Wells Fargo & Company Lowers Magnite (NASDAQ:MGNI) Price Target to $22.00

Key Points

• Wells Fargo & Company has reduced the price target for Magnite (NASDAQ:MGNI) from $24.00 to $22.00, maintaining an "equal weight" rating on the stock, which indicates an upside potential of 18.44% from its previous close.
• Multiple brokerages have shown varied opinions on Magnite, with Royal Bank of Canada raising their target to $27.00 and others like Wall Street Zen lowering their rating to "hold."
• Magnite's recent stock performance reflects a decrease to $18.58, despite reporting quarterly earnings that exceeded analysts' expectations, with a revenue increase of 6.4% compared to the previous year.

Magnite (NASDAQ:MGNI - Get Free Report) had its target price cut by Wells Fargo & Company from $24.00 to $22.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has an "equal weight" rating on the stock. Wells Fargo & Company's price target indicates a potential upside of 18.44% from the stock's previous close.

A number of other brokerages have also issued reports on MGNI. Royal Bank Of Canada raised their price target on shares of Magnite from $19.00 to $27.00 and gave the stock an "outperform" rating in a report on Thursday, July 31st. Wall Street Zen lowered Magnite from a "buy" rating to a "hold" rating in a research note on Saturday, September 20th. Susquehanna upped their price objective on shares of Magnite from $22.00 to $28.00 and gave the stock a "positive" rating in a report on Thursday, August 7th. Needham & Company LLC raised their price objective on Magnite from $18.00 to $25.00 and gave the company a "buy" rating in a research report on Thursday, August 7th. Finally, Rosenblatt Securities reaffirmed a "buy" rating and set a $39.00 price objective on shares of Magnite in a research report on Friday, September 26th. Ten analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $25.64.

Magnite Stock Performance

Shares of Magnite stock traded down $1.73 during trading hours on Monday, hitting $18.58. 869,513 shares of the company's stock traded hands, compared to its average volume of 2,773,427. The stock has a market capitalization of $2.65 billion, a price-to-earnings ratio of 63.93, a PEG ratio of 1.40 and a beta of 3.02. Magnite has a 12-month low of $8.22 and a 12-month high of $26.65. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.00 and a quick ratio of 1.00. The company has a fifty day simple moving average of $23.42 and a 200-day simple moving average of $18.80.

Magnite (NASDAQ:MGNI - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $0.20 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.17 by $0.03. The company had revenue of $162.00 million for the quarter, compared to the consensus estimate of $157.05 million. Magnite had a return on equity of 8.07% and a net margin of 6.30%.The firm's revenue was up 6.4% compared to the same quarter last year. During the same quarter last year, the business posted $0.14 earnings per share. Equities research analysts anticipate that Magnite will post 0.33 EPS for the current fiscal year.

Insider Transactions at Magnite

In related news, insider Aaron Saltz sold 8,522 shares of Magnite stock in a transaction dated Friday, September 19th. The stock was sold at an average price of $24.50, for a total value of $208,789.00. Following the completion of the transaction, the insider owned 215,079 shares in the company, valued at $5,269,435.50. The trade was a 3.81% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Paul Caine sold 7,500 shares of the business's stock in a transaction that occurred on Friday, September 19th. The stock was sold at an average price of $25.00, for a total value of $187,500.00. Following the sale, the director owned 158,603 shares of the company's stock, valued at $3,965,075. The trade was a 4.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 399,175 shares of company stock worth $9,645,269. 4.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Magnite

A number of hedge funds have recently made changes to their positions in MGNI. Vanguard Group Inc. raised its holdings in shares of Magnite by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 13,743,521 shares of the company's stock valued at $156,814,000 after buying an additional 138,417 shares during the period. Boston Partners boosted its position in Magnite by 5.7% in the 2nd quarter. Boston Partners now owns 5,574,604 shares of the company's stock valued at $133,037,000 after buying an additional 298,248 shares during the period. American Century Companies Inc. increased its position in shares of Magnite by 63.1% during the second quarter. American Century Companies Inc. now owns 4,829,197 shares of the company's stock worth $116,480,000 after acquiring an additional 1,868,188 shares during the period. Nuveen LLC acquired a new stake in shares of Magnite in the first quarter valued at $41,036,000. Finally, Geode Capital Management LLC grew its position in shares of Magnite by 6.0% during the second quarter. Geode Capital Management LLC now owns 3,216,842 shares of the company's stock worth $77,597,000 after buying an additional 183,414 shares in the last quarter. Hedge funds and other institutional investors 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.

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