Magnite, Inc. (NASDAQ:MGNI) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Magnite, Inc. (NASDAQ:MGNI) has received an average rating of “Moderate Buy” from the thirteen brokerages that are covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a hold recommendation and twelve have assigned a buy recommendation to the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $18.19.

Several brokerages have commented on MGNI. Needham & Company LLC raised their price objective on shares of Magnite from $17.00 to $20.00 and gave the stock a “buy” rating in a report on Thursday, December 5th. Wolfe Research raised their target price on Magnite from $14.00 to $19.00 and gave the company an “outperform” rating in a research note on Friday, January 3rd. Scotiabank assumed coverage on Magnite in a research report on Thursday, December 5th. They set a “sector outperform” rating and a $22.00 price target 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. Finally, Royal Bank of Canada raised their price objective on Magnite from $19.00 to $22.00 and gave the company an “outperform” rating in a research report on Friday, January 3rd.

Insider Transactions at Magnite

In other news, CFO David Day sold 13,345 shares of the company’s stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $17.00, for a total value of $226,865.00. Following the transaction, the chief financial officer now owns 374,014 shares in the company, valued at approximately $6,358,238. This represents a 3.45 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CTO David Buonasera sold 1,969 shares of the firm’s stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $16.31, for a total transaction of $32,114.39. Following the sale, the chief technology officer now directly owns 223,795 shares of the company’s stock, valued at $3,650,096.45. This trade represents a 0.87 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 366,097 shares of company stock valued at $6,165,147. Insiders own 4.30% of the company’s stock.

Institutional Trading of Magnite

A number of institutional investors and hedge funds have recently modified their holdings of the business. New Century Financial Group LLC purchased a new stake in shares of Magnite during the second quarter valued at $640,000. Victory Capital Management Inc. raised its position in Magnite by 2.9% in the 3rd quarter. Victory Capital Management Inc. now owns 1,340,705 shares of the company’s stock worth $18,569,000 after buying an additional 37,601 shares during the last quarter. Driehaus Capital Management LLC bought a new position in Magnite during the 2nd quarter valued at about $9,938,000. Intech Investment Management LLC purchased a new stake in shares of Magnite during the 3rd quarter valued at about $649,000. Finally, Principal Financial Group Inc. grew its stake in shares of Magnite by 552.2% in the third quarter. Principal Financial Group Inc. now owns 107,515 shares of the company’s stock worth $1,489,000 after acquiring an additional 91,031 shares during the period. Institutional investors own 73.40% of the company’s stock.

Magnite Trading Up 2.9 %

Shares of MGNI opened at $16.09 on Thursday. Magnite has a 1-year low of $8.38 and a 1-year high of $18.38. 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 firm’s 50-day moving average price is $16.30 and its 200-day moving average price is $14.32. The firm has a market capitalization of $2.26 billion, a price-to-earnings ratio of 268.17, a PEG ratio of 1.35 and a beta of 2.51.

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.