Magnite (NASDAQ:MGNI) Price Target Raised to $20.00

Magnite (NASDAQ:MGNI) had its price objective boosted by Needham & Company LLC from $17.00 to $20.00 in a research report sent to investors on Thursday morning, Marketbeat reports. The brokerage currently has a buy rating on the stock.

Other equities analysts also recently issued research reports about the stock. Benchmark reiterated a “buy” rating and issued a $21.00 target price on shares of Magnite in a research note on Wednesday, October 2nd. Craig Hallum reiterated a “buy” rating and issued a $20.00 price objective on shares of Magnite in a research note on Wednesday, August 21st. Macquarie restated an “outperform” rating and set a $18.00 target price on shares of Magnite in a research report on Friday, November 8th. Wells Fargo & Company started coverage on Magnite in a report on Monday, October 28th. They issued an “equal weight” rating and a $13.00 price target for the company. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $19.00 price objective on shares of Magnite in a research note on Friday, September 27th. One investment analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $17.73.

Magnite Stock Up 3.0 %

Shares of NASDAQ MGNI opened at $18.00 on Thursday. The company’s 50 day moving average price is $14.15 and its 200-day moving average price is $13.68. Magnite has a 52-week low of $8.05 and a 52-week high of $18.38. The company has a market capitalization of $2.53 billion, a P/E ratio of 300.00, a price-to-earnings-growth ratio of 1.43 and a beta of 2.50. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.11 and a current ratio of 1.11.

Insider Activity

In other news, CRO Sean Patrick Buckley sold 10,001 shares of the company’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $15.60, for a total value of $156,015.60. Following the completion of the transaction, the executive now directly owns 303,743 shares in the company, valued at approximately $4,738,390.80. This represents a 3.19 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Aaron Saltz sold 5,112 shares of the stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $13.50, for a total value of $69,012.00. Following the transaction, the insider now owns 307,745 shares in the company, valued at $4,154,557.50. This trade represents a 1.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 339,139 shares of company stock worth $5,714,741. 4.30% of the stock is currently owned by insiders.

Institutional Trading of Magnite

A number of hedge funds have recently bought and sold shares of the company. Verdence Capital Advisors LLC grew its position in Magnite by 4.8% during the third quarter. Verdence Capital Advisors LLC now owns 19,326 shares of the company’s stock valued at $268,000 after acquiring an additional 892 shares during the last quarter. Mount Yale Investment Advisors LLC grew its holdings 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 valued at $336,000 after purchasing an additional 1,068 shares during the last quarter. Arizona State Retirement System grew its holdings in shares of Magnite by 3.4% during the 2nd quarter. Arizona State Retirement System now owns 35,256 shares of the company’s stock valued at $469,000 after purchasing an additional 1,160 shares during the last quarter. UMB Bank n.a. raised its position in Magnite by 111.8% in the 2nd quarter. UMB Bank n.a. now owns 2,251 shares of the company’s stock worth $30,000 after purchasing an additional 1,188 shares during the period. Finally, Fulton Bank N.A. lifted its stake in Magnite by 6.4% in the third quarter. Fulton Bank N.A. now owns 28,311 shares of the company’s stock worth $392,000 after purchasing an additional 1,696 shares during the last quarter. 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.