Magnite (NASDAQ:MGNI) Stock Price Expected to Rise, Royal Bank of Canada Analyst Says

Magnite (NASDAQ:MGNI) had its price target boosted by analysts at Royal Bank of Canada from $19.00 to $22.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Royal Bank of Canada’s price objective would indicate a potential upside of 28.43% from the company’s current price.

Other analysts have also recently issued reports about the company. Wolfe Research boosted their price objective on Magnite from $14.00 to $19.00 and gave the company an “outperform” rating in a research report on Friday. Macquarie reissued an “outperform” rating and issued a $18.00 price target on shares of Magnite in a research note on Friday, November 8th. Benchmark restated a “buy” rating and set a $21.00 price objective on shares of Magnite in a research report on Wednesday, October 2nd. Wells Fargo & Company began coverage on shares of Magnite in a research report on Monday, October 28th. They issued an “equal weight” rating and a $13.00 target price on the stock. Finally, Scotiabank assumed coverage on shares of Magnite in a research report on Thursday, December 5th. They set a “sector outperform” rating and a $22.00 price target for the company. One equities research analyst has rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $18.19.

Magnite Price Performance

NASDAQ:MGNI opened at $17.13 on Friday. 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. Magnite has a 52 week low of $8.38 and a 52 week high of $18.38. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.76. The stock’s 50-day moving average price is $15.78 and its 200-day moving average price is $14.16.

Insider Buying and Selling at Magnite

In other Magnite news, CEO Michael G. Barrett sold 147,996 shares of the business’s stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $17.52, for a total transaction of $2,592,889.92. Following the transaction, the chief executive officer now owns 634,914 shares of the company’s stock, valued at approximately $11,123,693.28. The trade was a 18.90 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Aaron Saltz sold 6,110 shares of the firm’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $17.50, for a total value of $106,925.00. Following the completion of the sale, the insider now directly owns 297,482 shares of the company’s stock, valued at $5,205,935. This trade represents a 2.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 352,752 shares of company stock worth $5,938,282. Insiders own 4.30% of the company’s stock.

Hedge Funds Weigh In On Magnite

A number of institutional investors have recently bought and sold shares of the company. Asset Dedication LLC purchased a new stake in shares of Magnite in the 2nd quarter valued at approximately $52,000. Benjamin F. Edwards & Company Inc. lifted its holdings in Magnite by 973.5% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 4,380 shares of the company’s stock valued at $58,000 after acquiring an additional 3,972 shares during the last quarter. Quarry LP grew its position in Magnite by 446.8% in the third quarter. Quarry LP now owns 5,517 shares of the company’s stock worth $76,000 after acquiring an additional 4,508 shares during the period. DekaBank Deutsche Girozentrale acquired a new stake in Magnite during the second quarter worth $93,000. Finally, Blue Trust Inc. raised its position in Magnite by 87.0% in the third quarter. Blue Trust Inc. now owns 7,931 shares of the company’s stock valued at $105,000 after purchasing an additional 3,689 shares during the period. 73.40% of the stock is owned by hedge funds and other institutional investors.

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.