Magnera (NYSE:MAGN) Trading Down 6% – What’s Next?

Magnera Corporation (NYSE:MAGN)’s share price traded down 6% during trading on Friday . The company traded as low as $14.06 and last traded at $14.19. 137,926 shares changed hands during mid-day trading, a decline of 71% from the average session volume of 468,698 shares. The stock had previously closed at $15.09.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on MAGN. Vertical Research cut Magnera from a “buy” rating to a “hold” rating and set a $16.00 target price on the stock. in a report on Wednesday, January 7th. Wells Fargo & Company raised their price objective on shares of Magnera from $16.00 to $18.00 and gave the company an “overweight” rating in a research note on Tuesday, January 6th. Weiss Ratings reissued a “sell (d-)” rating on shares of Magnera in a research report on Monday, December 29th. Finally, Wall Street Zen raised shares of Magnera from a “sell” rating to a “hold” rating in a research report on Saturday, November 22nd. One equities research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Magnera currently has a consensus rating of “Hold” and an average price target of $17.00.

Magnera Stock Down 6.7%

The stock’s 50-day simple moving average is $13.34 and its 200-day simple moving average is $12.26. The company has a current ratio of 2.37, a quick ratio of 1.58 and a debt-to-equity ratio of 1.83. The firm has a market capitalization of $501.43 million, a P/E ratio of -1.84 and a beta of 1.70.

Institutional Investors Weigh In On Magnera

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MAGN. SG Americas Securities LLC bought a new position in Magnera during the fourth quarter worth about $8,445,000. Geode Capital Management LLC lifted its stake in shares of Magnera by 110.0% during the 2nd quarter. Geode Capital Management LLC now owns 783,413 shares of the company’s stock valued at $9,465,000 after buying an additional 410,303 shares in the last quarter. Assenagon Asset Management S.A. boosted its holdings in Magnera by 118.1% in the 3rd quarter. Assenagon Asset Management S.A. now owns 753,906 shares of the company’s stock worth $8,836,000 after buying an additional 408,181 shares during the period. Scopia Capital Management LP boosted its holdings in Magnera by 46.7% in the 2nd quarter. Scopia Capital Management LP now owns 1,010,794 shares of the company’s stock worth $12,210,000 after buying an additional 321,579 shares during the period. Finally, Clearline Capital LP purchased a new position in Magnera in the 3rd quarter valued at approximately $2,079,000. 76.92% of the stock is currently owned by institutional investors.

About Magnera

Magnera’s purpose is to better the world with new possibilities made real. By continuously co-creating and innovating with our partners, we develop original material solutions that make a brighter future possible. With a breadth of technologies and a passion for what we create, Magnera’s solutions propel our customers’ goals forward and solve end-users’ problems, every day.