Magnite (NASDAQ:MGNI) Given New $23.00 Price Target at Wells Fargo & Company

Magnite (NASDAQ:MGNI) had its price objective raised by Wells Fargo & Company from $22.00 to $23.00 in a research note published on Thursday,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the stock.

Several other research firms also recently issued reports on MGNI. B. Riley Financial increased their price objective on Magnite from $27.00 to $30.00 and gave the company a “buy” rating in a report on Friday, September 18th. Rosenblatt Securities reiterated a “buy” rating and issued a $40.00 target price on shares of Magnite in a report on Friday, October 2nd. Weiss Ratings raised shares of Magnite from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, October 23rd. Evercore reissued an “outperform” rating and set a $25.00 price objective on shares of Magnite in a research report on Thursday, August 6th. Finally, Susquehanna increased their price objective on Magnite from $30.00 to $35.00 and gave the company a “positive” rating in a research report on Thursday. Eleven investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, Magnite presently has a consensus rating of “Moderate Buy” and a consensus target price of $30.45.

Magnite Trading Up 20.8%

Shares of NASDAQ MGNI opened at $27.52 on Thursday. The stock has a market cap of $3.95 billion, a price-to-earnings ratio of 23.13, a PEG ratio of 0.75 and a beta of 2.44. The business has a 50 day simple moving average of $23.98 and a 200 day simple moving average of $17.79. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.03 and a current ratio of 1.02. Magnite has a 52 week low of $10.82 and a 52 week high of $28.17.

Magnite (NASDAQ:MGNI) last announced its quarterly earnings results on Wednesday, November 4th. The company reported $0.33 EPS for the quarter, topping the consensus estimate of $0.29 by $0.04. The company had revenue of $204.20 million for the quarter, compared to analyst estimates of $190.19 million. Magnite had a net margin of 23.58% and a return on equity of 11.04%. Magnite’s quarterly revenue was up 22.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.20 EPS. On average, research analysts predict that Magnite will post 0.61 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Sarah Harden sold 30,550 shares of the stock in a transaction on Wednesday, August 26th. The shares were sold at an average price of $23.31, for a total value of $712,120.50. Following the completion of the transaction, the director owned 133,187 shares in the company, valued at approximately $3,104,588.97. This represents a 18.66% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Aaron Saltz sold 40,000 shares of Magnite stock in a transaction dated Thursday, September 10th. The shares were sold at an average price of $23.41, for a total transaction of $936,400.00. Following the sale, the insider owned 224,389 shares in the company, valued at approximately $5,252,946.49. This trade represents a 15.13% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 254,126 shares of company stock worth $6,161,335. Insiders own 3.20% of the company’s stock.

Institutional Trading of Magnite

Large investors have recently bought and sold shares of the stock. BlackRock Inc. bought a new position in shares of Magnite during the second quarter valued at $241,296,000. Canada Pension Plan Investment Board bought a new position in shares of Magnite in the second quarter valued at approximately $56,847,000. Bank of America Corp DE acquired a new position in shares of Magnite in the 2nd quarter worth approximately $22,431,000. Bank of New York Mellon Corp bought a new stake in Magnite during the 2nd quarter worth approximately $22,059,000. Finally, Meros Investment Management LP bought a new position in Magnite in the 2nd quarter valued at $18,815,538. 73.40% of the stock is currently owned by institutional investors.

Key Magnite News

Here are the key news stories impacting Magnite this week:

• Positive Sentiment: Q3 results beat expectations. Revenue was $204.2 million, up 14% year over year, and non-GAAP EPS was $0.33, above analyst estimates. Contribution ex-TAC rose 20% to $200.6 million, while adjusted EBITDA increased 46% to $83.4 million. Magnite Reports Third Quarter 2026 Results
• Positive Sentiment: Connected TV was a key growth driver. CTV contribution ex-TAC climbed 39% year over year to $105.4 million, exceeding company guidance; digital video and display (DV+) contribution ex-TAC grew 5% to $95.3 million. Magnite: 3 Key Takeaways for Long-Term Investors
• Positive Sentiment: Magnite raised its 2026 outlook and gave a solid 2027 forecast. It now expects 2026 contribution ex-TAC growth of about 17% and adjusted EBITDA growth of about 30%. For 2027, it forecast at least a 38.5% adjusted EBITDA margin and more than 15% top-line growth excluding political advertising. Q4 contribution ex-TAC is projected at $227 million to $233 million. Magnite raises outlook and signals 2027 margin
• Positive Sentiment: RBC raised its price target to $30 from $27 and maintained an Outperform rating, signaling further potential upside in the bank’s view. RBC Raises Price Target on Magnite
• Negative Sentiment: Wells Fargo’s price target remains below the prevailing share price. Although it raised its target from $22 to $23, it kept an Equal Weight rating, reflecting a more cautious assessment after the stock’s sharp move higher. Wells Fargo price target update

About Magnite

Magnite, Inc operates an independent omnichannel sell-side advertising platform that helps publishers and digital media owners monetize their content while enabling advertisers to reach audiences across multiple channels. Its platform supports the buying and selling of digital advertising inventory through automated auctions and direct transactions.

The company’s solutions serve connected television and streaming video, online display and mobile advertising, audio, and digital out-of-home media.