Wells Fargo & Company Begins Coverage on Magnite (NASDAQ:MGNI)

Analysts at Wells Fargo & Company started coverage on shares of Magnite (NASDAQ:MGNI - Get Free Report) in a research note issued to investors on Monday, Benzinga reports. The brokerage set an "equal weight" rating and a $13.00 price target on the stock. Wells Fargo & Company's target price indicates a potential upside of 1.56% from the stock's previous close.

A number of other analysts have also recently issued reports on the company. Wolfe Research started coverage on Magnite in a research report on Tuesday, July 16th. They set an "outperform" rating and a $16.00 price objective for the company. Craig Hallum reissued a "buy" rating and issued a $20.00 price target on shares of Magnite in a research note on Wednesday, August 21st. Lake Street Capital initiated coverage on shares of Magnite in a research report on Thursday, July 25th. They set a "buy" rating and a $21.00 price objective on the stock. Bank of America boosted their target price on shares of Magnite from $15.00 to $17.00 and gave the stock a "buy" rating in a research report on Monday, July 29th. Finally, Benchmark restated a "buy" rating and set a $21.00 price target on shares of Magnite in a report on Wednesday, October 2nd. One analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $16.86.

Magnite Trading Up 2.6 %

MGNI traded up $0.33 during trading on Monday, reaching $12.80. The company had a trading volume of 1,674,432 shares, compared to its average volume of 1,582,535. The firm's 50-day simple moving average is $12.98 and its 200 day simple moving average is $12.44. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.10 and a current ratio of 1.10. The company has a market cap of $1.81 billion, a price-to-earnings ratio of -116.36, a PEG ratio of 1.09 and a beta of 2.41. Magnite has a 12-month low of $6.41 and a 12-month high of $15.92.

Magnite (NASDAQ:MGNI - Get Free Report) last released its earnings results on Wednesday, August 7th. The company reported $0.14 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.15 by ($0.01). Magnite had a negative net margin of 0.83% and a positive return on equity of 3.74%. The business had revenue of $162.88 million during the quarter, compared to analysts' expectations of $144.04 million. During the same quarter in the previous year, the company earned ($0.04) EPS. Magnite's revenue for the quarter was up 6.8% on a year-over-year basis. Equities research analysts anticipate that Magnite will post 0.31 earnings per share for the current year.

Insider Buying and Selling

In related news, CRO Sean Patrick Buckley sold 2,623 shares of the firm's stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $12.53, for a total transaction of $32,866.19. Following the completion of the transaction, the executive now owns 331,742 shares in the company, valued at $4,156,727.26. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CTO David Buonasera sold 10,000 shares of Magnite stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $12.65, for a total value of $126,500.00. Following the completion of the transaction, the chief technology officer now owns 258,102 shares in the company, valued at approximately $3,264,990.30. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CRO Sean Patrick Buckley sold 2,623 shares of the business's stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $12.53, for a total value of $32,866.19. Following the completion of the transaction, the executive now directly owns 331,742 shares in the company, valued at $4,156,727.26. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 95,533 shares of company stock valued at $1,206,203 over the last quarter. Corporate insiders own 4.30% of the company's stock.

Institutional Investors Weigh In On Magnite

A number of hedge funds have recently added to or reduced their stakes in the stock. New Century Financial Group LLC bought a new stake in shares of Magnite during the second quarter worth $640,000. Commonwealth Equity Services LLC raised its holdings in Magnite by 668.3% during the 2nd quarter. Commonwealth Equity Services LLC now owns 81,573 shares of the company's stock worth $1,084,000 after purchasing an additional 70,956 shares during the last quarter. Tidal Investments LLC lifted its position in Magnite by 212.8% during the 1st quarter. Tidal Investments LLC now owns 69,388 shares of the company's stock valued at $746,000 after purchasing an additional 47,205 shares during the period. Baader Bank Aktiengesellschaft bought a new position in shares of Magnite in the 2nd quarter valued at about $671,000. Finally, Lisanti Capital Growth LLC acquired a new stake in shares of Magnite during the 1st quarter worth approximately $3,063,000. 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.

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