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

Magnite, Inc. (NASDAQ:MGNI - Get Free Report) has been given an average recommendation of "Moderate Buy" by the thirteen ratings firms that are covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a hold recommendation and twelve have given a buy recommendation to the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $17.73.

MGNI has been the subject of a number of research analyst reports. Wells Fargo & Company assumed coverage on Magnite in a research report on Monday, October 28th. They set an "equal weight" rating and a $13.00 price target for the company. Needham & Company LLC lifted their target price on Magnite from $17.00 to $20.00 and gave the stock a "buy" rating in a research note on Thursday, December 5th. Benchmark restated a "buy" rating and set a $21.00 price target on shares of Magnite in a research report on Wednesday, October 2nd. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $19.00 price objective on shares of Magnite in a research report on Friday, September 27th. Finally, Macquarie reissued an "outperform" rating and set a $18.00 target price on shares of Magnite in a research report on Friday, November 8th.

Insiders Place Their Bets

In related news, CAO Brian Gephart sold 2,156 shares of the business's stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $15.00, for a total transaction of $32,340.00. Following the completion of the transaction, the chief accounting officer now directly owns 116,982 shares in the company, valued at $1,754,730. The trade was a 1.81 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Aaron Saltz sold 5,112 shares of the firm's stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $13.50, for a total value of $69,012.00. Following the completion of the sale, the insider now directly owns 307,745 shares in the company, valued at approximately $4,154,557.50. The trade was 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 worth $5,938,282 in the last quarter. 4.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of MGNI. Wellington Management Group LLP grew its position in Magnite by 125.3% in 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 in the last quarter. Geode Capital Management LLC increased its position in shares of Magnite by 2.2% during the 3rd quarter. Geode Capital Management LLC now owns 2,968,286 shares of the company's stock valued at $41,118,000 after purchasing an additional 63,545 shares during the last quarter. Nomura Asset Management Co. Ltd. purchased a new position in shares of Magnite during the 3rd quarter valued at about $23,917,000. Marshall Wace LLP lifted its position in Magnite by 59.0% in the 2nd quarter. Marshall Wace LLP now owns 1,559,520 shares of the company's stock worth $20,726,000 after buying an additional 578,678 shares during the last quarter. Finally, Royce & Associates LP boosted its stake in Magnite by 5.2% in the third quarter. Royce & Associates LP now owns 1,488,301 shares of the company's stock worth $20,613,000 after buying an additional 73,555 shares in the last quarter. 73.40% of the stock is currently owned by institutional investors.

Magnite Stock Up 3.9 %

NASDAQ:MGNI traded up $0.62 on Friday, hitting $16.34. The stock had a trading volume of 2,798,106 shares, compared to its average volume of 1,655,700. Magnite has a 1 year low of $8.38 and a 1 year high of $18.38. The firm's fifty day simple moving average is $14.97 and its two-hundred day simple moving average is $13.97. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.11 and a current ratio of 1.11. The stock has a market cap of $2.30 billion, a P/E ratio of 272.33, a price-to-earnings-growth ratio of 1.35 and a beta of 2.50.

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.