Magnera (NYSE:MAGN) Shares Down 6% – What’s Next?
by Danessa Lincoln · The Markets DailyMagnera Corporation (NYSE:MAGN – Get Free Report)’s stock price was down 6% during mid-day trading on Friday . The stock traded as low as $14.06 and last traded at $14.19. Approximately 137,926 shares traded hands during trading, a decline of 71% from the average daily volume of 468,698 shares. The stock had previously closed at $15.09.
Analyst Ratings Changes
A number of analysts recently issued reports on MAGN shares. Vertical Research lowered Magnera from a “buy” rating to a “hold” rating and set a $16.00 price objective on the stock. in a research note on Wednesday, January 7th. Wells Fargo & Company lifted their target price on Magnera from $16.00 to $18.00 and gave the company an “overweight” rating in a report on Tuesday, January 6th. Weiss Ratings reissued a “sell (d-)” rating on shares of Magnera in a report on Monday, December 29th. Finally, Wall Street Zen raised shares of Magnera from a “sell” rating to a “hold” rating in a research note on Saturday, November 22nd. One investment analyst has rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Magnera currently has an average rating of “Hold” and a consensus price target of $17.00.
Read Our Latest Report on MAGN
Magnera Trading Down 6.7%
The stock has a market cap of $504.95 million, a PE ratio of -1.84 and a beta of 1.70. The company has a current ratio of 2.37, a quick ratio of 1.58 and a debt-to-equity ratio of 1.83. The firm has a fifty day simple moving average of $13.44 and a two-hundred day simple moving average of $12.27.
Hedge Funds Weigh In On Magnera
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. SG Americas Securities LLC purchased a new stake in shares of Magnera during the 4th quarter valued at $8,445,000. GAMMA Investing LLC increased its stake in Magnera by 13,014.3% in the fourth quarter. GAMMA Investing LLC now owns 3,672 shares of the company’s stock valued at $56,000 after acquiring an additional 3,644 shares during the last quarter. JPMorgan Chase & Co. increased its stake in Magnera by 119.7% in the third quarter. JPMorgan Chase & Co. now owns 55,803 shares of the company’s stock valued at $654,000 after acquiring an additional 30,404 shares during the last quarter. Alpine Global Management LLC raised its position in Magnera by 129.5% during the third quarter. Alpine Global Management LLC now owns 229,456 shares of the company’s stock valued at $2,689,000 after purchasing an additional 129,456 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. bought a new stake in Magnera during the third quarter worth about $1,747,000. Hedge funds and other institutional investors own 76.92% of the company’s stock.
About Magnera
Magnera’s purpose is to better the world with new possibilities made real. By continuously co-creating and innovating with our partners, we develop original material solutions that make a brighter future possible. With a breadth of technologies and a passion for what we create, Magnera’s solutions propel our customers’ goals forward and solve end-users’ problems, every day.