Magnite, Inc. (NASDAQ:MGNI) Receives $18.35 Consensus Target Price from Analysts

Magnite, Inc. (NASDAQ:MGNI - Get Free Report) has been given an average recommendation of "Moderate Buy" by the thirteen research firms that are currently covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold rating and twelve have given a buy rating to the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $18.35.

A number of equities research analysts have issued reports on MGNI shares. Wolfe Research upped their price target on shares of Magnite from $14.00 to $19.00 and gave the company an "outperform" rating in a report on Friday, January 3rd. Wells Fargo & Company upped their price objective on shares of Magnite from $13.00 to $15.00 and gave the company an "equal weight" rating in a research report on Thursday, January 16th. Macquarie reaffirmed an "outperform" rating and set a $18.00 price objective on shares of Magnite in a research report on Friday, November 8th. Royal Bank of Canada upped their price objective on shares of Magnite from $19.00 to $22.00 and gave the company an "outperform" rating in a research report on Friday, January 3rd. Finally, Scotiabank assumed coverage on shares of Magnite in a research report on Thursday, December 5th. They issued a "sector outperform" rating and a $22.00 price target for the company.

Insider Activity

In other Magnite news, CAO Brian Gephart sold 2,156 shares of the firm's stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $15.60, for a total value of $33,633.60. Following the transaction, the chief accounting officer now directly owns 112,795 shares of the company's stock, valued at approximately $1,759,602. This trade represents a 1.88 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CRO Sean Patrick Buckley sold 10,001 shares of Magnite stock in a transaction on Monday, November 18th. The stock was sold at an average price of $15.60, for a total transaction of $156,015.60. Following the transaction, the executive now directly owns 303,743 shares in the company, valued at approximately $4,738,390.80. This represents a 3.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 571,458 shares of company stock valued at $10,237,160 over the last three months. 4.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Magnite

A number of hedge funds and other institutional investors have recently made changes to their positions in MGNI. Wellington Management Group LLP raised its holdings in shares of Magnite by 125.3% during the third quarter. Wellington Management Group LLP now owns 6,579,670 shares of the company's stock worth $91,128,000 after acquiring an additional 3,659,759 shares during the period. Nomura Asset Management Co. Ltd. acquired a new stake in shares of Magnite during the third quarter worth $23,917,000. Boston Partners increased its stake in Magnite by 39.1% in the 4th quarter. Boston Partners now owns 4,756,323 shares of the company's stock valued at $76,061,000 after buying an additional 1,336,458 shares during the last quarter. Maestria Partners LLC acquired a new stake in Magnite in the 4th quarter valued at $15,161,000. Finally, CenterBook Partners LP acquired a new stake in Magnite in the 4th quarter valued at $9,962,000. 73.40% of the stock is currently owned by institutional investors and hedge funds.

Magnite Stock Down 5.0 %

NASDAQ:MGNI traded down $1.02 during trading hours on Monday, reaching $19.49. The company's stock had a trading volume of 7,143,633 shares, compared to its average volume of 2,376,765. The company has a market cap of $2.74 billion, a price-to-earnings ratio of 324.83, a price-to-earnings-growth ratio of 1.05 and a beta of 2.52. Magnite has a one year low of $8.38 and a one year high of $21.29. The business's 50-day moving average is $16.93 and its 200-day moving average is $14.81. 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 Company Profile

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.