Wells Fargo & Company Cuts Magnite (NASDAQ:MGNI) Price Target to $20.00

Magnite (NASDAQ:MGNI) had its price objective lowered by Wells Fargo & Company from $22.00 to $20.00 in a research report report published on Friday,Benzinga reports. The brokerage currently has an equal weight rating on the stock.

MGNI has been the topic of several other reports. Benchmark upped their price objective on shares of Magnite from $30.00 to $31.00 and gave the stock a “buy” rating in a research report on Thursday, August 7th. Scotiabank restated an “outperform” rating and set a $30.00 target price (up from $22.00) on shares of Magnite in a report on Thursday, August 7th. Rosenblatt Securities reaffirmed a “buy” rating and set a $39.00 price target on shares of Magnite in a research report on Thursday. Wall Street Zen upgraded shares of Magnite from a “hold” rating to a “buy” rating in a research report on Saturday, October 18th. Finally, Needham & Company LLC increased their price objective on Magnite from $18.00 to $25.00 and gave the stock a “buy” rating in a report on Thursday, August 7th. Nine research 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 presently has a consensus rating of “Moderate Buy” and an average price target of $26.20.

Magnite Stock Down 3.6%

Shares of Magnite stock traded down $0.54 during trading hours on Friday, reaching $14.56. The company’s stock had a trading volume of 3,195,925 shares, compared to its average volume of 2,834,568. Magnite has a one year low of $8.22 and a one year high of $26.65. The company has a market capitalization of $2.09 billion, a P/E ratio of 50.21, a P/E/G ratio of 1.42 and a beta of 3.13. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.00 and a current ratio of 1.00. The stock’s fifty day simple moving average is $20.85 and its two-hundred day simple moving average is $20.14.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings data on Wednesday, November 5th. The company reported $0.20 earnings per share for the quarter, meeting the consensus estimate of $0.20. Magnite had a return on equity of 8.07% and a net margin of 6.30%.The business had revenue of $179.49 million for the quarter, compared to analysts’ expectations of $163.29 million. During the same period last year, the business earned $0.17 EPS. The business’s revenue was up 11.6% on a year-over-year basis. Magnite has set its Q4 2025 guidance at EPS. FY 2025 guidance at EPS. On average, research analysts forecast that Magnite will post 0.33 earnings per share for the current year.

Insider Activity

In related news, insider Adam Lee Soroca sold 24,986 shares of the business’s stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $24.69, for a total transaction of $616,904.34. Following the completion of the transaction, the insider directly owned 346,393 shares in the company, valued at approximately $8,552,443.17. The trade was a 6.73% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Katie Seitz Evans sold 21,509 shares of Magnite stock in a transaction on Wednesday, August 27th. The shares were sold at an average price of $25.52, for a total transaction of $548,909.68. Following the transaction, the insider owned 394,089 shares in the company, valued at approximately $10,057,151.28. This trade represents a 5.18% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 323,275 shares of company stock worth $7,866,326. Insiders own 3.80% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in MGNI. Allspring Global Investments Holdings LLC lifted its stake in Magnite by 54.0% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 44,947 shares of the company’s stock worth $513,000 after purchasing an additional 15,762 shares in the last quarter. Vanguard Group Inc. increased its stake in Magnite by 1.0% during the first quarter. Vanguard Group Inc. now owns 13,743,521 shares of the company’s stock worth $156,814,000 after acquiring an additional 138,417 shares during the last quarter. Brown Advisory Inc. purchased a new stake in Magnite during the 1st quarter valued at $290,000. Harbor Capital Advisors Inc. raised its stake in shares of Magnite by 7.2% in the second quarter. Harbor Capital Advisors Inc. now owns 634,147 shares of the company’s stock valued at $15,296,000 after acquiring an additional 42,834 shares during the period. Finally, HighTower Advisors LLC lifted its stake in Magnite by 105.7% in the first quarter. HighTower Advisors LLC now owns 42,271 shares of the company’s stock worth $482,000 after purchasing an additional 21,720 shares during 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.