Magnite (NASDAQ:MGNI) Given New $22.00 Price Target at Royal Bank of Canada

Magnite (NASDAQ:MGNI) had its target price raised by Royal Bank of Canada from $19.00 to $22.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Royal Bank of Canada’s price objective would suggest a potential upside of 28.43% from the stock’s current price.

Other research analysts have also issued reports about the company. Scotiabank began coverage on Magnite in a research report on Thursday, December 5th. They set a “sector outperform” rating and a $22.00 price target for the company. Wolfe Research lifted their target price on Magnite from $14.00 to $19.00 and gave the company an “outperform” rating in a research report on Friday. Needham & Company LLC boosted their price target on shares of Magnite from $17.00 to $20.00 and gave the stock a “buy” rating in a research note on Thursday, December 5th. Macquarie reissued an “outperform” rating and issued a $18.00 price objective on shares of Magnite in a research note on Friday, November 8th. Finally, Benchmark reaffirmed a “buy” rating and set a $21.00 target price on shares of Magnite in a research note on Wednesday, October 2nd. One investment analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $18.19.

Magnite Stock Performance

NASDAQ:MGNI opened at $17.13 on Friday. Magnite has a fifty-two week low of $8.38 and a fifty-two week high of $18.38. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.11 and a current ratio of 1.11. The company has a 50 day moving average price of $15.78 and a 200 day moving average price of $14.16. The stock has a market capitalization of $2.41 billion, a P/E ratio of 285.50, a PEG ratio of 1.35 and a beta of 2.50.

Insider Activity

In other news, CTO David Buonasera sold 1,969 shares of the stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $16.31, for a total value of $32,114.39. Following the transaction, 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 SEC, which can be accessed through this link. Also, CEO Michael G. Barrett sold 147,996 shares of the firm’s stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $17.52, for a total value of $2,592,889.92. Following the sale, the chief executive officer now directly owns 634,914 shares in the company, valued at $11,123,693.28. This trade represents a 18.90 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 352,752 shares of company stock worth $5,938,282. 4.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of MGNI. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Magnite by 9.3% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 27,151 shares of the company’s stock worth $361,000 after acquiring an additional 2,316 shares in the last quarter. Commonwealth Equity Services LLC increased its position in shares of Magnite by 668.3% during the second quarter. Commonwealth Equity Services LLC now owns 81,573 shares of the company’s stock worth $1,084,000 after purchasing an additional 70,956 shares in the last quarter. Arizona State Retirement System lifted its holdings in shares of Magnite by 3.4% in 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. Los Angeles Capital Management LLC purchased a new stake in shares of Magnite in the 2nd quarter valued at about $619,000. Finally, Asset Dedication LLC acquired a new stake in shares of Magnite in the 2nd quarter valued at about $52,000. Institutional investors and hedge funds 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.