Magnite (NASDAQ:MGNI) Price Target Raised to $15.00

Magnite (NASDAQ:MGNI) had its target price raised by Wells Fargo & Company from $13.00 to $15.00 in a research report report published on Thursday morning,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the stock.

Several other equities research analysts have also issued reports on MGNI. Wolfe Research lifted their price target on shares of Magnite from $14.00 to $19.00 and gave the company an “outperform” rating in a report on Friday, January 3rd. Royal Bank of Canada increased their target price on Magnite from $19.00 to $22.00 and gave the company an “outperform” rating in a research report on Friday, January 3rd. Benchmark reaffirmed a “buy” rating and issued a $21.00 price objective on shares of Magnite in a research note on Wednesday, October 2nd. Scotiabank started coverage on shares of Magnite in a report on Thursday, December 5th. They set a “sector outperform” rating and a $22.00 target price on the stock. Finally, Needham & Company LLC increased their price target on Magnite from $17.00 to $20.00 and gave the company a “buy” rating in a research note on Thursday, December 5th. One analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $18.35.

Magnite Stock Performance

NASDAQ:MGNI opened at $15.44 on Thursday. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.76. The firm has a market capitalization of $2.17 billion, a PE ratio of 257.33, a price-to-earnings-growth ratio of 0.80 and a beta of 2.51. Magnite has a twelve month low of $8.38 and a twelve month high of $18.38. The stock’s 50-day simple moving average is $16.43 and its 200 day simple moving average is $14.36.

Insider Activity

In other Magnite news, CEO Michael G. Barrett sold 147,996 shares of the firm’s stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $17.52, for a total value of $2,592,889.92. Following 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 trade represents a 18.90 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Aaron Saltz sold 5,112 shares of the business’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $13.50, for a total transaction of $69,012.00. Following the sale, the insider now directly owns 307,745 shares of the company’s stock, valued at approximately $4,154,557.50. The trade was a 1.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 366,097 shares of company stock worth $6,165,147 over the last quarter. 4.30% of the stock is currently owned by corporate insiders.

Institutional Trading of Magnite

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

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.