, compared to its average volume of 1,479,054. The stock has a market cap of $2.26 billion, a PE ratio of 268.00, a price-to-earnings-growth ratio of 0.80 and a beta of 2.51. Magnite has a 12-month low of $8.38 and a 12-month high of $18.38. The company has a 50 day moving average of $16.30 and a 200 day moving average of $14.32. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.76.

Insider Transactions at Magnite

In other Magnite news, CFO David Day sold 13,345 shares of the stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $17.00, for a total transaction of $226,865.00. Following the completion of the transaction, the chief financial officer now owns 374,014 shares of the company’s stock, valued at $6,358,238. This represents a 3.45 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO David Buonasera sold 1,969 shares of the firm’s stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $16.31, for a total value of $32,114.39. Following the completion of the transaction, the chief technology officer now owns 223,795 shares in the company, valued at approximately $3,650,096.45. This trade represents a 0.87 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 366,097 shares of company stock valued at $6,165,147 over the last 90 days. Corporate insiders own 4.30% of the company’s stock.

Institutional Investors Weigh In On Magnite

Large investors have recently modified their holdings of the business. Benjamin F. Edwards & Company Inc. lifted its stake in shares of Magnite by 973.5% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 4,380 shares of the company’s stock worth $58,000 after buying an additional 3,972 shares in the last quarter. Quarry LP boosted its holdings in shares of Magnite by 446.8% during the 3rd quarter. Quarry LP now owns 5,517 shares of the company’s stock worth $76,000 after purchasing an additional 4,508 shares during the last quarter. DekaBank Deutsche Girozentrale purchased a new position in Magnite during the second quarter worth approximately $93,000. Blue Trust Inc. boosted its stake in Magnite by 87.0% during the third quarter. Blue Trust Inc. now owns 7,931 shares of the company’s stock worth $105,000 after buying an additional 3,689 shares during the last quarter. Finally, Lebenthal Global Advisors LLC acquired a new position in shares of Magnite during the 3rd quarter valued at about $141,000. Hedge funds and other institutional investors own 73.40% of the company’s stock.

Magnite Company Profile

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.