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

Magnite (NASDAQ:MGNI - Free Report) had its price objective upped by Wells Fargo & Company from $13.00 to $15.00 in a research note issued to investors on Thursday morning,Benzinga reports. The brokerage currently has an equal weight rating on the stock.

Other equities research analysts have also issued reports about the company. Royal Bank of Canada boosted their target price on Magnite from $19.00 to $22.00 and gave the stock an "outperform" rating in a research report on Friday, January 3rd. Macquarie reissued an "outperform" rating and issued a $18.00 price target on shares of Magnite in a research note on Friday, November 8th. Wolfe Research upped their price objective on shares of Magnite from $14.00 to $19.00 and gave the company an "outperform" rating in a research note on Friday, January 3rd. Needham & Company LLC lifted 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. Finally, Scotiabank began coverage on shares of Magnite in a report on Thursday, December 5th. They set a "sector outperform" rating and a $22.00 price target on the stock. 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 an average rating of "Moderate Buy" and a consensus target price of $18.35.

Magnite Price Performance

Magnite stock traded up $0.30 during mid-day trading on Thursday, hitting $15.44. The company's stock had a trading volume of 1,126,854 shares, compared to its average volume of 1,665,650. Magnite has a twelve month low of $8.38 and a twelve month high of $18.38. The stock's fifty day moving average price is $16.39 and its two-hundred day moving average price is $14.34. The stock has a market capitalization of $2.17 billion, a P/E ratio of 257.33, a P/E/G ratio of 0.80 and a beta of 2.51. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.76.

Insider Buying and Selling at Magnite

In related news, insider Aaron Saltz sold 5,112 shares of the stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $13.50, for a total transaction of $69,012.00. Following the completion of the sale, the insider now directly owns 307,745 shares in the company, valued at approximately $4,154,557.50. This trade represents a 1.63 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CRO Sean Patrick Buckley sold 10,001 shares of the business's stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $15.60, for a total value of $156,015.60. Following the completion of the transaction, the executive now owns 303,743 shares in the company, valued at $4,738,390.80. This trade represents a 3.19 % 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 quarter. Company insiders own 4.30% of the company's stock.

Hedge Funds Weigh In On Magnite

A number of hedge funds have recently added to or reduced their stakes in the company. Wellington Management Group LLP grew its position in Magnite by 125.3% in the third quarter. Wellington Management Group LLP now owns 6,579,670 shares of the company's stock worth $91,128,000 after acquiring an additional 3,659,759 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Magnite by 2.2% in the 3rd quarter. Geode Capital Management LLC now owns 2,968,286 shares of the company's stock valued at $41,118,000 after purchasing an additional 63,545 shares during the last quarter. Nomura Asset Management Co. Ltd. bought a new stake in Magnite in the third quarter worth $23,917,000. Marshall Wace LLP boosted its holdings in Magnite by 59.0% in the second quarter. Marshall Wace LLP now owns 1,559,520 shares of the company's stock worth $20,726,000 after purchasing an additional 578,678 shares in the last quarter. Finally, Royce & Associates LP increased its position in Magnite by 5.2% during the third quarter. Royce & Associates LP now owns 1,488,301 shares of the company's stock worth $20,613,000 after buying an additional 73,555 shares during the last quarter. Institutional investors and hedge funds 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.