Magnite, Inc. (NASDAQ:MGNI) Receives Average Rating of “Moderate Buy” from Analysts

Shares of Magnite, Inc. (NASDAQ:MGNI) have earned a consensus rating of “Moderate Buy” from the thirteen analysts that are currently covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a hold recommendation and twelve have issued a buy recommendation on the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $17.73.

A number of equities research analysts recently issued reports on the stock. Macquarie reiterated an “outperform” rating and issued a $18.00 price objective on shares of Magnite in a report on Friday, November 8th. Scotiabank started coverage on Magnite in a research note on Thursday, December 5th. They set a “sector outperform” rating and a $22.00 price target for the company. Royal Bank of Canada reissued an “outperform” rating and issued a $19.00 price objective on shares of Magnite in a research note on Friday, September 27th. Needham & Company LLC upped their target price on Magnite from $17.00 to $20.00 and gave the stock a “buy” rating in a research report on Thursday, December 5th. Finally, Benchmark reissued a “buy” rating and issued a $21.00 price target on shares of Magnite in a research report on Wednesday, October 2nd.

Magnite Price Performance

NASDAQ MGNI opened at $16.34 on Friday. The company has a 50 day moving average price of $14.97 and a two-hundred day moving average price of $13.97. Magnite has a 12-month low of $8.38 and a 12-month high of $18.38. The stock has a market capitalization of $2.30 billion, a PE ratio of 272.33, a price-to-earnings-growth ratio of 1.35 and a beta of 2.50. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.76.

Insider Transactions at Magnite

In related news, CTO David Buonasera sold 1,969 shares of the company’s stock in a transaction dated Friday, December 13th. The shares were 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 of the company’s stock, valued at $3,650,096.45. The trade was a 0.87 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Brian Gephart sold 2,156 shares of the firm’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $15.00, for a total transaction 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 position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 352,752 shares of company stock valued at $5,938,282. 4.30% of the stock is owned by corporate insiders.

Institutional Trading of Magnite

Large investors have recently bought and sold shares of the stock. UMB Bank n.a. boosted 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 in the last quarter. Asset Dedication LLC acquired a new stake in shares of Magnite during the second quarter worth approximately $52,000. Benjamin F. Edwards & Company Inc. raised its stake in shares of Magnite by 973.5% in the second 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 last quarter. Quarry LP boosted its holdings in shares of Magnite by 446.8% in the 3rd quarter. Quarry LP now owns 5,517 shares of the company’s stock worth $76,000 after acquiring an additional 4,508 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale bought a new stake in Magnite during the 2nd quarter worth approximately $93,000. 73.40% of the stock is currently owned by institutional investors.

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.