Wolfe Research Issues Positive Forecast for Magnite (NASDAQ:MGNI) Stock Price

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

A number of other equities analysts have also weighed in on the company. Needham & Company LLC boosted their target price on Magnite from $17.00 to $20.00 and gave the stock a “buy” rating in a research report on Thursday, December 5th. Royal Bank of Canada reissued an “outperform” rating and set a $19.00 price objective on shares of Magnite in a report on Friday, September 27th. Benchmark restated a “buy” rating and issued a $21.00 price target on shares of Magnite in a research note on Wednesday, October 2nd. Wells Fargo & Company initiated coverage on shares of Magnite in a report on Monday, October 28th. They issued an “equal weight” rating and a $13.00 target price for the company. Finally, Macquarie reaffirmed an “outperform” rating and set a $18.00 target price on shares of Magnite in a research note on Friday, November 8th. One investment analyst has rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $18.19.

Magnite Stock Up 6.4 %

Magnite stock opened at $17.13 on Friday. Magnite has a 12 month low of $8.38 and a 12 month high of $18.38. The stock has a fifty day simple moving average of $15.69 and a two-hundred day simple moving average of $14.14. 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 firm has a market cap of $2.41 billion, a price-to-earnings ratio of 285.50, a PEG ratio of 1.35 and a beta of 2.50.

Insider Buying and Selling

In other news, CEO Michael G. Barrett sold 147,996 shares of the business’s stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $17.52, for a total transaction of $2,592,889.92. Following the completion of the sale, the chief executive officer now owns 634,914 shares in the company, valued at approximately $11,123,693.28. The trade was a 18.90 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Aaron Saltz sold 5,112 shares of the company’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $13.50, for a total value of $69,012.00. Following the completion of the sale, 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 ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 352,752 shares of company stock valued at $5,938,282. Company insiders own 4.30% of the company’s stock.

Institutional Trading of Magnite

Hedge funds have recently made changes to their positions in the company. Asset Dedication LLC purchased a new stake in Magnite during the second quarter worth about $52,000. Benjamin F. Edwards & Company Inc. raised its stake in shares of Magnite by 973.5% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 4,380 shares of the company’s stock worth $58,000 after buying an additional 3,972 shares during the last quarter. Quarry LP boosted its position in shares of Magnite by 446.8% in the 3rd quarter. Quarry LP now owns 5,517 shares of the company’s stock worth $76,000 after buying an additional 4,508 shares in the last quarter. DekaBank Deutsche Girozentrale acquired a new stake in Magnite in the 2nd quarter valued at about $93,000. Finally, Blue Trust Inc. increased its holdings in Magnite by 87.0% during the 3rd quarter. Blue Trust Inc. now owns 7,931 shares of the company’s stock valued at $105,000 after acquiring an additional 3,689 shares in the last quarter. Institutional investors and hedge funds 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.