Magnite (NASDAQ:MGNI) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Magnite (NASDAQ:MGNI - Free Report) had its price target boosted by Wells Fargo & Company from $13.00 to $15.00 in a research report released on Thursday,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the stock.

A number of other research firms have also issued reports on MGNI. Wolfe Research lifted 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. Royal Bank of Canada lifted their price target on shares of Magnite from $19.00 to $22.00 and gave the stock an "outperform" rating in a research note on Friday, January 3rd. Scotiabank started coverage on Magnite in a research report on Thursday, December 5th. They set a "sector outperform" rating and a $22.00 target price on the stock. Macquarie reiterated an "outperform" rating and issued a $18.00 price target on shares of Magnite in a research note on Friday, November 8th. Finally, Needham & Company LLC upped their target price on Magnite from $17.00 to $20.00 and gave the company a "buy" rating in a research report on Thursday, December 5th. One investment 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 stock currently has an average rating of "Moderate Buy" and a consensus target price of $18.35.

Magnite Stock Down 5.9 %

Shares of MGNI stock traded down $0.95 during trading hours on Thursday, reaching $15.14. The company had a trading volume of 2,453,474 shares, compared to its average volume of 1,717,286. The stock's fifty day simple moving average is $16.36 and its 200 day simple moving average is $14.34. The company has a market capitalization of $2.13 billion, a P/E ratio of 252.33, a price-to-earnings-growth ratio of 0.80 and a beta of 2.51. 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 twelve month low of $8.38 and a twelve month high of $18.38.

Insider Activity

In other Magnite news, insider Aaron Saltz sold 5,112 shares of the business's stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $13.50, for a total transaction of $69,012.00. Following the completion of the transaction, the insider now directly owns 307,745 shares of the company's stock, valued at $4,154,557.50. The trade was a 1.63 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Michael G. Barrett sold 27,004 shares of the firm's stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $17.63, for a total transaction of $476,080.52. Following the completion of the sale, the chief executive officer now owns 782,910 shares in the company, valued at $13,802,703.30. The trade was a 3.33 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 366,097 shares of company stock valued at $6,165,147. 4.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. New Century Financial Group LLC acquired a new position in Magnite during the 2nd quarter valued at about $640,000. Victory Capital Management Inc. raised its position in Magnite by 2.9% during the third quarter. Victory Capital Management Inc. now owns 1,340,705 shares of the company's stock valued at $18,569,000 after buying an additional 37,601 shares during the period. Driehaus Capital Management LLC purchased a new stake in shares of Magnite in the second quarter worth approximately $9,938,000. Principal Financial Group Inc. boosted its stake in shares of Magnite by 552.2% during the 3rd quarter. Principal Financial Group Inc. now owns 107,515 shares of the company's stock valued at $1,489,000 after buying an additional 91,031 shares during the period. Finally, Intech Investment Management LLC bought a new position in Magnite during the third quarter valued at approximately $649,000. 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.