Wolfe Research Forecasts Strong Price Appreciation for Magnite (NASDAQ:MGNI) Stock

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

A number of other equities research analysts have also weighed in on MGNI. Scotiabank assumed coverage on shares of Magnite in a research note on Thursday, December 5th. They set a “sector outperform” rating and a $22.00 target price for the company. Macquarie reiterated an “outperform” rating and set a $18.00 price objective on shares of Magnite in a research report on Friday, November 8th. Royal Bank of Canada reissued an “outperform” rating and issued a $19.00 target price on shares of Magnite in a research report on Friday, September 27th. Needham & Company LLC upped their price target on shares of Magnite from $17.00 to $20.00 and gave the company a “buy” rating in a research report on Thursday, December 5th. Finally, Benchmark reiterated a “buy” rating and issued a $21.00 price objective on shares of Magnite in a research note on Wednesday, October 2nd. One research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $18.19.

Magnite Stock Up 6.4 %

MGNI opened at $17.13 on Friday. The stock has a market capitalization of $2.41 billion, a price-to-earnings ratio of 285.50, a PEG ratio of 1.35 and a beta of 2.50. The firm has a 50 day moving average price of $15.78 and a 200-day moving average price of $14.16. Magnite has a twelve month low of $8.38 and a twelve month 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.

Insider Transactions at Magnite

In related news, CRO Sean Patrick Buckley sold 10,001 shares of the business’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $15.60, for a total value of $156,015.60. Following the transaction, the executive now directly owns 303,743 shares of the company’s stock, valued at approximately $4,738,390.80. The trade was a 3.19 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CTO David Buonasera sold 1,969 shares of the company’s stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $16.31, for a total value of $32,114.39. Following the completion of the transaction, the chief technology officer now owns 223,795 shares of the company’s stock, valued at $3,650,096.45. The trade was a 0.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 352,752 shares of company stock valued at $5,938,282 over the last three months. Corporate insiders own 4.30% of the company’s stock.

Hedge Funds Weigh In On Magnite

Several hedge funds have recently modified their holdings of the stock. Asset Dedication LLC bought a new stake in Magnite in the 2nd quarter valued at $52,000. Benjamin F. Edwards & Company Inc. grew its position in shares of Magnite by 973.5% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 4,380 shares of the company’s stock valued at $58,000 after purchasing an additional 3,972 shares in the last quarter. Quarry LP increased its holdings in shares of Magnite by 446.8% in the third quarter. Quarry LP now owns 5,517 shares of the company’s stock worth $76,000 after purchasing an additional 4,508 shares during the last quarter. DekaBank Deutsche Girozentrale purchased a new stake in shares of Magnite in the second quarter worth about $93,000. Finally, Blue Trust Inc. lifted its position in shares of Magnite by 87.0% in the third quarter. Blue Trust Inc. now owns 7,931 shares of the company’s stock worth $105,000 after buying an additional 3,689 shares in 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.