Magnite (NASDAQ:MGNI) Stock Price Up 13.2% – What’s Next?

Magnite, Inc. (NASDAQ:MGNI) shares rose 13.2% during trading on Monday . The company traded as high as $15.41 and last traded at $15.41. Approximately 1,340,158 shares traded hands during mid-day trading, a decline of 16% from the average daily volume of 1,601,500 shares. The stock had previously closed at $13.61.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. Bank of America raised their target price on Magnite from $15.00 to $17.00 and gave the company a “buy” rating in a research note on Monday, July 29th. Needham & Company LLC reiterated a “buy” rating and issued a $15.00 target price on shares of Magnite in a report on Wednesday, October 2nd. Lake Street Capital initiated coverage on shares of Magnite in a research note on Thursday, July 25th. They set a “buy” rating and a $21.00 target price for the company. Royal Bank of Canada restated an “outperform” rating and issued a $19.00 price target on shares of Magnite in a research report on Friday, September 27th. Finally, Craig Hallum reiterated a “buy” rating and set a $20.00 price objective on shares of Magnite in a research report on Wednesday, August 21st. One equities research analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, Magnite presently has an average rating of “Moderate Buy” and a consensus price target of $16.96.

Magnite Stock Up 3.1 %

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 business has a 50 day simple moving average of $12.90 and a 200 day simple moving average of $12.82. The stock has a market cap of $2.36 billion, a PE ratio of 278.00, a P/E/G ratio of 1.52 and a beta of 2.43.

Insider Activity

In related news, insider Aaron Saltz sold 5,112 shares of the firm’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $13.50, for a total transaction of $69,012.00. Following the transaction, the insider now owns 307,745 shares of the company’s stock, valued at approximately $4,154,557.50. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Magnite news, insider Aaron Saltz sold 5,112 shares of the stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $13.50, for a total transaction of $69,012.00. Following the transaction, the insider now directly owns 307,745 shares of the company’s stock, valued at $4,154,557.50. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Adam Lee Soroca sold 7,910 shares of the business’s stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $12.59, for a total value of $99,586.90. Following the completion of the sale, the insider now directly owns 436,001 shares of the company’s stock, valued at $5,489,252.59. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 102,801 shares of company stock worth $1,307,555 in the last three months. 4.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Magnite

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MGNI. UMB Bank n.a. boosted its holdings in shares of Magnite by 111.8% during the 2nd quarter. UMB Bank n.a. now owns 2,251 shares of the company’s stock worth $30,000 after buying an additional 1,188 shares during the period. Asset Dedication LLC acquired a new stake in shares of Magnite in the second quarter valued at about $52,000. Blue Trust Inc. bought a new position in shares of Magnite in the second quarter worth about $56,000. Benjamin F. Edwards & Company Inc. increased its stake in shares of Magnite by 973.5% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 4,380 shares of the company’s stock worth $58,000 after purchasing an additional 3,972 shares during the period. Finally, DekaBank Deutsche Girozentrale acquired a new position in shares of Magnite during the 2nd quarter worth about $93,000. Institutional investors and hedge funds own 73.40% of the company’s stock.

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.