Magnite, Inc. (NASDAQ:MGNI) Given Average Rating of “Moderate Buy” by Analysts

Magnite, Inc. (NASDAQ:MGNI) has been given an average recommendation of “Moderate Buy” by the twelve ratings firms that are presently covering the stock, MarketBeat.com reports. One research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. The average 12 month target price among brokers that have covered the stock in the last year is $16.96.

MGNI has been the topic of several recent analyst reports. Needham & Company LLC reaffirmed a “buy” rating and issued a $15.00 price target on shares of Magnite in a research note on Wednesday, October 2nd. Royal Bank of Canada restated an “outperform” rating and issued a $19.00 target price on shares of Magnite in a research note on Friday, September 27th. Macquarie reaffirmed an “outperform” rating and set a $18.00 price target on shares of Magnite in a research note on Friday, November 8th. Craig Hallum reissued a “buy” rating and issued a $20.00 price objective on shares of Magnite in a research note on Wednesday, August 21st. Finally, Wells Fargo & Company began coverage on Magnite in a report on Monday, October 28th. They set an “equal weight” rating and a $13.00 price objective on the stock.

Magnite Stock Performance

MGNI stock opened at $16.79 on Wednesday. Magnite has a twelve month low of $7.97 and a twelve month high of $18.38. The firm has a market cap of $2.36 billion, a price-to-earnings ratio of 279.83, a PEG ratio of 1.37 and a beta of 2.43. The business’s fifty day simple moving average is $13.72 and its two-hundred day simple moving average is $13.49. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.76.

Insiders Place Their Bets

In other news, insider Adam Lee Soroca sold 7,849 shares of Magnite stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $15.60, for a total value of $122,444.40. Following the transaction, the insider now owns 421,347 shares of the company’s stock, valued at $6,573,013.20. The trade was a 1.83 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Aaron Saltz sold 6,110 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $17.50, for a total transaction of $106,925.00. Following the transaction, the insider now owns 297,482 shares of the company’s stock, valued at approximately $5,205,935. This trade represents a 2.01 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 191,143 shares of company stock worth $3,121,851 over the last 90 days. Company insiders own 4.30% of the company’s stock.

Hedge Funds Weigh In On Magnite

Several institutional investors and hedge funds have recently bought and sold shares of MGNI. UMB Bank n.a. lifted its holdings in shares of Magnite by 111.8% during the 2nd quarter. UMB Bank n.a. now owns 2,251 shares of the company’s stock valued at $30,000 after purchasing an additional 1,188 shares during the last quarter. Asset Dedication LLC purchased a new stake in Magnite in the second quarter valued at about $52,000. Blue Trust Inc. acquired a new stake in Magnite in the second quarter worth about $56,000. Benjamin F. Edwards & Company Inc. grew its stake in shares of Magnite by 973.5% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 4,380 shares of the company’s stock worth $58,000 after acquiring an additional 3,972 shares during the last quarter. Finally, Quarry LP increased its holdings 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. 73.40% of the stock is owned by hedge funds and other institutional investors.

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.