Magnite (NASDAQ:MGNI) Stock Price Expected to Rise, Wolfe Research Analyst Says

Magnite (NASDAQ:MGNI) had its price objective boosted by equities researchers at Wolfe Research from $14.00 to $19.00 in a report issued on Friday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Wolfe Research’s target price indicates a potential upside of 16.56% from the company’s previous close.

Several other research analysts have also commented on MGNI. Royal Bank of Canada reissued an “outperform” rating and issued a $19.00 price objective on shares of Magnite in a research report on Friday, September 27th. Wells Fargo & Company began coverage on Magnite in a report on Monday, October 28th. They set an “equal weight” rating and a $13.00 target price on the stock. Macquarie restated an “outperform” rating and issued a $18.00 price target on shares of Magnite in a report on Friday, November 8th. Needham & Company LLC raised their target price on Magnite from $17.00 to $20.00 and gave the company a “buy” rating in a research note on Thursday, December 5th. Finally, Scotiabank assumed coverage on Magnite in a research note on Thursday, December 5th. They issued a “sector outperform” rating and a $22.00 price target on the stock. One investment analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, Magnite has a consensus rating of “Moderate Buy” and an average target price of $17.96.

Magnite Price Performance

Magnite stock opened at $16.30 on Friday. The firm has a fifty day moving average of $15.62 and a 200-day moving average of $14.12. Magnite has a 52-week low of $8.38 and a 52-week high of $18.38. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.76. The firm has a market capitalization of $2.29 billion, a P/E ratio of 271.67, a PEG ratio of 1.35 and a beta of 2.50.

Insider Activity

In related news, CEO Michael G. Barrett sold 147,996 shares of the firm’s stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $17.52, for a total value of $2,592,889.92. Following the sale, the chief executive officer now owns 634,914 shares of the company’s stock, valued at approximately $11,123,693.28. This trade represents a 18.90 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Aaron Saltz sold 5,112 shares of the business’s stock in a transaction on 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 of the company’s stock, valued at approximately $4,154,557.50. This trade represents a 1.63 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 352,752 shares of company stock worth $5,938,282. 4.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Magnite by 9.3% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 27,151 shares of the company’s stock valued at $361,000 after purchasing an additional 2,316 shares during the period. Commonwealth Equity Services LLC boosted its holdings in shares of Magnite by 668.3% during the second 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 period. Arizona State Retirement System lifted its position in 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 buying an additional 1,160 shares in the last quarter. Los Angeles Capital Management LLC purchased a new stake in Magnite in the 2nd quarter worth approximately $619,000. Finally, Asset Dedication LLC acquired a new stake in shares of Magnite during the 2nd quarter valued at $52,000. 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.