Magnite (NASDAQ:MGNI) Shares Gap Up Following Analyst Upgrade

Magnite, Inc. (NASDAQ:MGNI) gapped up prior to trading on Friday after Royal Bank of Canada raised their price target on the stock from $19.00 to $22.00. The stock had previously closed at $16.10, but opened at $16.58. Royal Bank of Canada currently has an outperform rating on the stock. Magnite shares last traded at $16.94, with a volume of 119,368 shares.

Several other equities research analysts have also recently issued reports on MGNI. Wolfe Research boosted their price objective on shares of Magnite from $14.00 to $19.00 and gave the company an “outperform” rating in a research report on Friday. Wells Fargo & Company assumed coverage on Magnite in a research note on Monday, October 28th. They issued an “equal weight” rating and a $13.00 price objective on the stock. Needham & Company LLC raised their price objective on Magnite from $17.00 to $20.00 and gave the stock a “buy” rating in a report on Thursday, December 5th. Scotiabank began coverage on Magnite in a report on Thursday, December 5th. They issued a “sector outperform” rating and a $22.00 target price for the company. Finally, Benchmark restated a “buy” rating and issued a $21.00 price objective on shares of Magnite in a report on Wednesday, October 2nd. One equities research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $18.19.

Insider Buying and Selling at Magnite

In other news, CRO Sean Patrick Buckley sold 10,001 shares of the firm’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $15.60, for a total value of $156,015.60. Following the completion of the sale, the executive now owns 303,743 shares of the company’s stock, valued at $4,738,390.80. This trade represents a 3.19 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Aaron Saltz sold 5,112 shares of the company’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $13.50, for a total value of $69,012.00. Following the transaction, the insider now directly owns 307,745 shares in the company, valued at $4,154,557.50. This represents a 1.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 352,752 shares of company stock valued at $5,938,282. 4.30% of the stock is currently owned by insiders.

Institutional Trading of Magnite

Institutional investors have recently bought and sold shares of the stock. Verdence Capital Advisors LLC grew its stake 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 purchasing an additional 892 shares during the last quarter. Mount Yale Investment Advisors LLC raised its position in shares of Magnite by 4.6% during the 3rd quarter. Mount Yale Investment Advisors LLC now owns 24,229 shares of the company’s stock valued at $336,000 after buying an additional 1,068 shares during the period. Arizona State Retirement System boosted its stake in Magnite by 3.4% during the second quarter. Arizona State Retirement System now owns 35,256 shares of the company’s stock worth $469,000 after buying an additional 1,160 shares during the period. Fulton Bank N.A. lifted its stake in Magnite by 6.4% during the 3rd quarter. Fulton Bank N.A. now owns 28,311 shares of the company’s stock worth $392,000 after acquiring an additional 1,696 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Magnite by 8.5% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 29,449 shares of the company’s stock worth $408,000 after acquiring an additional 2,298 shares in the last quarter. 73.40% of the stock is currently owned by institutional investors and hedge funds.

Magnite Price Performance

The stock has a market capitalization of $2.41 billion, a PE ratio of 285.50, a price-to-earnings-growth ratio of 1.35 and a beta of 2.50. 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 stock’s 50 day moving average is $15.78 and its two-hundred day moving average is $14.16.

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.