Wells Fargo & Company Forecasts Strong Price Appreciation for Magnite (NASDAQ:MGNI) Stock

Magnite (NASDAQ:MGNI) had its price objective boosted by equities researchers at Wells Fargo & Company from $13.00 to $15.00 in a research report issued on Thursday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective points to a potential downside of 2.85% from the stock’s previous close.

Several other research analysts have also recently issued reports on MGNI. Royal Bank of Canada increased their price objective on shares of Magnite from $19.00 to $22.00 and gave the company an “outperform” rating in a report on Friday, January 3rd. Scotiabank started coverage on Magnite in a research note on Thursday, December 5th. They set a “sector outperform” rating and a $22.00 price target for the company. Macquarie restated an “outperform” rating and issued a $18.00 price objective on shares of Magnite in a report on Friday, November 8th. Wolfe Research lifted their target price on Magnite from $14.00 to $19.00 and gave the stock an “outperform” rating in a report on Friday, January 3rd. Finally, 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 report on Thursday, December 5th. One investment analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $18.35.

Magnite Stock Performance

MGNI stock opened at $15.44 on Thursday. The company has a 50-day simple moving average of $16.39 and a 200 day simple moving average of $14.34. The company has a market capitalization of $2.17 billion, a P/E ratio of 257.33, a PEG ratio of 0.80 and a beta of 2.51. 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 fifty-two week low of $8.38 and a fifty-two week high of $18.38.

Insiders Place Their Bets

In other Magnite news, CAO Brian Gephart sold 2,156 shares of the firm’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $15.60, for a total transaction of $33,633.60. Following the completion of the sale, the chief accounting officer now directly owns 112,795 shares in the company, valued at approximately $1,759,602. This trade represents a 1.88 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 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 transaction, the insider now owns 307,745 shares in the company, valued at $4,154,557.50. This represents a 1.63 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 366,097 shares of company stock worth $6,165,147. Corporate insiders own 4.30% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Wellington Management Group LLP boosted its position in Magnite by 125.3% during the third quarter. Wellington Management Group LLP now owns 6,579,670 shares of the company’s stock valued at $91,128,000 after purchasing an additional 3,659,759 shares during the last quarter. Nomura Asset Management Co. Ltd. purchased a new stake in shares of Magnite during the 3rd quarter worth about $23,917,000. Granite Investment Partners LLC acquired a new stake in shares of Magnite during the 2nd quarter valued at about $11,227,000. Driehaus Capital Management LLC bought a new stake in shares of Magnite in the 2nd quarter valued at approximately $9,938,000. Finally, Marshall Wace LLP increased its holdings in Magnite by 59.0% in the second quarter. Marshall Wace LLP now owns 1,559,520 shares of the company’s stock worth $20,726,000 after buying an additional 578,678 shares during the last quarter. Institutional investors and hedge funds 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.