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

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

MGNI has been the subject of several research reports. Wells Fargo & Company increased their price target on Magnite from $13.00 to $15.00 and gave the stock an "equal weight" rating in a research note on Thursday. Benchmark reissued a "buy" rating and issued a $21.00 price target on shares of Magnite in a research report on Wednesday, October 2nd. Wolfe Research raised their price objective on shares of Magnite from $14.00 to $19.00 and gave the stock an "outperform" rating in a report on Friday, January 3rd. Scotiabank assumed coverage on shares of Magnite in a report on Thursday, December 5th. They set a "sector outperform" rating and a $22.00 target price on the stock. Finally, Macquarie reiterated an "outperform" rating and issued a $18.00 price target on shares of Magnite in a research report on Friday, November 8th.

Magnite Stock Performance

Magnite stock traded down $0.95 during trading on Thursday, hitting $15.14. The stock had a trading volume of 2,453,474 shares, compared to its average volume of 1,717,286. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.76. The stock's 50 day moving average is $16.36 and its two-hundred day moving average is $14.34. Magnite has a 1 year low of $8.38 and a 1 year high of $18.38. The stock has a market cap of $2.13 billion, a price-to-earnings ratio of 252.33, a price-to-earnings-growth ratio of 0.80 and a beta of 2.51.

Insider Transactions at Magnite

In related news, CTO David Buonasera sold 1,969 shares of Magnite stock in a transaction on Friday, December 13th. The shares were sold at an average price of $16.31, for a total value of $32,114.39. Following the transaction, the chief technology officer now directly owns 223,795 shares of the company's stock, valued at $3,650,096.45. The trade was a 0.87 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Michael G. Barrett sold 147,996 shares of Magnite stock in a transaction that occurred on Wednesday, December 4th. The stock was 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 owns 634,914 shares in the company, valued at approximately $11,123,693.28. This represents a 18.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 366,097 shares of company stock worth $6,165,147. 4.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Magnite

Institutional investors and hedge funds have recently modified their holdings of the stock. Verdence Capital Advisors LLC lifted its holdings in Magnite by 4.8% in the third quarter. Verdence Capital Advisors LLC now owns 19,326 shares of the company's stock worth $268,000 after buying an additional 892 shares during the period. Mount Yale Investment Advisors LLC grew its position in shares of Magnite by 4.6% in the 3rd quarter. Mount Yale Investment Advisors LLC now owns 24,229 shares of the company's stock worth $336,000 after buying an additional 1,068 shares during the period. Fulton Bank N.A. increased its stake in shares of Magnite by 6.4% during the third quarter. Fulton Bank N.A. now owns 28,311 shares of the company's stock valued at $392,000 after purchasing an additional 1,696 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Magnite by 8.5% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 29,449 shares of the company's stock valued at $408,000 after purchasing an additional 2,298 shares during the last quarter. Finally, Blue Trust Inc. grew its stake in shares of Magnite by 87.0% in the 3rd quarter. Blue Trust Inc. now owns 7,931 shares of the company's stock worth $105,000 after buying an additional 3,689 shares during the last quarter. 73.40% of the stock is owned by hedge funds and other institutional investors.

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.