Magnite (NASDAQ:MGNI) Price Target Raised to $15.00

Magnite (NASDAQ:MGNI) had its price target boosted by Wells Fargo & Company from $13.00 to $15.00 in a report published on Thursday,Benzinga reports. The firm currently has an equal weight rating on the stock.

MGNI has been the topic of several other research reports. Macquarie reiterated an “outperform” rating and issued a $18.00 price objective on shares of Magnite in a research note on Friday, November 8th. Royal Bank of Canada upped their price target on Magnite from $19.00 to $22.00 and gave the company an “outperform” rating in a research 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. Benchmark restated a “buy” rating and issued a $21.00 price objective on shares of Magnite in a research note on Wednesday, October 2nd. Finally, Wolfe Research increased their target price on shares of Magnite from $14.00 to $19.00 and gave the stock an “outperform” rating in a research report on Friday, January 3rd. One research analyst has rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $18.35.

Magnite Stock Performance

Shares of MGNI stock opened at $15.44 on Thursday. Magnite has a 52 week low of $8.38 and a 52 week high of $18.38. The firm’s 50-day simple moving average is $16.43 and its two-hundred day simple moving average is $14.36. The firm has a market cap of $2.17 billion, a price-to-earnings ratio of 257.33, a P/E/G ratio of 0.80 and a beta of 2.51. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.11 and a current ratio of 1.11.

Insider Activity

In related news, insider Aaron Saltz sold 5,112 shares of the stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $13.50, for a total value of $69,012.00. Following the sale, the insider now owns 307,745 shares in the company, valued at approximately $4,154,557.50. This trade represents a 1.63 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO David Day sold 13,345 shares of Magnite stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $17.00, for a total value of $226,865.00. Following the sale, the chief financial officer now directly owns 374,014 shares of the company’s stock, valued at $6,358,238. This represents a 3.45 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 366,097 shares of company stock worth $6,165,147. 4.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On Magnite

A number of institutional investors and hedge funds have recently bought and sold shares of MGNI. Wellington Management Group LLP grew its stake in Magnite by 125.3% in the 3rd quarter. Wellington Management Group LLP now owns 6,579,670 shares of the company’s stock worth $91,128,000 after buying an additional 3,659,759 shares in the last quarter. Nomura Asset Management Co. Ltd. bought a new position in Magnite in the third quarter valued at $23,917,000. Granite Investment Partners LLC purchased a new stake in Magnite during the second quarter valued at about $11,227,000. Driehaus Capital Management LLC bought a new stake in Magnite during the second quarter worth about $9,938,000. Finally, Marshall Wace LLP boosted its holdings in shares of Magnite by 59.0% in the 2nd quarter. Marshall Wace LLP now owns 1,559,520 shares of the company’s stock worth $20,726,000 after purchasing an additional 578,678 shares in the last quarter. 73.40% of the stock is owned by hedge funds and other institutional investors.

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.