Magnite (NASDAQ:MGNI) Stock Price Expected to Rise, Wolfe Research Analyst Says

Magnite (NASDAQ:MGNI) had its target price raised by Wolfe Research from $14.00 to $19.00 in a report published on Friday,Benzinga reports. The firm currently has an outperform rating on the stock.

Other research analysts have also recently issued reports about the stock. Wells Fargo & Company began coverage on shares of Magnite in a research report on Monday, October 28th. They set an “equal weight” rating and a $13.00 target price on the stock. Royal Bank of Canada reissued an “outperform” rating and issued a $19.00 price objective on shares of Magnite in a research report on Friday, September 27th. Macquarie reaffirmed an “outperform” rating and set a $18.00 target price on shares of Magnite in a research report on Friday, November 8th. Scotiabank assumed coverage on Magnite in a research note on Thursday, December 5th. They set a “sector outperform” rating and a $22.00 price objective for the company. Finally, Needham & Company LLC upped their target price on Magnite from $17.00 to $20.00 and gave the company a “buy” rating in a research report on Thursday, December 5th. One investment analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $18.19.

Magnite Price Performance

MGNI stock opened at $17.13 on Friday. The firm has a market cap of $2.41 billion, a P/E ratio of 285.50, a price-to-earnings-growth ratio of 1.35 and a beta of 2.50. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.11 and a current ratio of 1.11. Magnite has a 1 year low of $8.38 and a 1 year high of $18.38. The stock has a 50-day simple moving average of $15.69 and a 200-day simple moving average of $14.14.

Insiders Place Their Bets

In other news, CEO Michael G. Barrett sold 147,996 shares of the company’s stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $17.52, for a total transaction of $2,592,889.92. Following the completion of the transaction, the chief executive officer now directly owns 634,914 shares of the company’s stock, valued at approximately $11,123,693.28. This represents a 18.90 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Aaron Saltz sold 5,112 shares of the firm’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $13.50, for a total value of $69,012.00. Following the completion of the sale, the insider now directly owns 307,745 shares in the company, valued at approximately $4,154,557.50. This trade represents a 1.63 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 352,752 shares of company stock valued at $5,938,282. Company insiders own 4.30% of the company’s stock.

Institutional Investors Weigh In On Magnite

A number of hedge funds have recently added to or reduced their stakes in MGNI. Verdence Capital Advisors LLC boosted its position in Magnite by 4.8% during the 3rd quarter. Verdence Capital Advisors LLC now owns 19,326 shares of the company’s stock worth $268,000 after acquiring an additional 892 shares during the period. Mount Yale Investment Advisors LLC increased its stake in shares of Magnite by 4.6% during the third quarter. Mount Yale Investment Advisors LLC now owns 24,229 shares of the company’s stock valued at $336,000 after acquiring an additional 1,068 shares during the period. Arizona State Retirement System raised its holdings in Magnite by 3.4% during the second quarter. Arizona State Retirement System now owns 35,256 shares of the company’s stock worth $469,000 after purchasing an additional 1,160 shares in the last quarter. Fulton Bank N.A. lifted its position in Magnite by 6.4% in the third quarter. Fulton Bank N.A. now owns 28,311 shares of the company’s stock worth $392,000 after purchasing an additional 1,696 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Magnite by 8.5% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 29,449 shares of the company’s stock valued at $408,000 after purchasing an additional 2,298 shares in the last quarter. 73.40% of the stock is currently owned by institutional investors.

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.