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

Magnite, Inc. (NASDAQ:MGNI)’s share price gapped up before the market opened on Friday after Wolfe Research raised their price target on the stock from $14.00 to $19.00. The stock had previously closed at $16.10, but opened at $16.58. Wolfe Research currently has an outperform rating on the stock. Magnite shares last traded at $16.94, with a volume of 119,368 shares.

Other analysts also recently issued reports about the company. Wells Fargo & Company started coverage on Magnite in a report on Monday, October 28th. They issued an “equal weight” rating and a $13.00 target price for the company. Needham & Company LLC boosted their price objective on Magnite from $17.00 to $20.00 and gave the company a “buy” rating in a research note on Thursday, December 5th. Scotiabank initiated coverage on shares of Magnite in a research report on Thursday, December 5th. They set a “sector outperform” rating and a $22.00 target price on the stock. Benchmark reaffirmed a “buy” rating and issued a $21.00 target price on shares of Magnite in a report on Wednesday, October 2nd. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $19.00 price target on shares of Magnite in a research note on Friday, September 27th. One investment analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, Magnite currently has a consensus rating of “Moderate Buy” and an average price target of $17.96.

Insider Activity at Magnite

In other Magnite news, insider Aaron Saltz sold 5,112 shares of the company’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $13.50, for a total transaction 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Michael G. Barrett sold 27,004 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $17.63, for a total transaction of $476,080.52. Following the completion of the transaction, the chief executive officer now owns 782,910 shares in the company, valued at $13,802,703.30. The trade was a 3.33 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 352,752 shares of company stock worth $5,938,282. 4.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Asset Dedication LLC acquired a new stake in Magnite during the 2nd quarter valued at $52,000. Benjamin F. Edwards & Company Inc. boosted its position in Magnite by 973.5% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 4,380 shares of the company’s stock valued at $58,000 after buying an additional 3,972 shares during the last quarter. Quarry LP grew its stake in shares of 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 acquiring an additional 4,508 shares in the last quarter. DekaBank Deutsche Girozentrale purchased a new position in shares of Magnite during the 2nd quarter valued at approximately $93,000. Finally, Blue Trust Inc. boosted its stake in shares of 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 during the last quarter. Institutional investors and hedge funds own 73.40% of the company’s stock.

Magnite Price Performance

The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11. The business’s 50-day moving average price is $15.62 and its two-hundred day moving average price is $14.12. The firm has a market cap of $2.38 billion, a price-to-earnings ratio of 281.50, a P/E/G ratio of 1.35 and a beta of 2.50.

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.