Magnite (NASDAQ:MGNI) Price Target Raised to $21.00 at Wells Fargo & Company

Magnite (NASDAQ:MGNI) had its price target upped by Wells Fargo & Company from $15.00 to $21.00 in a research note issued on Friday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 8.23% from the stock’s previous close.

MGNI has been the topic of several other research reports. Needham & Company LLC reiterated a “buy” rating and set a $25.00 price objective on shares of Magnite in a research note on Thursday, April 16th. Royal Bank Of Canada restated an “outperform” rating on shares of Magnite in a research note on Thursday, May 28th. Weiss Ratings raised Magnite from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, May 11th. BTIG Research started coverage on Magnite in a research report on Tuesday, June 9th. They set a “buy” rating and a $20.00 price target on the stock. Finally, Scotiabank raised their price target on Magnite from $16.00 to $17.00 and gave the stock a “sector outperform” rating in a report on Thursday, May 7th. Eight analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $24.56.

Magnite Stock Performance

Shares of MGNI stock traded down $0.51 on Friday, hitting $19.40. 382,270 shares of the stock traded hands, compared to its average volume of 2,544,351. The company’s fifty day moving average is $16.59 and its 200 day moving average is $14.50. Magnite has a 1-year low of $10.82 and a 1-year high of $26.65. The company has a market capitalization of $2.78 billion, a PE ratio of 18.84, a PEG ratio of 1.04 and a beta of 2.25. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.02 and a quick ratio of 1.02.

Magnite (NASDAQ:MGNI) last released its quarterly earnings data on Wednesday, May 6th. The company reported $0.13 EPS for the quarter, topping analysts’ consensus estimates of $0.11 by $0.02. Magnite had a net margin of 21.96% and a return on equity of 8.40%. The firm had revenue of $164.37 million during the quarter, compared to the consensus estimate of $159.24 million. During the same quarter in the previous year, the company posted $0.12 earnings per share. The firm’s revenue was up 5.5% on a year-over-year basis. On average, equities research analysts predict that Magnite will post 0.55 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Sean Patrick Buckley sold 19,233 shares of the company’s stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $19.00, for a total value of $365,427.00. Following the completion of the sale, the insider owned 373,514 shares in the company, valued at $7,096,766. This represents a 4.90% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director David T. Pearson sold 10,766 shares of the firm’s stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $15.65, for a total value of $168,487.90. Following the transaction, the director directly owned 79,001 shares of the company’s stock, valued at $1,236,365.65. This represents a 11.99% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 491,639 shares of company stock valued at $8,676,734. 3.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Magnite

Hedge funds and other institutional investors have recently bought and sold shares of the business. US Bancorp DE lifted its holdings in Magnite by 75.8% in the 3rd quarter. US Bancorp DE now owns 1,596 shares of the company’s stock valued at $35,000 after acquiring an additional 688 shares during the last quarter. Central Pacific Bank Trust Division acquired a new position in Magnite in the fourth quarter worth approximately $41,000. PNC Financial Services Group Inc. grew its position in Magnite by 106.3% in the first quarter. PNC Financial Services Group Inc. now owns 3,783 shares of the company’s stock worth $45,000 after buying an additional 1,949 shares during the last quarter. Smartleaf Asset Management LLC increased its holdings in shares of Magnite by 98.4% in the fourth quarter. Smartleaf Asset Management LLC now owns 3,678 shares of the company’s stock valued at $61,000 after buying an additional 1,824 shares in the last quarter. Finally, Harbor Investment Advisory LLC bought a new position in shares of Magnite in the second quarter valued at $62,000. 73.40% of the stock is currently owned by institutional investors.

Magnite Company Profile

Magnite, Inc (NASDAQ: MGNI) operates as an independent sell-side advertising platform that enables publishers and digital media owners to monetize their inventory through programmatic advertising. Formed in 2020 through the merger of Rubicon Project and Telaria, Magnite combines technologies for desktop, mobile, connected television (CTV) and digital out-of-home (DOOH) ad exchanges. The company provides an end-to-end solution designed to help media owners optimize yield across open marketplaces, private marketplaces and programmatic guaranteed deals.

At the core of Magnite’s offering is its supply-side platform (SSP), which connects publishers’ ad impressions to demand-side platforms (DSPs) through real-time bidding (RTB).