Wells Fargo & Company Issues Positive Forecast for Magnite (NASDAQ:MGNI) Stock Price

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

Other equities analysts have also recently issued research reports about the stock. Needham & Company LLC reiterated a “buy” rating and set a $25.00 price target on shares of Magnite in a research report on Thursday, April 16th. Rosenblatt Securities restated a “buy” rating and issued a $39.00 price objective on shares of Magnite in a report on Thursday, February 26th. Evercore reaffirmed an “outperform” rating and set a $21.00 price objective on shares of Magnite in a research report on Thursday. Weiss Ratings reiterated a “hold (c)” rating on shares of Magnite in a report on Thursday, January 22nd. Finally, Royal Bank Of Canada decreased their target price on Magnite from $23.00 to $20.00 and set an “outperform” rating for the company in a research report on Thursday. Eight analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $24.33.

Magnite Price Performance

Shares of Magnite stock opened at $14.13 on Friday. The business has a 50 day moving average of $12.75 and a 200 day moving average of $14.28. Magnite has a 52 week low of $10.82 and a 52 week high of $26.65. The company has a market cap of $2.02 billion, a PE ratio of 13.59, a P/E/G ratio of 0.86 and a beta of 2.33. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.38.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings data on Wednesday, May 6th. The company reported $0.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.11 by $0.02. Magnite had a net margin of 21.96% and a return on equity of 8.40%. The business had revenue of $164.37 million for the quarter, compared to the consensus estimate of $159.24 million. During the same period in the previous year, the firm earned $0.12 EPS. The company’s quarterly revenue was up 5.5% compared to the same quarter last year. As a group, equities research analysts forecast that Magnite will post 0.59 earnings per share for the current year.

Insider Activity

In related news, insider Adam Lee Soroca sold 21,529 shares of the stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $12.00, for a total value of $258,348.00. Following the completion of the transaction, the insider directly owned 388,425 shares in the company, valued at $4,661,100. This trade represents a 5.25% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 3.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Magnite

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Nippon Life Global Investors Americas Inc. bought a new stake in shares of Magnite in the 3rd quarter worth approximately $2,621,000. JPMorgan Chase & Co. increased its position in Magnite by 28.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,209,413 shares of the company’s stock valued at $26,341,000 after buying an additional 271,325 shares in the last quarter. Kopion Asset Management LLC increased its position in Magnite by 149.2% during the 4th quarter. Kopion Asset Management LLC now owns 614,459 shares of the company’s stock valued at $9,973,000 after buying an additional 367,858 shares in the last quarter. Campbell & CO Investment Adviser LLC purchased a new position in Magnite during the third quarter valued at $2,892,000. Finally, Nordea Investment Management AB raised its stake in Magnite by 35.2% during the third quarter. Nordea Investment Management AB now owns 447,340 shares of the company’s stock valued at $9,694,000 after buying an additional 116,423 shares during the last quarter. Hedge funds and other institutional investors own 73.40% of the company’s stock.

About Magnite

Magnite, Inc (NASDAQ: MGNI) operates as an independent sell-side advertising platform that enables publishers and digital media owners to monetize their inventory through programmatic advertising. Formed in 2020 through the merger of Rubicon Project and Telaria, Magnite combines technologies for desktop, mobile, connected television (CTV) and digital out-of-home (DOOH) ad exchanges. The company provides an end-to-end solution designed to help media owners optimize yield across open marketplaces, private marketplaces and programmatic guaranteed deals.

At the core of Magnite’s offering is its supply-side platform (SSP), which connects publishers’ ad impressions to demand-side platforms (DSPs) through real-time bidding (RTB).