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

Magnite, Inc. (NASDAQ:MGNI) shares 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.

A number of other equities analysts have also recently issued reports on MGNI. Needham & Company LLC upped 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. Wells Fargo & Company started coverage on shares of Magnite in a research note on Monday, October 28th. They issued an “equal weight” rating and a $13.00 target price on the stock. Scotiabank began coverage on shares of 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 upped their price objective on Magnite from $14.00 to $19.00 and gave the company an “outperform” rating in a research report on Friday. Finally, Macquarie reissued an “outperform” rating and issued a $18.00 target price on shares of Magnite in a report on Friday, November 8th. One equities research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, Magnite has an average rating of “Moderate Buy” and an average price target of $18.19.

Insiders Place Their Bets

In other news, insider Aaron Saltz sold 5,112 shares of the company’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $13.50, for a total value of $69,012.00. Following the completion of the sale, the insider now directly owns 307,745 shares in the company, valued at $4,154,557.50. This represents a 1.63 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CAO Brian Gephart sold 2,156 shares of the firm’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $15.00, for a total value of $32,340.00. Following the completion of the transaction, the chief accounting officer now directly owns 116,982 shares in the company, 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. Over the last three months, insiders have sold 352,752 shares of company stock valued at $5,938,282. Insiders own 4.30% of the company’s stock.

Institutional Investors Weigh In On Magnite

A number of institutional investors and hedge funds have recently bought and sold shares of MGNI. Asset Dedication LLC bought a new stake in Magnite during the 2nd quarter valued at approximately $52,000. Benjamin F. Edwards & Company Inc. lifted its position 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 worth $58,000 after buying an additional 3,972 shares in the last quarter. Quarry LP boosted its stake in Magnite by 446.8% during the third quarter. Quarry LP now owns 5,517 shares of the company’s stock valued at $76,000 after buying an additional 4,508 shares during the last quarter. DekaBank Deutsche Girozentrale purchased a new position in Magnite during the 2nd quarter valued at approximately $93,000. Finally, Blue Trust Inc. grew its holdings in Magnite by 87.0% during the 3rd quarter. Blue Trust Inc. now owns 7,931 shares of the company’s stock valued at $105,000 after buying an additional 3,689 shares in the last quarter. 73.40% of the stock is owned by institutional investors.

Magnite Price Performance

The stock has a market capitalization of $2.41 billion, a PE ratio of 285.50, a PEG ratio of 1.35 and a beta of 2.50. The firm’s 50-day moving average price is $15.78 and its 200-day moving average price is $14.16. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.76.

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.