Magnite, Inc. (NASDAQ:MGNI) Receives Average Rating of “Moderate Buy” from Brokerages

Magnite, Inc. (NASDAQ:MGNI) has received an average recommendation of “Moderate Buy” from the thirteen brokerages that are currently covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a hold recommendation and twelve have assigned a buy recommendation to the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $18.35.

A number of equities research analysts have recently issued reports on the company. Needham & Company LLC restated a “buy” rating and set a $20.00 price objective on shares of Magnite in a report on Friday. Wolfe Research boosted their price target on Magnite from $14.00 to $19.00 and gave the company an “outperform” rating in a research note on Friday, January 3rd. Scotiabank assumed coverage on Magnite in a research report on Thursday, December 5th. They set a “sector outperform” rating and a $22.00 price objective on the stock. Royal Bank of Canada boosted their target price 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. Finally, Wells Fargo & Company upped their price target on shares of Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a research note on Thursday, January 16th.

Insider Transactions at Magnite

In other Magnite news, CEO Michael G. Barrett sold 147,996 shares of Magnite stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $17.52, for a total value of $2,592,889.92. Following the transaction, the chief executive officer now owns 634,914 shares in the company, valued at $11,123,693.28. The trade was a 18.90 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Aaron Saltz sold 5,112 shares of the 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 transaction, the insider now directly owns 307,745 shares of the company’s stock, valued at $4,154,557.50. This trade represents a 1.63 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 366,097 shares of company stock valued at $6,165,147. Company insiders own 4.30% of the company’s stock.

Institutional Investors Weigh In On Magnite

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Merit Financial Group LLC bought a new stake in Magnite during the 4th quarter worth $586,000. Financial Enhancement Group LLC bought a new stake in shares of Magnite during the fourth quarter worth about $1,509,000. Moody National Bank Trust Division increased its stake in shares of Magnite by 13.9% in the fourth quarter. Moody National Bank Trust Division now owns 110,278 shares of the company’s stock valued at $1,756,000 after buying an additional 13,450 shares during the period. Fulton Bank N.A. raised its holdings in Magnite by 27.0% in the 4th quarter. Fulton Bank N.A. now owns 35,952 shares of the company’s stock valued at $572,000 after buying an additional 7,641 shares during the last quarter. Finally, Nordea Investment Management AB boosted its position in Magnite by 4.1% during the 4th quarter. Nordea Investment Management AB now owns 893,989 shares of the company’s stock worth $14,474,000 after buying an additional 35,490 shares during the period. 73.40% of the stock is owned by institutional investors.

Magnite Stock Performance

Shares of MGNI stock opened at $15.44 on Thursday. Magnite has a 52 week low of $8.38 and a 52 week high of $18.38. The company has a market capitalization of $2.17 billion, a price-to-earnings ratio of 257.33, a PEG ratio of 0.80 and a beta of 2.51. The company has a 50-day simple moving average of $16.43 and a 200 day simple moving average of $14.37. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.11 and a current 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.