Magnite (NASDAQ:MGNI) Earns Equal Weight Rating from Analysts at Wells Fargo & Company

Wells Fargo & Company initiated coverage on shares of Magnite (NASDAQ:MGNI) in a research note published on Monday morning, Marketbeat reports. The firm issued an equal weight rating and a $13.00 target price on the stock.

Several other research analysts have also weighed in on the stock. Craig Hallum reiterated a “buy” rating and issued a $20.00 price objective on shares of Magnite in a research note on Wednesday, August 21st. Benchmark reissued a “buy” rating and set a $21.00 price objective on shares of Magnite in a research report on Wednesday, October 2nd. Bank of America boosted their target price on Magnite from $15.00 to $17.00 and gave the company a “buy” rating in a research note on Monday, July 29th. Royal Bank of Canada reiterated an “outperform” rating and set a $19.00 price target on shares of Magnite in a report on Friday, September 27th. Finally, Lake Street Capital assumed coverage on Magnite in a report on Thursday, July 25th. They issued a “buy” rating and a $21.00 price objective on the stock. One investment analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $16.86.

Magnite Price Performance

MGNI opened at $12.48 on Monday. Magnite has a 12-month low of $6.46 and a 12-month high of $15.92. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.77. The firm has a market capitalization of $1.76 billion, a P/E ratio of -19.50, a PEG ratio of 1.09 and a beta of 2.41. The stock has a fifty day moving average of $12.92 and a 200-day moving average of $12.49.

Magnite (NASDAQ:MGNI) last announced its quarterly earnings data on Wednesday, August 7th. The company reported $0.14 EPS for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.01). The business had revenue of $162.88 million for the quarter, compared to analyst estimates of $144.04 million. Magnite had a positive return on equity of 3.74% and a negative net margin of 0.83%. The company’s revenue was up 6.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.04) earnings per share. Equities analysts forecast that Magnite will post 0.31 EPS for the current fiscal year.

Insider Transactions at Magnite

In related news, CRO Sean Patrick Buckley sold 2,623 shares of the firm’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $12.53, for a total value of $32,866.19. Following the transaction, the executive now directly owns 331,742 shares in the company, valued at approximately $4,156,727.26. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. In related news, CRO Sean Patrick Buckley sold 2,623 shares of the stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $12.53, for a total transaction of $32,866.19. Following the completion of the sale, the executive now owns 331,742 shares in the company, valued at $4,156,727.26. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Michael G. Barrett sold 75,000 shares of Magnite stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $12.63, for a total value of $947,250.00. Following the completion of the transaction, the chief executive officer now directly owns 944,552 shares in the company, valued at approximately $11,929,691.76. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 95,533 shares of company stock worth $1,206,203. 4.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Magnite

Several large investors have recently bought and sold shares of the stock. UMB Bank n.a. increased its holdings in shares of Magnite by 111.8% during the 2nd quarter. UMB Bank n.a. now owns 2,251 shares of the company’s stock worth $30,000 after purchasing an additional 1,188 shares during the period. Asset Dedication LLC acquired a new position in Magnite in the 2nd quarter valued at approximately $52,000. Blue Trust Inc. bought a new stake in shares of Magnite in the 2nd quarter worth approximately $56,000. Benjamin F. Edwards & Company Inc. lifted its position in shares of Magnite by 973.5% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 4,380 shares of the company’s stock worth $58,000 after acquiring an additional 3,972 shares during the period. Finally, DekaBank Deutsche Girozentrale bought a new stake in shares of Magnite during the second quarter valued at approximately $93,000. 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.