Magnite (NASDAQ:MGNI – Free Report) had its target price hoisted by Royal Bank of Canada from $19.00 to $22.00 in a research note released on Friday,Benzinga reports. The firm currently has an outperform rating on the stock.
Other equities analysts have also recently issued reports about the company. Wells Fargo & Company initiated coverage on Magnite in a research note on Monday, October 28th. They set an “equal weight” rating and a $13.00 target price for the company. Macquarie reissued an “outperform” rating and set a $18.00 price target on shares of Magnite in a research report on Friday, November 8th. Wolfe Research upped their price target on Magnite from $14.00 to $19.00 and gave the company an “outperform” rating in a research report on Friday. Scotiabank initiated coverage on Magnite in a research report on Thursday, December 5th. They set a “sector outperform” rating and a $22.00 price target on the stock. Finally, Benchmark reissued a “buy” rating and set a $21.00 price target on shares of Magnite in a research report on Wednesday, October 2nd. One analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, Magnite has a consensus rating of “Moderate Buy” and an average price target of $18.19.
Get Our Latest Stock Report on MGNI
Magnite Stock Performance
Insider Activity at Magnite
In other Magnite news, CAO Brian Gephart sold 2,156 shares of the firm’s 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 sale, the chief accounting officer now owns 116,982 shares of the company’s stock, valued at $1,754,730. This trade represents a 1.81 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Michael G. Barrett sold 147,996 shares of the firm’s stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $17.52, for a total value of $2,592,889.92. Following the completion of the sale, the chief executive officer now directly owns 634,914 shares in the company, valued at $11,123,693.28. This trade represents a 18.90 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 352,752 shares of company stock valued at $5,938,282. Corporate insiders own 4.30% of the company’s stock.
Institutional Trading of Magnite
Several institutional investors have recently bought and sold shares of MGNI. New Century Financial Group LLC bought a new position in Magnite in the 2nd quarter valued at $640,000. Victory Capital Management Inc. raised its position in Magnite by 2.9% in the 3rd quarter. Victory Capital Management Inc. now owns 1,340,705 shares of the company’s stock valued at $18,569,000 after purchasing an additional 37,601 shares during the last quarter. Commonwealth Equity Services LLC raised its position in Magnite by 668.3% in the 2nd quarter. Commonwealth Equity Services LLC now owns 81,573 shares of the company’s stock valued at $1,084,000 after purchasing an additional 70,956 shares during the last quarter. Driehaus Capital Management LLC bought a new stake in shares of Magnite during the second quarter worth $9,938,000. Finally, Intech Investment Management LLC bought a new stake in shares of Magnite during the third quarter worth $649,000. Institutional investors and hedge funds own 73.40% of the company’s stock.
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.
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