Magnite (NASDAQ:MGNI) Price Target Raised to $15.00 at Wells Fargo & Company

Magnite (NASDAQ:MGNI) had its target price hoisted by investment analysts at Wells Fargo & Company from $13.00 to $15.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective suggests a potential downside of 2.85% from the company’s current price.

Several other brokerages also recently weighed in on MGNI. 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 note on Friday, January 3rd. Benchmark reissued a “buy” rating and issued a $21.00 price objective on shares of Magnite in a research report on Wednesday, October 2nd. Needham & Company LLC boosted their target price on shares of Magnite from $17.00 to $20.00 and gave the stock a “buy” rating in a research report on Thursday, December 5th. Scotiabank assumed coverage on shares of Magnite in a report on Thursday, December 5th. They issued a “sector outperform” rating and a $22.00 price target for the company. Finally, Wolfe Research boosted their price objective on shares of Magnite from $14.00 to $19.00 and gave the stock an “outperform” rating in a report on Friday, January 3rd. One equities research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, Magnite currently has an average rating of “Moderate Buy” and an average price target of $18.35.

Magnite Stock Performance

Shares of NASDAQ MGNI opened at $15.44 on Thursday. The business’s 50-day simple moving average is $16.39 and its 200-day simple moving average is $14.34. 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 52 week low of $8.38 and a 52 week high of $18.38. The firm has a market cap of $2.17 billion, a price-to-earnings ratio of 257.33, a P/E/G ratio of 0.80 and a beta of 2.51.

Insider Activity at Magnite

In related news, CAO Brian Gephart sold 2,156 shares of the firm’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $15.00, for a total transaction of $32,340.00. Following the completion of the sale, the chief accounting officer now directly owns 116,982 shares of the company’s stock, valued at $1,754,730. This trade represents a 1.81 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Aaron Saltz sold 5,112 shares of the business’s stock in a transaction 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 transaction, the insider now directly owns 307,745 shares in the company, valued at approximately $4,154,557.50. This represents a 1.63 % 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 in the last ninety days. Insiders own 4.30% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. American Century Companies Inc. increased its position in Magnite by 15.0% in the 2nd quarter. American Century Companies Inc. now owns 247,349 shares of the company’s stock valued at $3,287,000 after acquiring an additional 32,334 shares in the last quarter. DekaBank Deutsche Girozentrale acquired a new stake in shares of Magnite in the second quarter valued at approximately $93,000. Envestnet Asset Management Inc. raised its position in Magnite by 1,070.3% in the 2nd quarter. Envestnet Asset Management Inc. now owns 213,576 shares of the company’s stock worth $2,838,000 after purchasing an additional 195,327 shares during the last quarter. Benjamin F. Edwards & Company Inc. raised its position in 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 purchasing an additional 3,972 shares during the last quarter. Finally, Granite Investment Partners LLC acquired a new position in Magnite during the 2nd quarter worth $11,227,000. Institutional investors and hedge funds own 73.40% of the company’s stock.

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.