Magnite, Inc. (NASDAQ:MGNI) Receives $18.19 Average Price Target from Analysts

Magnite, Inc. (NASDAQ:MGNI) has been given an average rating of “Moderate Buy” by the thirteen ratings firms that are currently covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a hold rating and twelve have assigned a buy rating 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.

Several brokerages recently commented on MGNI. Scotiabank initiated coverage on Magnite in a research report on Thursday, December 5th. They issued a “sector outperform” rating and a $22.00 target price for the company. Wells Fargo & Company raised their price objective on shares of Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a report on Thursday, January 16th. Benchmark reissued a “buy” rating and issued a $21.00 target price on shares of Magnite in a research note on Wednesday, October 2nd. Needham & Company LLC reissued a “buy” rating and issued a $20.00 price target on shares of Magnite in a research report on Friday. Finally, Wolfe Research lifted their price objective on Magnite from $14.00 to $19.00 and gave the company an “outperform” rating in a report on Friday, January 3rd.

Magnite Stock Up 2.0 %

Shares of Magnite stock opened at $15.44 on Thursday. Magnite has a 12-month low of $8.38 and a 12-month high of $18.38. The stock has a market capitalization of $2.17 billion, a P/E ratio of 257.33, a PEG ratio of 0.80 and a beta of 2.51. The stock has a 50 day moving average price of $16.43 and a two-hundred day moving average price of $14.37. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.76.

Insiders Place Their Bets

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 completion of the transaction, the insider now directly owns 307,745 shares of the company’s stock, valued at approximately $4,154,557.50. This represents a 1.63 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Adam Lee Soroca sold 7,849 shares of Magnite stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $15.60, for a total value of $122,444.40. Following the completion of the sale, the insider now directly owns 421,347 shares in the company, valued at $6,573,013.20. This represents a 1.83 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 366,097 shares of company stock worth $6,165,147 over the last ninety days. 4.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Magnite

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MGNI. Wellington Management Group LLP raised its stake in shares of Magnite by 125.3% during the 3rd quarter. Wellington Management Group LLP now owns 6,579,670 shares of the company’s stock worth $91,128,000 after purchasing an additional 3,659,759 shares in the last quarter. Geode Capital Management LLC increased its holdings in Magnite by 2.2% during the third quarter. Geode Capital Management LLC now owns 2,968,286 shares of the company’s stock worth $41,118,000 after buying an additional 63,545 shares during the last quarter. Nomura Asset Management Co. Ltd. bought a new stake in Magnite during the third quarter worth $23,917,000. Marshall Wace LLP lifted its stake in Magnite by 59.0% in the second quarter. Marshall Wace LLP now owns 1,559,520 shares of the company’s stock valued at $20,726,000 after acquiring an additional 578,678 shares during the last quarter. Finally, Royce & Associates LP grew its position in shares of Magnite by 5.2% in the 3rd quarter. Royce & Associates LP now owns 1,488,301 shares of the company’s stock valued at $20,613,000 after acquiring an additional 73,555 shares during the period. 73.40% of the stock is currently owned by institutional investors and hedge funds.

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.