Magnite, Inc. (NASDAQ:MGNI) Receives $17.73 Average Target Price from Analysts

Magnite, Inc. (NASDAQ:MGNI) has earned an average recommendation of “Moderate Buy” from the thirteen research firms that are presently covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $17.73.

A number of analysts recently commented on MGNI shares. Scotiabank initiated coverage on shares of Magnite in a research report on Thursday, December 5th. They issued a “sector outperform” rating and a $22.00 price objective for the company. Royal Bank of Canada reiterated an “outperform” rating and issued a $19.00 price objective on shares of Magnite in a research report on Friday, September 27th. Benchmark restated a “buy” rating and set a $21.00 target price on shares of Magnite in a report on Wednesday, October 2nd. Macquarie restated an “outperform” rating and set a $18.00 price objective on shares of Magnite in a report on Friday, November 8th. Finally, Wells Fargo & Company started coverage on Magnite in a report on Monday, October 28th. They set an “equal weight” rating and a $13.00 target price for the company.

Insider Activity

In other news, CRO Sean Patrick Buckley sold 10,001 shares of the stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $15.60, for a total transaction of $156,015.60. Following the transaction, the executive now owns 303,743 shares in the company, valued at approximately $4,738,390.80. This trade represents a 3.19 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Aaron Saltz sold 5,112 shares of Magnite stock in a transaction that occurred 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 sale, the insider now directly owns 307,745 shares of the company’s stock, valued at approximately $4,154,557.50. The trade was a 1.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 352,752 shares of company stock valued at $5,938,282. 4.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On Magnite

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Wellington Management Group LLP increased 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 worth $91,128,000 after purchasing an additional 3,659,759 shares during the period. Geode Capital Management LLC raised its holdings in Magnite by 2.2% in the 3rd 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 in the last quarter. Nomura Asset Management Co. Ltd. bought a new stake in shares of Magnite during the 3rd quarter valued at $23,917,000. Marshall Wace LLP grew its holdings in shares of Magnite by 59.0% during the 2nd quarter. Marshall Wace LLP now owns 1,559,520 shares of the company’s stock worth $20,726,000 after purchasing an additional 578,678 shares in the last quarter. Finally, Royce & Associates LP raised its stake in Magnite by 5.2% in the third quarter. Royce & Associates LP now owns 1,488,301 shares of the company’s stock valued at $20,613,000 after purchasing an additional 73,555 shares in the last quarter. Institutional investors and hedge funds own 73.40% of the company’s stock.

Magnite Stock Performance

Shares of NASDAQ:MGNI opened at $16.42 on Friday. The firm’s 50 day simple moving average is $15.04 and its 200 day simple moving average is $13.99. Magnite has a fifty-two week low of $8.38 and a fifty-two week high of $18.38. The company has a market capitalization of $2.31 billion, a price-to-earnings ratio of 273.67, a P/E/G ratio of 1.35 and a beta of 2.50. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11.

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.