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

Magnite, Inc. (NASDAQ:MGNI) has been given a consensus recommendation of “Moderate Buy” by the thirteen ratings firms that are currently covering the firm, Marketbeat reports. One research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $17.73.

Several analysts have recently weighed in on the stock. Needham & Company LLC lifted their target price on shares of Magnite from $17.00 to $20.00 and gave the company a “buy” rating in a report on Thursday, December 5th. Macquarie restated an “outperform” rating and set a $18.00 target price on shares of Magnite in a research report on Friday, November 8th. Royal Bank of Canada reissued an “outperform” rating and set a $19.00 price target on shares of Magnite in a research report on Friday, September 27th. Benchmark restated a “buy” rating and set a $21.00 price objective on shares of Magnite in a report on Wednesday, October 2nd. Finally, Wells Fargo & Company began coverage on shares of Magnite in a report on Monday, October 28th. They issued an “equal weight” rating and a $13.00 price target on the stock.

Insider Activity

In related news, insider Aaron Saltz sold 5,112 shares of the company’s stock in a transaction on Thursday, November 7th. The shares were 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 $4,154,557.50. This represents a 1.63 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CTO David Buonasera sold 1,969 shares of the stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $16.31, for a total value of $32,114.39. Following the transaction, the chief technology officer now directly owns 223,795 shares in the company, valued at approximately $3,650,096.45. This represents a 0.87 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 352,752 shares of company stock worth $5,938,282 over the last ninety days. Corporate insiders own 4.30% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of MGNI. Verdence Capital Advisors LLC boosted its stake in shares of Magnite by 4.8% during the 3rd quarter. Verdence Capital Advisors LLC now owns 19,326 shares of the company’s stock worth $268,000 after acquiring an additional 892 shares in the last quarter. Mount Yale Investment Advisors LLC grew its stake in Magnite by 4.6% in the 3rd quarter. Mount Yale Investment Advisors LLC now owns 24,229 shares of the company’s stock valued at $336,000 after buying an additional 1,068 shares during the last quarter. Arizona State Retirement System boosted its stake in Magnite by 3.4% during the 2nd quarter. Arizona State Retirement System now owns 35,256 shares of the company’s stock valued at $469,000 after purchasing an additional 1,160 shares during the period. UMB Bank n.a. raised its stake in 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. Finally, Fulton Bank N.A. raised its holdings in Magnite by 6.4% in the 3rd quarter. Fulton Bank N.A. now owns 28,311 shares of the company’s stock valued at $392,000 after acquiring an additional 1,696 shares in the last quarter. 73.40% of the stock is owned by institutional investors and hedge funds.

Magnite Stock Performance

NASDAQ MGNI opened at $16.63 on Friday. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.76. The business’s 50-day moving average price is $15.30 and its 200 day moving average price is $14.05. Magnite has a 52-week low of $8.38 and a 52-week high of $18.38. The firm has a market cap of $2.34 billion, a P/E ratio of 277.17, a P/E/G ratio of 1.35 and a beta of 2.50.

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.