Magnite (NASDAQ:MGNI) Price Target Raised to $22.00

Magnite (NASDAQ:MGNI - Free Report) had its target price lifted by Royal Bank of Canada from $19.00 to $22.00 in a research note released on Friday morning,Benzinga reports. The firm currently has an outperform rating on the stock.

A number of other research firms have also commented on MGNI. Needham & Company LLC boosted their price target on shares of Magnite from $17.00 to $20.00 and gave the company a "buy" rating in a research report on Thursday, December 5th. Macquarie restated an "outperform" rating and set a $18.00 target price on shares of Magnite in a research report on Friday, November 8th. Benchmark reaffirmed a "buy" rating and issued a $21.00 price target on shares of Magnite in a report on Wednesday, October 2nd. Scotiabank started coverage on Magnite in a report on Thursday, December 5th. They set a "sector outperform" rating and a $22.00 price objective for the company. Finally, Wolfe Research raised their target price on shares of Magnite from $14.00 to $19.00 and gave the company an "outperform" rating in a research note on Friday. One investment analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $18.19.

Magnite Price Performance

NASDAQ:MGNI traded up $1.03 during mid-day trading on Friday, hitting $17.13. 1,432,328 shares of the stock traded hands, compared to its average volume of 1,364,314. The business's 50-day moving average price is $15.69 and its 200 day moving average price is $14.14. 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 company has a market cap of $2.41 billion, a PE ratio of 285.50, a price-to-earnings-growth ratio of 1.35 and a beta of 2.50. Magnite has a 12-month low of $8.38 and a 12-month high of $18.38.

Insiders Place Their Bets

In other Magnite news, CRO Sean Patrick Buckley sold 10,001 shares of Magnite stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $15.60, for a total value of $156,015.60. Following the transaction, the executive now directly owns 303,743 shares of the company's stock, valued at $4,738,390.80. The trade was a 3.19 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Brian Gephart sold 2,156 shares of the stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $15.00, for a total value of $32,340.00. Following the sale, the chief accounting officer now directly owns 116,982 shares of the company's stock, valued at approximately $1,754,730. This trade represents a 1.81 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 352,752 shares of company stock valued at $5,938,282 over the last three months. Insiders own 4.30% of the company's stock.

Hedge Funds Weigh In On Magnite

Hedge funds have recently modified their holdings of the company. New Century Financial Group LLC bought a new position in shares of Magnite during the second quarter valued at approximately $640,000. Victory Capital Management Inc. boosted its stake in shares of Magnite by 2.9% during the 3rd quarter. Victory Capital Management Inc. now owns 1,340,705 shares of the company's stock valued at $18,569,000 after purchasing an additional 37,601 shares in the last quarter. Commonwealth Equity Services LLC increased its position in shares of Magnite by 668.3% during the second quarter. Commonwealth Equity Services LLC now owns 81,573 shares of the company's stock valued at $1,084,000 after buying an additional 70,956 shares during the period. Driehaus Capital Management LLC bought a new position in Magnite in the second quarter worth about $9,938,000. Finally, Intech Investment Management LLC purchased a new stake in Magnite in the third quarter worth about $649,000. Hedge funds and other institutional investors own 73.40% of the company's stock.

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.