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

Magnite (NASDAQ:MGNI) had its price target upped by Wolfe Research from $14.00 to $19.00 in a research note published on Friday morning,Benzinga reports. They currently have an outperform rating on the stock.

A number of other research firms also recently commented on MGNI. Macquarie reiterated an “outperform” rating and issued a $18.00 price objective on shares of Magnite in a report on Friday, November 8th. Needham & Company LLC upped their price objective on Magnite from $17.00 to $20.00 and gave the company a “buy” rating in a report on Thursday, December 5th. Scotiabank assumed coverage on Magnite in a report on Thursday, December 5th. They issued a “sector outperform” rating and a $22.00 price objective for the company. Wells Fargo & Company assumed coverage on Magnite in a report on Monday, October 28th. They issued an “equal weight” rating and a $13.00 price objective for the company. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $19.00 price objective on shares of Magnite in a report on Friday, September 27th. One equities research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $18.19.

Magnite Trading Up 6.4 %

Shares of MGNI opened at $17.13 on Friday. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.76. Magnite has a 12-month low of $8.38 and a 12-month high of $18.38. The firm has a market capitalization of $2.41 billion, a PE ratio of 285.50, a price-to-earnings-growth ratio of 1.35 and a beta of 2.51. The stock’s fifty day simple moving average is $15.78 and its 200-day simple moving average is $14.17.

Insider Transactions at Magnite

In other Magnite news, CTO David Buonasera sold 1,969 shares of the firm’s stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $16.31, for a total transaction of $32,114.39. Following the sale, the chief technology officer now owns 223,795 shares in the company, valued at $3,650,096.45. This trade represents a 0.87 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO David Day sold 11,644 shares of the firm’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 sale, the chief financial officer now owns 400,859 shares in the company, valued at $6,590,121.96. The trade was a 2.82 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 352,752 shares of company stock valued at $5,938,282 over the last three months. Company insiders own 4.30% of the company’s stock.

Institutional Investors Weigh In On Magnite

A number of large investors have recently added to or reduced their stakes in the company. Principal Financial Group Inc. increased its holdings in shares of Magnite by 552.2% in the third quarter. Principal Financial Group Inc. now owns 107,515 shares of the company’s stock worth $1,489,000 after buying an additional 91,031 shares during the period. 272 Capital LP purchased a new position in shares of Magnite in the third quarter worth about $598,000. Franklin Resources Inc. increased its holdings in shares of Magnite by 99.7% in the third quarter. Franklin Resources Inc. now owns 144,563 shares of the company’s stock worth $2,002,000 after buying an additional 72,169 shares during the period. Tidal Investments LLC increased its holdings in shares of Magnite by 22.2% in the third quarter. Tidal Investments LLC now owns 130,580 shares of the company’s stock worth $1,809,000 after buying an additional 23,688 shares during the period. Finally, Geode Capital Management LLC increased its holdings in shares of Magnite by 2.2% in the third quarter. Geode Capital Management LLC now owns 2,968,286 shares of the company’s stock worth $41,118,000 after buying an additional 63,545 shares during the period. 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.