Wolfe Research Raises Magnite (NASDAQ:MGNI) Price Target to $19.00

Magnite (NASDAQ:MGNI - Get Free Report) had its target price increased by equities researchers at Wolfe Research from $14.00 to $19.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has an "outperform" rating on the stock. Wolfe Research's price target suggests a potential upside of 10.92% from the company's current price.

A number of other analysts also recently issued reports on the stock. Wells Fargo & Company assumed coverage on shares of Magnite in a report on Monday, October 28th. They set an "equal weight" rating and a $13.00 price target on the stock. Scotiabank assumed coverage on shares of Magnite in a research report on Thursday, December 5th. They issued a "sector outperform" rating and a $22.00 target price for the company. Benchmark reissued a "buy" rating and set a $21.00 price target on shares of Magnite in a report on Wednesday, October 2nd. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $19.00 price objective on shares of Magnite in a report on Friday, September 27th. Finally, Macquarie reissued an "outperform" rating and issued a $18.00 target price on shares of Magnite in a research report on Friday, November 8th. One research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $18.19.

Magnite Stock Up 6.4 %

Shares of MGNI stock traded up $1.03 during mid-day trading on Friday, hitting $17.13. The company's stock had a trading volume of 1,432,328 shares, compared to its average volume of 1,364,314. 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 stock has a market cap of $2.41 billion, a price-to-earnings ratio of 285.50, a PEG ratio of 1.35 and a beta of 2.50. The business has a 50-day moving average price of $15.69 and a 200 day moving average price of $14.14.

Insider Transactions at Magnite

In other news, insider Aaron Saltz sold 5,112 shares of Magnite stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $13.50, for a total transaction of $69,012.00. Following the sale, the insider now owns 307,745 shares in the company, valued at $4,154,557.50. This trade represents a 1.63 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Michael G. Barrett sold 147,996 shares of the company's stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $17.52, for a total transaction of $2,592,889.92. Following the transaction, the chief executive officer now owns 634,914 shares of the company's stock, valued at approximately $11,123,693.28. This represents a 18.90 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 352,752 shares of company stock valued at $5,938,282 over the last 90 days. Company insiders own 4.30% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Asset Dedication LLC bought a new position in Magnite during the second quarter valued at approximately $52,000. Benjamin F. Edwards & Company Inc. boosted its position in shares of Magnite by 973.5% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 4,380 shares of the company's stock valued at $58,000 after acquiring an additional 3,972 shares during the last quarter. Quarry LP grew its holdings in shares of Magnite by 446.8% in the third quarter. Quarry LP now owns 5,517 shares of the company's stock valued at $76,000 after purchasing an additional 4,508 shares in the last quarter. DekaBank Deutsche Girozentrale bought a new stake in Magnite in the second quarter worth $93,000. Finally, Blue Trust Inc. raised its stake in Magnite by 87.0% during the third quarter. Blue Trust Inc. now owns 7,931 shares of the company's stock valued at $105,000 after purchasing an additional 3,689 shares in the last quarter. Hedge funds and other institutional investors 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.