Magnite, Inc. (NASDAQ:MGNI) Receives $18.19 Average Target Price from Brokerages

Shares of Magnite, Inc. (NASDAQ:MGNI) have been given a consensus recommendation of “Moderate Buy” by the thirteen analysts that are currently covering the firm, 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 1 year price target among brokers that have issued a report on the stock in the last year is $18.35.

MGNI has been the subject of a number of recent research reports. Benchmark restated a “buy” rating and issued a $21.00 target price on shares of Magnite in a research report on Wednesday, October 2nd. Needham & Company LLC reissued a “buy” rating and set a $20.00 price target on shares of Magnite in a research report on Friday. Wolfe Research boosted 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. Wells Fargo & Company raised their target price on shares of Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a research report on Thursday. Finally, Royal Bank of Canada boosted their price target on shares of Magnite from $19.00 to $22.00 and gave the company an “outperform” rating in a research report on Friday, January 3rd.

Insider Buying and Selling

In other news, CRO Sean Patrick Buckley sold 10,001 shares of the stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $15.60, for a total transaction of $156,015.60. Following the sale, the executive now owns 303,743 shares in the company, valued at $4,738,390.80. This represents a 3.19 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CTO David Buonasera sold 1,969 shares of the business’s stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $16.31, for a total transaction of $32,114.39. Following the completion of the transaction, the chief technology officer now owns 223,795 shares of the company’s stock, valued at approximately $3,650,096.45. The trade was a 0.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 366,097 shares of company stock worth $6,165,147 in the last 90 days. Insiders own 4.30% of the company’s stock.

Hedge Funds Weigh In On Magnite

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Wellington Management Group LLP raised its holdings in shares of Magnite by 125.3% during the third quarter. Wellington Management Group LLP now owns 6,579,670 shares of the company’s stock valued at $91,128,000 after purchasing an additional 3,659,759 shares during the last quarter. Geode Capital Management LLC increased its position in Magnite by 2.2% during the third quarter. Geode Capital Management LLC now owns 2,968,286 shares of the company’s stock valued at $41,118,000 after acquiring an additional 63,545 shares during the last quarter. Nomura Asset Management Co. Ltd. bought a new position in Magnite in the third quarter valued at about $23,917,000. Marshall Wace LLP boosted its holdings in shares of Magnite by 59.0% in the second quarter. Marshall Wace LLP now owns 1,559,520 shares of the company’s stock worth $20,726,000 after buying an additional 578,678 shares during the last quarter. Finally, Royce & Associates LP increased its holdings in Magnite by 5.2% during the third quarter. Royce & Associates LP now owns 1,488,301 shares of the company’s stock valued at $20,613,000 after buying an additional 73,555 shares during the last quarter. Institutional investors own 73.40% of the company’s stock.

Magnite Price Performance

MGNI stock opened at $15.44 on Thursday. Magnite has a one year low of $8.38 and a one year high of $18.38. The firm has a 50 day simple moving average of $16.43 and a two-hundred day simple moving average of $14.36. The stock has a market cap of $2.17 billion, a PE ratio of 257.33, a P/E/G ratio of 0.80 and a beta of 2.51. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11.

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.