Wells Fargo & Company Boosts Magnite (NASDAQ:MGNI) Price Target to $21.00

Magnite (NASDAQ:MGNI) had its target price lifted by research analysts at Wells Fargo & Company from $15.00 to $21.00 in a research note issued on Friday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective points to a potential upside of 10.53% from the company’s previous close.

Other research analysts have also issued research reports about the stock. Weiss Ratings raised shares of Magnite from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, May 11th. Royal Bank Of Canada reaffirmed an “outperform” rating on shares of Magnite in a research note on Thursday, May 28th. Scotiabank increased their target price on shares of Magnite from $16.00 to $17.00 and gave the stock a “sector outperform” rating in a report on Thursday, May 7th. BTIG Research started coverage on shares of Magnite in a research report on Tuesday, June 9th. They issued a “buy” rating and a $20.00 price target for the company. Finally, Evercore restated an “outperform” rating and issued a $21.00 price target on shares of Magnite in a research note on Thursday, May 7th. Eight equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $24.56.

Magnite Price Performance

MGNI stock opened at $19.00 on Friday. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.38. The company has a market capitalization of $2.72 billion, a PE ratio of 18.27, a P/E/G ratio of 0.97 and a beta of 2.25. Magnite has a 12-month low of $10.82 and a 12-month high of $26.65. The business’s fifty day moving average price is $16.69 and its 200 day moving average price is $14.53.

Magnite (NASDAQ:MGNI) last announced its earnings results on Wednesday, May 6th. The company reported $0.13 EPS for the quarter, beating analysts’ consensus estimates of $0.11 by $0.02. The company had revenue of $164.37 million during the quarter, compared to analysts’ expectations of $159.24 million. Magnite had a return on equity of 8.40% and a net margin of 21.96%.Magnite’s revenue for the quarter was up 5.5% on a year-over-year basis. During the same period last year, the business posted $0.12 EPS. On average, sell-side analysts anticipate that Magnite will post 0.55 EPS for the current year.

Insider Buying and Selling

In other Magnite news, CEO Michael G. Barrett sold 75,000 shares of Magnite stock in a transaction dated Monday, June 29th. The stock was sold at an average price of $19.50, for a total transaction of $1,462,500.00. Following the completion of the sale, the chief executive officer directly owned 403,074 shares of the company’s stock, valued at $7,859,943. The trade was a 15.69% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Paul Caine sold 5,000 shares of the company’s stock in a transaction dated Friday, July 10th. The stock was sold at an average price of $20.64, for a total value of $103,200.00. Following the transaction, the director directly owned 162,401 shares of the company’s stock, valued at approximately $3,351,956.64. This represents a 2.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 491,639 shares of company stock valued at $8,676,734 over the last 90 days. 3.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Magnite

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. US Bancorp DE raised its holdings in Magnite by 75.8% during the third quarter. US Bancorp DE now owns 1,596 shares of the company’s stock worth $35,000 after purchasing an additional 688 shares in the last quarter. Central Pacific Bank Trust Division acquired a new position in shares of Magnite in the 4th quarter valued at $41,000. PNC Financial Services Group Inc. boosted its holdings in shares of Magnite by 106.3% in the 1st quarter. PNC Financial Services Group Inc. now owns 3,783 shares of the company’s stock valued at $45,000 after buying an additional 1,949 shares in the last quarter. Smartleaf Asset Management LLC grew its position in shares of Magnite by 98.4% in the 4th quarter. Smartleaf Asset Management LLC now owns 3,678 shares of the company’s stock valued at $61,000 after buying an additional 1,824 shares during the last quarter. Finally, Harbor Investment Advisory LLC purchased a new position in shares of Magnite in the 2nd quarter valued at $62,000. 73.40% of the stock is owned by institutional investors and hedge funds.

About Magnite

Magnite, Inc (NASDAQ: MGNI) operates as an independent sell-side advertising platform that enables publishers and digital media owners to monetize their inventory through programmatic advertising. Formed in 2020 through the merger of Rubicon Project and Telaria, Magnite combines technologies for desktop, mobile, connected television (CTV) and digital out-of-home (DOOH) ad exchanges. The company provides an end-to-end solution designed to help media owners optimize yield across open marketplaces, private marketplaces and programmatic guaranteed deals.

At the core of Magnite’s offering is its supply-side platform (SSP), which connects publishers’ ad impressions to demand-side platforms (DSPs) through real-time bidding (RTB).