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

Magnite, Inc. (NASDAQ:MGNI) has received a consensus recommendation of “Moderate Buy” from the thirteen ratings firms that are currently covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a hold rating and twelve have given a buy rating to the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $18.19.

A number of research firms have weighed in on MGNI. Scotiabank began coverage on Magnite in a report on Thursday, December 5th. They issued a “sector outperform” rating and a $22.00 target price on the stock. Royal Bank of Canada increased their price objective on shares of Magnite from $19.00 to $22.00 and gave the stock an “outperform” rating in a research note on Friday, January 3rd. Macquarie reissued an “outperform” rating and issued a $18.00 price objective on shares of Magnite in a report on Friday, November 8th. Needham & Company LLC upped their target price on shares of Magnite from $17.00 to $20.00 and gave the company a “buy” rating in a report on Thursday, December 5th. Finally, Benchmark reiterated a “buy” rating and issued a $21.00 price target on shares of Magnite in a research report on Wednesday, October 2nd.

Insider Activity at Magnite

In other Magnite news, CEO Michael G. Barrett sold 27,004 shares of the firm’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $17.63, for a total transaction of $476,080.52. Following the sale, the chief executive officer now directly owns 782,910 shares of the company’s stock, valued at $13,802,703.30. This trade represents a 3.33 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO David Day sold 13,345 shares of the business’s stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $17.00, for a total value of $226,865.00. Following the completion of the transaction, the chief financial officer now owns 374,014 shares in the company, valued at $6,358,238. The trade was a 3.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 366,097 shares of company stock worth $6,165,147. 4.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MGNI. Benjamin F. Edwards & Company Inc. raised its position in shares of Magnite by 973.5% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 4,380 shares of the company’s stock valued at $58,000 after buying an additional 3,972 shares during the last quarter. Quarry LP grew its stake in Magnite by 446.8% during the third quarter. Quarry LP now owns 5,517 shares of the company’s stock valued at $76,000 after acquiring an additional 4,508 shares in the last quarter. DekaBank Deutsche Girozentrale bought a new stake in Magnite in the 2nd quarter valued at $93,000. Blue Trust Inc. lifted its stake in Magnite by 87.0% in the 3rd quarter. Blue Trust Inc. now owns 7,931 shares of the company’s stock worth $105,000 after purchasing an additional 3,689 shares in the last quarter. Finally, Lebenthal Global Advisors LLC purchased a new stake in Magnite in the 3rd quarter worth $141,000. 73.40% of the stock is currently owned by institutional investors.

Magnite Stock Performance

MGNI stock opened at $16.09 on Thursday. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11. Magnite has a 1 year low of $8.38 and a 1 year high of $18.38. The company has a market cap of $2.26 billion, a P/E ratio of 268.17, a price-to-earnings-growth ratio of 1.35 and a beta of 2.51. The stock’s fifty day moving average price is $16.30 and its 200-day moving average price is $14.32.

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.