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

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

Other equities analysts have also issued research reports about the company. Royal Bank of Canada lifted their price target on Magnite from $19.00 to $22.00 and gave the stock an “outperform” rating in a research report on Friday, January 3rd. Needham & Company LLC raised their target price on shares of Magnite from $17.00 to $20.00 and gave the stock a “buy” rating in a report on Thursday, December 5th. Benchmark reaffirmed a “buy” rating and issued a $21.00 target price on shares of Magnite in a research report on Wednesday, October 2nd. Macquarie reissued an “outperform” rating and set a $18.00 price target on shares of Magnite in a report on Friday, November 8th. Finally, Wolfe Research raised their price target on Magnite from $14.00 to $19.00 and gave the stock an “outperform” rating in a research note on Friday, January 3rd. One research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, Magnite currently has a consensus rating of “Moderate Buy” and an average target price of $18.35.

Magnite Stock Down 5.9 %

NASDAQ:MGNI opened at $15.14 on Thursday. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11. The firm’s 50-day moving average price is $16.36 and its 200-day moving average price is $14.34. The company has a market capitalization of $2.13 billion, a PE ratio of 252.33, a P/E/G ratio of 0.80 and a beta of 2.51. Magnite has a 1-year low of $8.38 and a 1-year high of $18.38.

Insider Buying and Selling at Magnite

In other news, insider Aaron Saltz sold 5,112 shares of the 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 completion of the sale, the insider now directly owns 307,745 shares of the company’s stock, valued at $4,154,557.50. This represents a 1.63 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CRO Sean Patrick Buckley sold 10,001 shares of Magnite stock in a transaction on Monday, November 18th. The shares were sold at an average price of $15.60, for a total transaction of $156,015.60. Following the transaction, the executive now owns 303,743 shares in the company, valued at approximately $4,738,390.80. This trade represents a 3.19 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 366,097 shares of company stock valued at $6,165,147. Company insiders own 4.30% of the company’s stock.

Institutional Investors Weigh In On Magnite

Institutional investors have recently bought and sold shares of the business. Merit Financial Group LLC bought a new position in shares of Magnite in the fourth quarter worth about $586,000. Financial Enhancement Group LLC bought a new stake in Magnite during the 4th quarter valued at approximately $1,509,000. Moody National Bank Trust Division lifted its holdings in Magnite by 13.9% in the 4th quarter. Moody National Bank Trust Division now owns 110,278 shares of the company’s stock worth $1,756,000 after purchasing an additional 13,450 shares in the last quarter. Fulton Bank N.A. boosted its stake in Magnite by 27.0% in the 4th quarter. Fulton Bank N.A. now owns 35,952 shares of the company’s stock worth $572,000 after purchasing an additional 7,641 shares during the period. Finally, Nordea Investment Management AB boosted its stake in Magnite by 4.1% in the 4th quarter. Nordea Investment Management AB now owns 893,989 shares of the company’s stock worth $14,474,000 after purchasing an additional 35,490 shares during the period. Hedge funds and other institutional investors own 73.40% of the company’s stock.

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.