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

Magnite (NASDAQ:MGNI) had its price target raised by Wolfe Research from $14.00 to $19.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Wolfe Research’s price target indicates a potential upside of 10.92% from the stock’s previous close.

Several other equities analysts also recently weighed in on the company. Needham & Company LLC boosted 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. Wells Fargo & Company assumed coverage on shares of Magnite in a research report on Monday, October 28th. They set an “equal weight” rating and a $13.00 price objective on the stock. Scotiabank began coverage on shares of Magnite in a report on Thursday, December 5th. They issued a “sector outperform” rating and a $22.00 target price for the company. Macquarie reiterated an “outperform” rating and set a $18.00 price target on shares of Magnite in a report on Friday, November 8th. Finally, Benchmark reissued a “buy” rating and issued a $21.00 price objective on shares of Magnite in a research report on Wednesday, October 2nd. One equities research analyst has rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $18.19.

Magnite Trading Up 6.4 %

MGNI opened at $17.13 on Friday. Magnite has a 12 month low of $8.38 and a 12 month high of $18.38. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.76. The stock has a 50-day moving average of $15.78 and a 200 day moving average of $14.16. The firm has a market cap of $2.41 billion, a P/E ratio of 285.50, a P/E/G ratio of 1.35 and a beta of 2.50.

Insider Transactions at Magnite

In related news, CFO David Day sold 11,644 shares of the company’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $16.44, for a total value of $191,427.36. Following the completion of the sale, the chief financial officer now directly owns 400,859 shares of the company’s stock, valued at $6,590,121.96. This represents a 2.82 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Aaron Saltz sold 5,112 shares of the firm’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 transaction, the insider now directly owns 307,745 shares in the company, valued at $4,154,557.50. This trade represents a 1.63 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 352,752 shares of company stock valued at $5,938,282. 4.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Magnite

Several hedge funds have recently modified their holdings of the business. Verdence Capital Advisors LLC increased its holdings in Magnite by 4.8% during the third quarter. Verdence Capital Advisors LLC now owns 19,326 shares of the company’s stock valued at $268,000 after buying an additional 892 shares during the period. Mount Yale Investment Advisors LLC increased 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 acquiring an additional 1,068 shares during the period. Arizona State Retirement System raised its position in shares of Magnite by 3.4% in the 2nd quarter. Arizona State Retirement System now owns 35,256 shares of the company’s stock worth $469,000 after acquiring an additional 1,160 shares in the last quarter. Fulton Bank N.A. lifted its stake in shares of Magnite by 6.4% during the 3rd quarter. Fulton Bank N.A. now owns 28,311 shares of the company’s stock worth $392,000 after purchasing an additional 1,696 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Magnite by 8.5% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 29,449 shares of the company’s stock worth $408,000 after purchasing an additional 2,298 shares during the last quarter. Hedge funds and other institutional investors 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.