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

Shares of Magnite, Inc. (NASDAQ:MGNI) have been given a consensus recommendation of “Moderate Buy” by the twelve brokerages that are currently covering the company, Marketbeat.com reports. One analyst has rated the stock with a hold recommendation and eleven have assigned a buy recommendation to the company. The average 1 year price target among brokerages that have covered the stock in the last year is $16.96.

A number of research firms have commented on MGNI. Benchmark reaffirmed a “buy” rating and set a $21.00 price target on shares of Magnite in a report on Wednesday, October 2nd. Royal Bank of Canada restated an “outperform” rating and set a $19.00 price objective on shares of Magnite in a research report on Friday, September 27th. Needham & Company LLC reaffirmed a “buy” rating and issued a $15.00 target price on shares of Magnite in a report on Wednesday, October 2nd. Craig Hallum reiterated a “buy” rating and issued a $20.00 price target on shares of Magnite in a research note on Wednesday, August 21st. Finally, Wells Fargo & Company initiated coverage on Magnite in a research report on Monday, October 28th. They issued an “equal weight” rating and a $13.00 price objective on the stock.

Magnite Stock Performance

Shares of MGNI opened at $16.79 on Wednesday. The business has a 50-day simple moving average of $13.72 and a two-hundred day simple moving average of $13.49. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.76. Magnite has a 52 week low of $7.97 and a 52 week high of $18.38. The stock has a market cap of $2.36 billion, a price-to-earnings ratio of 279.83, a PEG ratio of 1.37 and a beta of 2.43.

Insider Buying and Selling at Magnite

In other news, CEO Michael G. Barrett sold 27,004 shares of the business’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $17.63, for a total value of $476,080.52. Following the sale, the chief executive officer now directly owns 782,910 shares in the company, valued at $13,802,703.30. The trade was a 3.33 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Brian Gephart sold 2,156 shares of the stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $15.00, for a total transaction of $32,340.00. Following the completion of the transaction, the chief accounting officer now directly owns 116,982 shares of the company’s stock, valued at approximately $1,754,730. The trade was a 1.81 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 191,143 shares of company stock worth $3,121,851 in the last quarter. 4.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Magnite

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Verdence Capital Advisors LLC raised its holdings in Magnite by 4.8% during the 3rd quarter. Verdence Capital Advisors LLC now owns 19,326 shares of the company’s stock valued at $268,000 after buying an additional 892 shares during the period. Mount Yale Investment Advisors LLC raised its stake in shares of Magnite by 4.6% in the third quarter. Mount Yale Investment Advisors LLC now owns 24,229 shares of the company’s stock valued at $336,000 after acquiring an additional 1,068 shares during the period. Arizona State Retirement System lifted its holdings in shares of Magnite by 3.4% in the 2nd quarter. Arizona State Retirement System now owns 35,256 shares of the company’s stock worth $469,000 after acquiring an additional 1,160 shares during the last quarter. UMB Bank n.a. boosted its stake 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 purchasing an additional 1,188 shares during the period. Finally, Fulton Bank N.A. grew its holdings in Magnite by 6.4% during the 3rd quarter. Fulton Bank N.A. now owns 28,311 shares of the company’s stock valued at $392,000 after purchasing an additional 1,696 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.