Magnite, Inc. (NASDAQ:MGNI) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Magnite, Inc. (NASDAQ:MGNI) has earned an average recommendation of “Moderate Buy” from the thirteen brokerages that are covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a hold rating and twelve have given a buy rating to the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $18.35.

A number of research firms have weighed in on MGNI. Wolfe Research upped their price target on Magnite from $14.00 to $19.00 and gave the stock an “outperform” rating in a research report on Friday, January 3rd. Wells Fargo & Company upped their price target on Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a research report on Thursday, January 16th. Needham & Company LLC reaffirmed a “buy” rating and set a $20.00 price target on shares of Magnite in a research report on Friday, January 17th. Royal Bank of Canada upped their price target on Magnite from $19.00 to $22.00 and gave the stock an “outperform” rating in a research report on Friday, January 3rd. Finally, Scotiabank began coverage on Magnite in a research report on Thursday, December 5th. They set a “sector outperform” rating and a $22.00 price target for the company.

Magnite Price Performance

NASDAQ MGNI opened at $20.00 on Monday. Magnite has a 52-week low of $8.38 and a 52-week high of $21.29. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.11 and a current ratio of 1.11. The business has a 50 day simple moving average of $17.01 and a 200 day simple moving average of $14.89. The stock has a market cap of $2.81 billion, a price-to-earnings ratio of 333.33, a PEG ratio of 1.05 and a beta of 2.52.

Insider Activity

In other Magnite news, Director Robert F. Spillane sold 12,500 shares of the firm’s stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $16.12, for a total transaction of $201,500.00. Following the completion of the sale, the director now owns 70,651 shares of the company’s stock, valued at $1,138,894.12. This trade represents a 15.03 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director James Rossman sold 149,936 shares of the firm’s stock in a transaction on Friday, February 7th. The shares were sold at an average price of $19.46, for a total value of $2,917,754.56. Following the sale, the director now directly owns 219,920 shares of the company’s stock, valued at $4,279,643.20. This represents a 40.54 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 451,175 shares of company stock valued at $8,306,698. 4.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Magnite

Several hedge funds have recently added to or reduced their stakes in MGNI. Capital Research Global Investors acquired a new stake in Magnite during the 4th quarter valued at $122,986,000. Wellington Management Group LLP lifted its holdings in Magnite by 125.3% during 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. acquired a new stake in Magnite during the 3rd quarter valued at $23,917,000. Boston Partners increased its position in Magnite by 39.1% during the 4th quarter. Boston Partners now owns 4,756,323 shares of the company’s stock worth $76,061,000 after buying an additional 1,336,458 shares during the period. Finally, Maestria Partners LLC bought a new position in Magnite during the 4th quarter worth $15,161,000. Institutional investors and hedge funds own 73.40% of the company’s stock.

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.