Magnite, Inc. (NASDAQ:MGNI - Get Free Report) shares saw unusually-high trading volume on Friday . Approximately 4,113,645 shares changed hands during trading, an increase of 136% from the previous session's volume of 1,743,958 shares.The stock last traded at $20.87 and had previously closed at $19.14.
Wall Street Analyst Weigh In
MGNI has been the topic of a number of recent analyst reports. Wells Fargo & Company boosted their price target on shares of Magnite from $13.00 to $15.00 and gave the company an "equal weight" rating in a report on Thursday, January 16th. Wolfe Research boosted their price objective on shares of Magnite from $14.00 to $19.00 and gave the company an "outperform" rating in a research report on Friday, January 3rd. 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 boosted 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 began coverage on shares of Magnite in a research report on Thursday, December 5th. They set a "sector outperform" rating and a $22.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $18.35.
Read Our Latest Analysis on MGNI
Magnite Trading Down 1.9 %
The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.76. The company's fifty day moving average is $16.81 and its 200-day moving average is $14.73. The firm has a market capitalization of $2.84 billion, a P/E ratio of 337.00, a P/E/G ratio of 1.05 and a beta of 2.52.
Insider Activity at Magnite
In other news, insider Adam Lee Soroca sold 7,849 shares of the stock in a transaction on Monday, November 18th. The shares were sold at an average price of $15.60, for a total value of $122,444.40. Following the completion of the transaction, the insider now owns 421,347 shares in the company, valued at approximately $6,573,013.20. This represents a 1.83 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Sean Patrick Buckley sold 18,693 shares of the stock in a transaction on Friday, February 7th. The shares were sold at an average price of $20.00, for a total transaction of $373,860.00. Following the completion of the transaction, the insider now owns 408,529 shares of the company's stock, valued at approximately $8,170,580. This represents a 4.38 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 566,458 shares of company stock worth $10,135,410 in the last ninety days. 4.30% of the stock is currently owned by insiders.
Institutional Investors Weigh In On Magnite
Several large investors have recently made changes to their positions in MGNI. SBI Securities Co. Ltd. bought a new stake in shares of Magnite in the 4th quarter worth about $25,000. Larson Financial Group LLC grew its holdings in Magnite by 179.2% during the 4th quarter. Larson Financial Group LLC now owns 3,647 shares of the company's stock worth $58,000 after acquiring an additional 2,341 shares during the last quarter. Quarry LP grew its holdings in Magnite by 446.8% during the 3rd quarter. Quarry LP now owns 5,517 shares of the company's stock worth $76,000 after acquiring an additional 4,508 shares during the last quarter. Quantbot Technologies LP bought a new stake in Magnite during the 4th quarter worth about $87,000. Finally, Jones Financial Companies Lllp grew its holdings in Magnite by 20.6% during the 4th quarter. Jones Financial Companies Lllp now owns 5,853 shares of the company's stock worth $93,000 after acquiring an additional 1,000 shares during the last quarter. Institutional investors own 73.40% of the company's stock.
About Magnite
(
Get Free Report)
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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