Wells Fargo & Company Forecasts Strong Price Appreciation for Magnite (NASDAQ:MGNI) Stock

Magnite (NASDAQ:MGNI) had its price target increased by investment analysts at Wells Fargo & Company from $15.00 to $21.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price target suggests a potential upside of 8.23% from the stock’s current price.

A number of other research analysts have also recently weighed in on 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. Evercore reaffirmed an “outperform” rating and issued a $21.00 target price on shares of Magnite in a research note on Thursday, May 7th. Royal Bank Of Canada reiterated an “outperform” rating on shares of Magnite in a report on Thursday, May 28th. BTIG Research started coverage on Magnite in a research report on Tuesday, June 9th. They set a “buy” rating and a $20.00 price target for the company. Finally, Scotiabank upped their price objective on Magnite from $16.00 to $17.00 and gave the company a “sector outperform” rating in a research report 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 a consensus price target of $24.56.

Magnite Price Performance

MGNI traded down $0.51 during trading on Friday, reaching $19.40. 382,270 shares of the stock were exchanged, compared to its average volume of 2,544,351. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.02 and a quick ratio of 1.02. The company has a market capitalization of $2.78 billion, a price-to-earnings ratio of 18.84, a P/E/G ratio of 1.04 and a beta of 2.25. Magnite has a 1 year low of $10.82 and a 1 year high of $26.65. The business’s 50 day moving average price is $16.59 and its two-hundred day moving average price is $14.50.

Magnite (NASDAQ:MGNI) last released its quarterly earnings data on Wednesday, May 6th. The company reported $0.13 EPS for the quarter, topping the consensus estimate of $0.11 by $0.02. Magnite had a net margin of 21.96% and a return on equity of 8.40%. The business had revenue of $164.37 million for the quarter, compared to analyst estimates of $159.24 million. During the same period in the previous year, the firm earned $0.12 EPS. The business’s revenue for the quarter was up 5.5% compared to the same quarter last year. As a group, equities research analysts anticipate that Magnite will post 0.55 earnings per share for the current year.

Insider Transactions at Magnite

In related news, CEO Michael G. Barrett sold 178,596 shares of the stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $16.59, for a total value of $2,962,907.64. Following the completion of the transaction, the chief executive officer owned 403,074 shares of the company’s stock, valued at approximately $6,686,997.66. This represents a 30.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director David T. Pearson sold 10,766 shares of the firm’s stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $15.65, for a total value of $168,487.90. Following the sale, the director owned 79,001 shares of the company’s stock, valued at approximately $1,236,365.65. This trade represents a 11.99% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 491,639 shares of company stock worth $8,676,734 over the last three months. Insiders own 3.80% of the company’s stock.

Institutional Trading of Magnite

A number of hedge funds have recently made changes to their positions in the stock. Handelsbanken Fonder AB grew its holdings in Magnite by 37.9% during the 2nd quarter. Handelsbanken Fonder AB now owns 47,300 shares of the company’s stock worth $898,000 after acquiring an additional 13,000 shares in the last quarter. Fulton Bank N.A. raised its stake in shares of Magnite by 7.5% in the 2nd quarter. Fulton Bank N.A. now owns 33,041 shares of the company’s stock valued at $627,000 after purchasing an additional 2,301 shares in the last quarter. Harbor Investment Advisory LLC bought a new position in shares of Magnite during the second quarter worth about $62,000. Central Pacific Bank Trust Division grew its stake in Magnite by 100.0% in the second quarter. Central Pacific Bank Trust Division now owns 5,000 shares of the company’s stock worth $95,000 after purchasing an additional 2,500 shares in the last quarter. Finally, Moody National Bank Trust Division grew its stake in Magnite by 82.3% in the second quarter. Moody National Bank Trust Division now owns 97,202 shares of the company’s stock worth $1,845,000 after purchasing an additional 43,887 shares in the last quarter. Institutional investors and hedge funds own 73.40% of the company’s stock.

Magnite Company Profile

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).