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

Magnite, Inc. (NASDAQ:MGNI) has been assigned an average rating of “Moderate Buy” from the thirteen brokerages that are covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold recommendation and twelve have assigned a buy recommendation to the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $17.73.

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

Magnite Price Performance

NASDAQ MGNI opened at $16.63 on Friday. The business’s fifty day moving average price is $15.30 and its 200-day moving average price is $14.05. The stock has a market capitalization of $2.34 billion, a price-to-earnings ratio of 277.17, a PEG ratio of 1.35 and a beta of 2.50. Magnite has a 1-year low of $8.38 and a 1-year high of $18.38. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11.

Insider Transactions at Magnite

In related news, CTO David Buonasera sold 1,969 shares of the company’s stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $16.31, for a total transaction of $32,114.39. Following the completion of the sale, the chief technology officer now owns 223,795 shares of the company’s stock, valued at approximately $3,650,096.45. This represents a 0.87 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 transaction, the insider now owns 307,745 shares in the company, valued at approximately $4,154,557.50. The trade was a 1.63 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 352,752 shares of company stock valued at $5,938,282 in the last three months. 4.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Magnite

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Wellington Management Group LLP lifted its stake in shares of Magnite by 125.3% in the 3rd quarter. Wellington Management Group LLP now owns 6,579,670 shares of the company’s stock valued at $91,128,000 after purchasing an additional 3,659,759 shares during the last quarter. Nomura Asset Management Co. Ltd. purchased a new position in Magnite in the 3rd quarter valued at approximately $23,917,000. Granite Investment Partners LLC purchased a new stake in Magnite during the 2nd quarter worth about $11,227,000. Driehaus Capital Management LLC acquired a new stake in Magnite in the second quarter valued at approximately $9,938,000. Finally, Marshall Wace LLP grew its stake in shares of Magnite by 59.0% during the second 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. 73.40% of the stock is currently owned by institutional investors and hedge funds.

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.