Magnite, Inc. (NASDAQ:MGNI) Given Average Rating of “Moderate Buy” by Brokerages

Magnite, Inc. (NASDAQ:MGNI) has been assigned a consensus recommendation of “Moderate Buy” from the twelve ratings firms that are presently covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a hold rating and eleven have issued a buy rating on the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $16.96.

Several research analysts have recently commented on the company. Macquarie reissued an “outperform” rating and issued a $18.00 price target on shares of Magnite in a research report on Friday, November 8th. Craig Hallum reiterated a “buy” rating and issued a $20.00 target price on shares of Magnite in a report on Wednesday, August 21st. Wells Fargo & Company began coverage on shares of Magnite in a report on Monday, October 28th. They issued an “equal weight” rating and a $13.00 price target on the stock. 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. Finally, Needham & Company LLC reissued a “buy” rating and set a $15.00 target price on shares of Magnite in a research report on Wednesday, October 2nd.

Magnite Stock Performance

Shares of NASDAQ:MGNI opened at $16.69 on Wednesday. The firm has a 50 day moving average of $13.51 and a 200 day moving average of $13.33. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.76. The company has a market capitalization of $2.35 billion, a price-to-earnings ratio of 278.17, a price-to-earnings-growth ratio of 1.40 and a beta of 2.43. Magnite has a 52 week low of $7.97 and a 52 week high of $18.38.

Insider Transactions at Magnite

In other news, insider Aaron Saltz sold 5,112 shares of the company’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $13.50, for a total value of $69,012.00. Following the sale, the insider now owns 307,745 shares in the company, valued at $4,154,557.50. This represents a 1.63 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Brian Gephart sold 2,156 shares of Magnite stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $15.00, for a total value of $32,340.00. Following the transaction, the chief accounting officer now owns 116,982 shares of the company’s stock, valued at approximately $1,754,730. This represents a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 157,598 shares of company stock worth $2,531,613 over the last three months. 4.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Magnite

Several hedge funds have recently bought and sold shares of the stock. UMB Bank n.a. lifted its stake in shares of Magnite by 111.8% in the 2nd quarter. UMB Bank n.a. now owns 2,251 shares of the company’s stock valued at $30,000 after purchasing an additional 1,188 shares during the period. Asset Dedication LLC acquired a new position in shares of Magnite in the second quarter worth about $52,000. Blue Trust Inc. purchased a new stake in shares of Magnite during the 2nd quarter worth about $56,000. Benjamin F. Edwards & Company Inc. grew its position in shares of Magnite by 973.5% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 4,380 shares of the company’s stock valued at $58,000 after acquiring an additional 3,972 shares during the period. Finally, Quarry LP increased its stake in shares of Magnite by 446.8% in the 3rd quarter. Quarry LP now owns 5,517 shares of the company’s stock valued at $76,000 after purchasing an additional 4,508 shares in the last quarter. Hedge funds and other institutional investors own 73.40% of the company’s stock.

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.