Scotiabank Initiates Coverage on Magnite (NASDAQ:MGNI)

Research analysts at Scotiabank started coverage on shares of Magnite (NASDAQ:MGNI) in a research report issued to clients and investors on Thursday,Briefing.com Automated Import reports. The brokerage set a “sector outperform” rating and a $22.00 price target on the stock. Scotiabank’s price target indicates a potential upside of 25.50% from the company’s current price.

A number of other research analysts also recently issued reports on MGNI. Needham & Company LLC boosted their price objective on Magnite from $17.00 to $20.00 and gave the company a “buy” rating in a research note on Thursday. Macquarie reissued an “outperform” rating and issued a $18.00 price target on shares of Magnite in a report on Friday, November 8th. Royal Bank of Canada reissued an “outperform” rating and issued a $19.00 price target on shares of Magnite in a report on Friday, September 27th. Craig Hallum reissued a “buy” rating and issued a $20.00 price target on shares of Magnite in a report on Wednesday, August 21st. Finally, Wells Fargo & Company assumed coverage on Magnite in a report on Monday, October 28th. They issued an “equal weight” rating and a $13.00 price target on the stock. One investment analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $17.73.

Magnite Price Performance

MGNI opened at $17.53 on Thursday. The stock has a 50-day moving average price of $13.97 and a 200-day moving average price of $13.59. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11. The firm has a market cap of $2.47 billion, a PE ratio of 292.17, a P/E/G ratio of 1.40 and a beta of 2.50. Magnite has a 1 year low of $8.05 and a 1 year high of $18.38.

Insider Activity at Magnite

In other Magnite news, CAO Brian Gephart sold 2,156 shares of the company’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $15.00, for a total value of $32,340.00. Following the transaction, the chief accounting officer now owns 116,982 shares of the company’s stock, valued at $1,754,730. This represents a 1.81 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CRO Sean Patrick Buckley sold 10,001 shares of the company’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $15.60, for a total value of $156,015.60. Following the completion of the transaction, the executive now directly owns 303,743 shares in the company, valued at $4,738,390.80. This trade represents a 3.19 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 191,143 shares of company stock worth $3,121,851. Company insiders own 4.30% of the company’s stock.

Hedge Funds Weigh In On Magnite

Several institutional investors have recently made changes to their positions in the company. 272 Capital LP purchased a new position in shares of Magnite during the third quarter valued at $598,000. Franklin Resources Inc. increased its stake in shares of Magnite by 99.7% during the third quarter. Franklin Resources Inc. now owns 144,563 shares of the company’s stock valued at $2,002,000 after buying an additional 72,169 shares during the period. Tidal Investments LLC increased its stake in shares of Magnite by 22.2% during the third quarter. Tidal Investments LLC now owns 130,580 shares of the company’s stock valued at $1,809,000 after buying an additional 23,688 shares during the period. Geode Capital Management LLC increased its stake in shares of Magnite by 2.2% during the third quarter. Geode Capital Management LLC now owns 2,968,286 shares of the company’s stock valued at $41,118,000 after buying an additional 63,545 shares during the period. Finally, Barclays PLC grew its stake in Magnite by 352.9% in the third quarter. Barclays PLC now owns 210,598 shares of the company’s stock valued at $2,917,000 after purchasing an additional 164,093 shares during the last quarter. Hedge funds and other institutional investors 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.