Magnite (NASDAQ:MGNI) Earns Equal Weight Rating from Analysts at Wells Fargo & Company

Wells Fargo & Company assumed coverage on shares of Magnite (NASDAQ:MGNI) in a research report sent to investors on Monday morning, Benzinga reports. The firm issued an equal weight rating and a $13.00 target price on the stock.

Other equities research analysts have also issued reports about the company. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $19.00 price objective on shares of Magnite in a research note on Friday, September 27th. Lake Street Capital began coverage on Magnite in a research report on Thursday, July 25th. They issued a “buy” rating and a $21.00 price target for the company. Wolfe Research initiated coverage on shares of Magnite in a research report on Tuesday, July 16th. They set an “outperform” rating and a $16.00 price objective on the stock. Needham & Company LLC restated a “buy” rating and issued a $15.00 target price on shares of Magnite in a report on Wednesday, October 2nd. Finally, Bank of America upped their price target on shares of Magnite from $15.00 to $17.00 and gave the company a “buy” rating in a report on Monday, July 29th. One equities research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $16.86.

Magnite Trading Up 2.6 %

Shares of MGNI opened at $12.80 on Monday. The stock has a market capitalization of $1.81 billion, a PE ratio of -116.36, a P/E/G ratio of 1.09 and a beta of 2.41. The company’s fifty day moving average is $12.97 and its 200 day moving average is $12.46. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.10 and a current ratio of 1.10. Magnite has a fifty-two week low of $6.41 and a fifty-two week high of $15.92.

Magnite (NASDAQ:MGNI) last posted its earnings results on Wednesday, August 7th. The company reported $0.14 earnings per share for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.01). Magnite had a positive return on equity of 3.74% and a negative net margin of 0.83%. The business had revenue of $162.88 million during the quarter, compared to the consensus estimate of $144.04 million. During the same quarter last year, the firm earned ($0.04) earnings per share. The business’s quarterly revenue was up 6.8% on a year-over-year basis. Sell-side analysts expect that Magnite will post 0.31 earnings per share for the current fiscal year.

Insider Transactions at Magnite

In related news, CRO Sean Patrick Buckley sold 2,623 shares of the business’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $12.53, for a total value of $32,866.19. Following the completion of the sale, the executive now owns 331,742 shares in the company, valued at approximately $4,156,727.26. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CRO Sean Patrick Buckley sold 2,623 shares of Magnite stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $12.53, for a total value of $32,866.19. Following the completion of the sale, the executive now directly owns 331,742 shares in the company, valued at $4,156,727.26. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Adam Lee Soroca sold 7,910 shares of the company’s stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $12.59, for a total transaction of $99,586.90. Following the completion of the sale, the insider now directly owns 436,001 shares of the company’s stock, valued at approximately $5,489,252.59. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 95,533 shares of company stock valued at $1,206,203. 4.30% of the stock is currently owned by company insiders.

Institutional Trading of Magnite

A number of hedge funds have recently bought and sold shares of the stock. Mount Yale Investment Advisors LLC lifted its stake in shares of Magnite by 4.6% during the 3rd quarter. Mount Yale Investment Advisors LLC now owns 24,229 shares of the company’s stock worth $336,000 after purchasing an additional 1,068 shares during the last quarter. Arizona State Retirement System lifted its position in shares of Magnite by 3.4% during the second quarter. Arizona State Retirement System now owns 35,256 shares of the company’s stock valued at $469,000 after buying an additional 1,160 shares during the last quarter. UMB Bank n.a. boosted its holdings in shares of Magnite by 111.8% in the 2nd quarter. UMB Bank n.a. now owns 2,251 shares of the company’s stock valued at $30,000 after buying an additional 1,188 shares in the last quarter. Fulton Bank N.A. grew its position in shares of Magnite by 6.4% in the 3rd quarter. Fulton Bank N.A. now owns 28,311 shares of the company’s stock worth $392,000 after buying an additional 1,696 shares during the last quarter. Finally, Moody National Bank Trust Division grew its position in shares of Magnite by 2.4% in the 2nd quarter. Moody National Bank Trust Division now owns 75,367 shares of the company’s stock worth $1,002,000 after buying an additional 1,783 shares during the last quarter. Hedge funds and other 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.