Magnite, Inc. (NASDAQ:MGNI) Receives Consensus Rating of “Moderate Buy” from Brokerages

Magnite, Inc. (NASDAQ:MGNI) has earned an average rating of “Moderate Buy” from the thirteen ratings firms that are covering the company, MarketBeat reports. One investment analyst has rated the stock with a hold rating and twelve have given a buy rating to the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $17.73.

A number of research firms have recently commented on MGNI. Scotiabank assumed coverage on Magnite in a report on Thursday, December 5th. They issued a “sector outperform” rating and a $22.00 price target for the company. Benchmark restated a “buy” rating and issued a $21.00 target price on shares of Magnite in a research note on Wednesday, October 2nd. Needham & Company LLC increased their price target on shares of Magnite from $17.00 to $20.00 and gave the stock a “buy” rating in a report on Thursday, December 5th. Wells Fargo & Company started coverage on shares of Magnite in a research note on Monday, October 28th. They set an “equal weight” rating and a $13.00 price objective for the company. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $19.00 target price on shares of Magnite in a research note on Friday, September 27th.

Insiders Place Their Bets

In other Magnite news, CAO Brian Gephart sold 2,156 shares of Magnite stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $15.00, for a total value of $32,340.00. Following the transaction, the chief accounting officer now directly owns 116,982 shares of the company’s stock, valued at $1,754,730. The trade was a 1.81 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Aaron Saltz sold 5,112 shares of the firm’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $13.50, for a total transaction of $69,012.00. Following the completion of the transaction, the insider now owns 307,745 shares in the company, valued at $4,154,557.50. This represents a 1.63 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 352,752 shares of company stock valued at $5,938,282 over the last quarter. 4.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Magnite

Large investors have recently added to or reduced their stakes in the company. Principal Financial Group Inc. boosted its holdings in shares of Magnite by 552.2% during the third quarter. Principal Financial Group Inc. now owns 107,515 shares of the company’s stock worth $1,489,000 after purchasing an additional 91,031 shares during the period. 272 Capital LP bought a new position in shares of Magnite during the third quarter valued at approximately $598,000. Franklin Resources Inc. lifted its stake in Magnite by 99.7% in the third quarter. Franklin Resources Inc. now owns 144,563 shares of the company’s stock worth $2,002,000 after acquiring an additional 72,169 shares during the period. Tidal Investments LLC increased its position in Magnite by 22.2% during the 3rd quarter. Tidal Investments LLC now owns 130,580 shares of the company’s stock valued at $1,809,000 after purchasing an additional 23,688 shares during the period. Finally, Geode Capital Management LLC raised its holdings in Magnite by 2.2% in the 3rd quarter. Geode Capital Management LLC now owns 2,968,286 shares of the company’s stock worth $41,118,000 after purchasing an additional 63,545 shares in the last quarter. Institutional investors own 73.40% of the company’s stock.

Magnite Stock Performance

Shares of MGNI stock opened at $16.37 on Friday. The firm’s 50 day moving average is $15.38 and its 200 day moving average is $14.08. The stock has a market capitalization of $2.30 billion, a P/E ratio of 272.83, a PEG ratio of 1.35 and a beta of 2.50. Magnite has a 12 month low of $8.38 and a 12 month high of $18.38. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.76.

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.