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

Magnite (NASDAQ:MGNI - Get Free Report) had its target price hoisted by analysts at Wells Fargo & Company from $13.00 to $24.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has an "equal weight" rating on the stock. Wells Fargo & Company's price target points to a potential upside of 2.00% from the company's current price.

Several other brokerages have also commented on MGNI. Benchmark dropped their price target on shares of Magnite from $25.00 to $24.00 and set a "buy" rating on the stock in a research note on Thursday, May 8th. Craig Hallum set a $24.00 price target on shares of Magnite and gave the company a "buy" rating in a research note on Tuesday, May 20th. Lake Street Capital lowered their price objective on shares of Magnite from $21.00 to $19.00 and set a "buy" rating on the stock in a research note on Thursday, May 8th. Needham & Company LLC upped their target price on Magnite from $14.00 to $18.00 and gave the stock a "buy" rating in a research report on Monday, May 12th. Finally, Wall Street Zen cut Magnite from a "buy" rating to a "hold" rating in a research report on Saturday. Two equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $20.33.

Magnite Stock Down 3.1%

Shares of Magnite stock traded down $0.76 during trading on Tuesday, reaching $23.53. The company had a trading volume of 7,309,657 shares, compared to its average volume of 2,243,571. The company has a market cap of $3.32 billion, a price-to-earnings ratio of 117.66, a price-to-earnings-growth ratio of 2.00 and a beta of 2.96. The firm's fifty day moving average is $17.35 and its 200-day moving average is $15.66. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.98 and a current ratio of 0.98. Magnite has a fifty-two week low of $8.22 and a fifty-two week high of $25.27.

Magnite (NASDAQ:MGNI - Get Free Report) last issued its earnings results on Wednesday, May 7th. The company reported $0.12 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.06 by $0.06. Magnite had a net margin of 4.58% and a return on equity of 6.71%. The firm had revenue of $145.85 million for the quarter, compared to analysts' expectations of $142.18 million. During the same quarter last year, the company posted $0.05 earnings per share. Magnite's revenue was up 4.3% on a year-over-year basis. On average, analysts anticipate that Magnite will post 0.33 EPS for the current year.

Insider Activity at Magnite

In other news, insider Adam Lee Soroca sold 44,519 shares of Magnite stock in a transaction on Tuesday, June 24th. The shares were sold at an average price of $20.00, for a total transaction of $890,380.00. Following the transaction, the insider directly owned 400,927 shares of the company's stock, valued at $8,018,540. This trade represents a 9.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Katie Seitz Evans sold 35,000 shares of the firm's stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $17.36, for a total transaction of $607,600.00. Following the sale, the insider owned 442,788 shares in the company, valued at approximately $7,686,799.68. The trade was a 7.33% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 883,327 shares of company stock valued at $17,086,528. 4.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of MGNI. Capital Research Global Investors acquired a new position in shares of Magnite in the fourth quarter valued at $122,986,000. Nuveen LLC acquired a new position in Magnite in the 1st quarter valued at about $41,036,000. American Century Companies Inc. raised its holdings in Magnite by 855.2% in the 1st quarter. American Century Companies Inc. now owns 2,961,009 shares of the company's stock valued at $33,785,000 after acquiring an additional 2,651,033 shares during the period. Boston Partners lifted its position in Magnite by 39.1% during the fourth quarter. Boston Partners now owns 4,756,323 shares of the company's stock worth $76,061,000 after acquiring an additional 1,336,458 shares during the last quarter. Finally, Pacer Advisors Inc. bought a new stake in shares of Magnite during the first quarter worth approximately $12,576,000. Institutional investors own 73.40% of the company's stock.

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.