Wells Fargo & Company Initiates Coverage on Magnite (NASDAQ:MGNI)

Wells Fargo & Company started coverage on shares of Magnite (NASDAQ:MGNI) in a research report released on Monday morning, Marketbeat.com reports. The brokerage issued an equal weight rating and a $13.00 target price on the stock.

Several other research analysts have also issued reports on the stock. Wolfe Research began coverage on shares of Magnite in a report on Tuesday, July 16th. They set an “outperform” rating and a $16.00 price target for the company. Benchmark reiterated a “buy” rating and set a $21.00 price objective on shares of Magnite in a report on Wednesday, October 2nd. Needham & Company LLC reissued a “buy” rating and issued a $15.00 price target on shares of Magnite in a research report on Wednesday, October 2nd. Royal Bank of Canada reaffirmed an “outperform” rating and set a $19.00 price target on shares of Magnite in a research report on Friday, September 27th. Finally, Lake Street Capital assumed coverage on shares of Magnite in a research report on Thursday, July 25th. They issued a “buy” rating and a $21.00 price objective on the stock. One research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $16.86.

Magnite Stock Performance

MGNI opened at $12.71 on Monday. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.10 and a quick ratio of 1.10. The business has a fifty day simple moving average of $12.94 and a 200 day simple moving average of $12.49. Magnite has a 1 year low of $6.46 and a 1 year high of $15.92. The company has a market capitalization of $1.79 billion, a PE ratio of -19.86, a price-to-earnings-growth ratio of 1.09 and a beta of 2.41.

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

Insiders Place Their Bets

In other news, 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 value of $99,586.90. Following the completion of the transaction, the insider now owns 436,001 shares of the company’s stock, valued at $5,489,252.59. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, CTO David Buonasera sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $12.65, for a total value of $126,500.00. Following the completion of the sale, the chief technology officer now directly owns 258,102 shares of the company’s stock, valued at $3,264,990.30. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Adam Lee Soroca sold 7,910 shares of the business’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $12.59, for a total value of $99,586.90. Following the transaction, the insider now directly owns 436,001 shares in the company, valued at approximately $5,489,252.59. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 95,533 shares of company stock worth $1,206,203. Company insiders own 4.30% of the company’s stock.

Hedge Funds Weigh In On Magnite

A number of large investors have recently made changes to their positions in MGNI. Vanguard Group Inc. lifted its position in shares of Magnite by 1.3% during the first quarter. Vanguard Group Inc. now owns 12,818,197 shares of the company’s stock worth $137,796,000 after purchasing an additional 166,522 shares during the last quarter. Burgundy Asset Management Ltd. lifted its stake in Magnite by 1.1% in the first quarter. Burgundy Asset Management Ltd. now owns 2,457,031 shares of the company’s stock worth $26,413,000 after acquiring an additional 25,921 shares during the period. Marshall Wace LLP raised its stake in Magnite by 59.0% in the second quarter. Marshall Wace LLP now owns 1,559,520 shares of the company’s stock worth $20,726,000 after buying an additional 578,678 shares in the last quarter. Meros Investment Management LP raised its stake in Magnite by 1.3% in the second quarter. Meros Investment Management LP now owns 1,044,209 shares of the company’s stock worth $13,878,000 after buying an additional 13,570 shares in the last quarter. Finally, Harbor Capital Advisors Inc. raised its position in shares of Magnite by 136.0% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 921,531 shares of the company’s stock worth $12,763,000 after acquiring an additional 531,069 shares in the last quarter. 73.40% of the stock is owned by hedge funds and other institutional investors.

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.