Wells Fargo & Company Issues Positive Forecast for Magnite (NASDAQ:MGNI) Stock Price

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

MGNI has been the topic of a number of other reports. Scotiabank initiated coverage on shares of Magnite in a research report on Thursday, December 5th. They issued a “sector outperform” rating and a $22.00 price objective on the stock. Benchmark restated a “buy” rating and set a $21.00 price objective on shares of Magnite in a report on Wednesday, October 2nd. Wolfe Research increased their target price on Magnite from $14.00 to $19.00 and gave the stock an “outperform” rating in a research note on Friday, January 3rd. Macquarie reissued an “outperform” rating and set a $18.00 target price on shares of Magnite in a research note on Friday, November 8th. Finally, Royal Bank of Canada raised their price target on shares of Magnite from $19.00 to $22.00 and gave the stock an “outperform” rating in a research note on Friday, January 3rd. One investment analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, Magnite currently has a consensus rating of “Moderate Buy” and an average target price of $18.35.

Magnite Trading Down 0.1 %

MGNI stock traded down $0.01 during mid-day trading on Thursday, reaching $16.08. 84,268 shares of the stock traded hands, compared to its average volume of 1,479,054. Magnite has a one year low of $8.38 and a one year high of $18.38. The stock has a market capitalization of $2.26 billion, a PE ratio of 268.00, a PEG ratio of 0.80 and a beta of 2.51. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.11 and a current ratio of 1.11. The business has a 50-day moving average price of $16.30 and a two-hundred day moving average price of $14.32.

Insider Activity at Magnite

In other Magnite news, insider Aaron Saltz sold 5,112 shares of Magnite stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $13.50, for a total value of $69,012.00. Following the transaction, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Brian Gephart sold 2,156 shares of the company’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $15.00, for a total value of $32,340.00. Following the transaction, the chief accounting officer now directly owns 116,982 shares in the company, valued at approximately $1,754,730. The trade was a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 366,097 shares of company stock valued at $6,165,147 over the last ninety days. 4.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in MGNI. New Century Financial Group LLC purchased a new stake in shares of Magnite during the second quarter worth about $640,000. Victory Capital Management Inc. raised its holdings in shares of Magnite by 2.9% in the third quarter. Victory Capital Management Inc. now owns 1,340,705 shares of the company’s stock worth $18,569,000 after buying an additional 37,601 shares during the last quarter. Driehaus Capital Management LLC acquired a new stake in shares of Magnite during the second quarter worth $9,938,000. Intech Investment Management LLC purchased a new stake in shares of Magnite during the third quarter valued at $649,000. Finally, Principal Financial Group Inc. grew its holdings in shares of Magnite by 552.2% during the third quarter. Principal Financial Group Inc. now owns 107,515 shares of the company’s stock valued at $1,489,000 after buying an additional 91,031 shares during the last quarter. 73.40% of the stock is owned by institutional investors and hedge funds.

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.