Magnite, Inc. (NASDAQ:MGNI) Given Average Rating of "Moderate Buy" by Brokerages

Shares of Magnite, Inc. (NASDAQ:MGNI - Get Free Report) have received a consensus recommendation of "Moderate Buy" from the twelve ratings firms that are covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a hold rating and eleven have issued a buy rating on the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $16.96.

MGNI has been the topic of several research analyst reports. Macquarie restated an "outperform" rating and set a $18.00 target price on shares of Magnite in a report on Friday, November 8th. Benchmark restated a "buy" rating and set a $21.00 price objective on shares of Magnite in a report on Wednesday, October 2nd. Needham & Company LLC reaffirmed a "buy" rating and issued a $15.00 target price on shares of Magnite in a research note on Wednesday, October 2nd. Craig Hallum reissued a "buy" rating and issued a $20.00 price target on shares of Magnite in a research note on Wednesday, August 21st. Finally, Wells Fargo & Company started coverage on Magnite in a report on Monday, October 28th. They issued an "equal weight" rating and a $13.00 price target on the stock.

Magnite Stock Up 0.5 %

Shares of Magnite stock opened at $16.69 on Wednesday. Magnite has a 1 year low of $7.97 and a 1 year high of $18.38. 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 company has a market capitalization of $2.35 billion, a P/E ratio of 278.17, a price-to-earnings-growth ratio of 1.36 and a beta of 2.43. The business has a 50-day moving average of $13.51 and a two-hundred day moving average of $13.33.

Insider Buying and Selling at Magnite

In other Magnite news, insider Adam Lee Soroca sold 8,328 shares of the stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $17.00, for a total value of $141,576.00. Following the completion of the sale, the insider now owns 421,347 shares in the company, valued at $7,162,899. This trade represents a 1.94 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Aaron Saltz sold 5,112 shares of the business's stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $13.50, for a total transaction of $69,012.00. Following 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 157,598 shares of company stock worth $2,531,613 over the last ninety days. 4.30% of the stock is currently owned by corporate insiders.

Institutional Trading of Magnite

Several institutional investors and hedge funds have recently bought and sold shares of the business. Verdence Capital Advisors LLC increased its holdings in shares of Magnite by 4.8% during the 3rd quarter. Verdence Capital Advisors LLC now owns 19,326 shares of the company's stock worth $268,000 after acquiring an additional 892 shares during the last quarter. Mount Yale Investment Advisors LLC increased its holdings in shares of Magnite by 4.6% in the third quarter. Mount Yale Investment Advisors LLC now owns 24,229 shares of the company's stock valued at $336,000 after purchasing an additional 1,068 shares during the last quarter. Arizona State Retirement System increased its holdings in shares of Magnite by 3.4% in the second quarter. Arizona State Retirement System now owns 35,256 shares of the company's stock valued at $469,000 after purchasing an additional 1,160 shares during the last quarter. UMB Bank n.a. raised its position in shares of Magnite by 111.8% in the second quarter. UMB Bank n.a. now owns 2,251 shares of the company's stock valued at $30,000 after purchasing an additional 1,188 shares during the period. Finally, Fulton Bank N.A. lifted its stake in shares of 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 buying an additional 1,696 shares during the last quarter. Institutional investors 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.