Magnite (NASDAQ:MGNI) Shares Gap Up Following Analyst Upgrade

Magnite, Inc. (NASDAQ:MGNI)’s stock price gapped up prior to trading on Friday after Royal Bank of Canada raised their price target on the stock from $19.00 to $22.00. The stock had previously closed at $16.10, but opened at $16.58. Royal Bank of Canada currently has an outperform rating on the stock. Magnite shares last traded at $16.94, with a volume of 119,368 shares changing hands.

Several other analysts also recently commented on the stock. Scotiabank started coverage on shares of Magnite in a report on Thursday, December 5th. They set a “sector outperform” rating and a $22.00 target price on the stock. Benchmark reaffirmed a “buy” rating and issued a $21.00 price objective on shares of Magnite in a research report on Wednesday, October 2nd. Needham & Company LLC increased their target price on Magnite from $17.00 to $20.00 and gave the stock a “buy” rating in a report on Thursday, December 5th. Wolfe Research boosted their price target on Magnite from $14.00 to $19.00 and gave the company an “outperform” rating in a report on Friday. Finally, Macquarie reiterated an “outperform” rating and set a $18.00 price objective on shares of Magnite in a report on Friday, November 8th. One investment analyst has rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $18.19.

Insider Activity at Magnite

In related news, CTO David Buonasera sold 1,969 shares of the stock in a transaction on Friday, December 13th. The stock was sold at an average price of $16.31, for a total value of $32,114.39. Following the sale, the chief technology officer now owns 223,795 shares in the company, valued at approximately $3,650,096.45. This represents a 0.87 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Michael G. Barrett sold 27,004 shares of the firm’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $17.63, for a total value of $476,080.52. Following the sale, the chief executive officer now directly owns 782,910 shares of the company’s stock, valued at $13,802,703.30. This represents a 3.33 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 352,752 shares of company stock valued at $5,938,282. 4.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Magnite

Large investors have recently modified their holdings of the stock. Wellington Management Group LLP boosted its holdings in shares of Magnite by 125.3% during the 3rd quarter. Wellington Management Group LLP now owns 6,579,670 shares of the company’s stock worth $91,128,000 after buying an additional 3,659,759 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Magnite by 2.2% during the third quarter. Geode Capital Management LLC now owns 2,968,286 shares of the company’s stock worth $41,118,000 after acquiring an additional 63,545 shares during the period. Nomura Asset Management Co. Ltd. acquired a new position in shares of Magnite in the third quarter valued at approximately $23,917,000. Marshall Wace LLP increased its stake in shares of Magnite by 59.0% during the second quarter. Marshall Wace LLP now owns 1,559,520 shares of the company’s stock worth $20,726,000 after purchasing an additional 578,678 shares during the period. Finally, Royce & Associates LP lifted its holdings in Magnite by 5.2% during the 3rd quarter. Royce & Associates LP now owns 1,488,301 shares of the company’s stock worth $20,613,000 after purchasing an additional 73,555 shares during the last quarter. 73.40% of the stock is owned by institutional investors.

Magnite Price Performance

The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.76. The company has a 50 day moving average of $15.69 and a 200-day moving average of $14.14. The firm has a market capitalization of $2.41 billion, a P/E ratio of 285.50, a P/E/G ratio of 1.35 and a beta of 2.50.

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.