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

Magnite (NASDAQ:MGNI) had its target price hoisted by Wells Fargo & Company from $15.00 to $21.00 in a research report report published on Friday morning,Benzinga reports. They currently have an equal weight rating on the stock.

MGNI has been the subject of several other reports. Scotiabank increased 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. Evercore reissued an “outperform” rating and set a $21.00 target price on shares of Magnite in a research note on Thursday, May 7th. Royal Bank Of Canada restated an “outperform” rating on shares of Magnite in a report on Thursday, May 28th. BTIG Research began coverage on shares of Magnite in a research note on Tuesday, June 9th. They issued a “buy” rating and a $20.00 price target on the stock. Finally, Weiss Ratings upgraded shares of Magnite from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, May 11th. Eight analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, Magnite presently has a consensus rating of “Moderate Buy” and an average price target of $24.56.

Magnite Stock Down 4.6%

NASDAQ:MGNI opened at $19.00 on Friday. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.38. Magnite has a 12-month low of $10.82 and a 12-month high of $26.65. The stock’s fifty day simple moving average is $16.69 and its 200-day simple moving average is $14.53. The firm has a market capitalization of $2.72 billion, a P/E ratio of 18.27, a P/E/G ratio of 1.01 and a beta of 2.25.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings data on Wednesday, May 6th. The company reported $0.13 earnings per share (EPS) for the quarter, beating 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 analysts’ expectations of $159.24 million. During the same quarter in the previous year, the company earned $0.12 earnings per share. The business’s revenue for the quarter was up 5.5% on a year-over-year basis. Equities research analysts expect that Magnite will post 0.55 earnings per share for the current year.

Insiders Place Their Bets

In other Magnite news, insider Sean Patrick Buckley sold 19,233 shares of Magnite stock in a transaction dated Tuesday, July 7th. The stock was sold at an average price of $21.03, for a total value of $404,469.99. Following the transaction, the insider owned 354,281 shares in the company, valued at $7,450,529.43. The trade was a 5.15% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Douglas S. Knopper sold 37,337 shares of the stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $18.10, for a total transaction of $675,799.70. Following the completion of the transaction, the director directly owned 125,810 shares of the company’s stock, valued at $2,277,161. This trade represents a 22.89% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 491,639 shares of company stock valued at $8,676,734 over the last ninety days. 3.80% of the stock is owned by insiders.

Institutional Trading of Magnite

A number of hedge funds have recently made changes to their positions in the company. JPMorgan Chase & Co. grew its stake in Magnite by 28.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,209,413 shares of the company’s stock valued at $26,341,000 after purchasing an additional 271,325 shares during the period. Kopion Asset Management LLC raised its stake in shares of Magnite by 149.2% during the 4th quarter. Kopion Asset Management LLC now owns 614,459 shares of the company’s stock worth $9,973,000 after purchasing an additional 367,858 shares during the period. Stephens Investment Management Group LLC boosted its holdings in shares of Magnite by 17.0% in the 4th quarter. Stephens Investment Management Group LLC now owns 1,128,578 shares of the company’s stock worth $18,317,000 after buying an additional 164,035 shares during the last quarter. Royce & Associates LP boosted its holdings in shares of Magnite by 19.5% in the 4th quarter. Royce & Associates LP now owns 1,166,469 shares of the company’s stock worth $18,932,000 after buying an additional 190,318 shares during the last quarter. Finally, Meros Investment Management LP grew its position in Magnite by 34.5% during the fourth quarter. Meros Investment Management LP now owns 825,595 shares of the company’s stock valued at $13,399,000 after buying an additional 211,767 shares during the period. 73.40% of the stock is owned by institutional investors and hedge funds.

About Magnite

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).