Magnite (NASDAQ:MGNI) Earns Equal Weight Rating from Analysts at Wells Fargo & Company

Wells Fargo & Company assumed coverage on shares of Magnite (NASDAQ:MGNI) in a research note issued to investors on Monday morning, Marketbeat Ratings reports. The firm issued an equal weight rating and a $13.00 price objective on the stock.

Other equities analysts have also issued research reports about the stock. Royal Bank of Canada restated an “outperform” rating and set a $19.00 price target on shares of Magnite in a research report on Friday, September 27th. Wolfe Research assumed coverage on Magnite in a report on Tuesday, July 16th. They set an “outperform” rating and a $16.00 target price on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $15.00 target price on shares of Magnite in a report on Wednesday, October 2nd. Bank of America lifted their price target on Magnite from $15.00 to $17.00 and gave the stock a “buy” rating in a research note 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 research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, Magnite currently has an average rating of “Moderate Buy” and an average target price of $16.86.

Magnite Stock Performance

Shares of MGNI opened at $12.71 on Monday. The firm has a market cap of $1.79 billion, a price-to-earnings ratio of -19.86, a PEG ratio of 1.09 and a beta of 2.41. The business’s 50 day moving average is $12.94 and its two-hundred day moving average is $12.49. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.77. Magnite has a 52-week low of $6.46 and a 52-week high of $15.92.

Magnite (NASDAQ:MGNI) last announced its quarterly earnings data on Wednesday, August 7th. The company reported $0.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.15 by ($0.01). The firm had revenue of $162.88 million for the quarter, compared to analyst estimates of $144.04 million. Magnite had a negative net margin of 0.83% and a positive return on equity of 3.74%. The company’s quarterly revenue was up 6.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.04) EPS. Analysts forecast that Magnite will post 0.31 EPS for the current fiscal year.

Insider Activity at Magnite

In related news, CRO Sean Patrick Buckley sold 2,623 shares of the stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $12.53, for a total value of $32,866.19. Following the transaction, the executive now directly owns 331,742 shares in the company, valued at $4,156,727.26. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CTO David Buonasera sold 10,000 shares of the stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $12.65, for a total transaction of $126,500.00. Following the completion of the sale, the chief technology officer now owns 258,102 shares of the company’s stock, valued at $3,264,990.30. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CRO Sean Patrick Buckley sold 2,623 shares of Magnite stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $12.53, for a total value of $32,866.19. Following the completion of the sale, the executive now directly owns 331,742 shares in the company, valued at $4,156,727.26. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 95,533 shares of company stock worth $1,206,203 over the last 90 days. Insiders own 4.30% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Greenwood Capital Associates LLC boosted its position in Magnite by 14.3% during the 3rd quarter. Greenwood Capital Associates LLC now owns 74,760 shares of the company’s stock worth $1,035,000 after acquiring an additional 9,368 shares during the last quarter. Harbor Capital Advisors Inc. boosted its stake in shares of Magnite by 136.0% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 921,531 shares of the company’s stock worth $12,763,000 after buying an additional 531,069 shares during the last quarter. Lebenthal Global Advisors LLC bought a new stake in Magnite during the third quarter worth about $141,000. Stephens Investment Management Group LLC acquired a new stake in shares of Magnite in the 3rd quarter valued at approximately $5,593,000. Finally, Mount Yale Investment Advisors LLC boosted its holdings in shares of Magnite by 4.6% in the 3rd quarter. Mount Yale Investment Advisors LLC now owns 24,229 shares of the company’s stock valued at $336,000 after buying an additional 1,068 shares during the last quarter. 73.40% of the stock is currently owned by institutional investors.

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.