Magnite, Inc. (NASDAQ:MGNI) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Magnite, Inc. (NASDAQ:MGNI) has received a consensus rating of “Moderate Buy” from the thirteen ratings firms that are presently covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $17.73.

Several brokerages have commented on MGNI. Royal Bank of Canada reissued an “outperform” rating and set a $19.00 price objective on shares of Magnite in a research report on Friday, September 27th. Macquarie reissued an “outperform” rating and set a $18.00 price target on shares of Magnite in a research report on Friday, November 8th. Wells Fargo & Company assumed coverage on shares of Magnite in a report on Monday, October 28th. They issued an “equal weight” rating and a $13.00 price objective on the stock. 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 for the company. Finally, Needham & Company LLC upped their price target on Magnite from $17.00 to $20.00 and gave the stock a “buy” rating in a research note on Thursday, December 5th.

Insider Activity

In related news, insider Aaron Saltz sold 5,112 shares of the stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $13.50, for a total transaction of $69,012.00. Following the transaction, the insider now owns 307,745 shares in the company, valued at $4,154,557.50. This represents a 1.63 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 value of $156,015.60. Following the completion of the sale, 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 disclosure for this sale can be found here. Insiders have sold a total of 352,752 shares of company stock valued at $5,938,282 over the last ninety days. 4.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Magnite

Institutional investors have recently made changes to their positions in the business. Calamos Advisors LLC purchased a new stake in Magnite during the second quarter valued at approximately $2,048,000. Verdence Capital Advisors LLC raised its holdings in Magnite by 12.9% in the 2nd quarter. Verdence Capital Advisors LLC now owns 18,434 shares of the company’s stock worth $245,000 after purchasing an additional 2,109 shares during the period. Legato Capital Management LLC raised its holdings in Magnite by 29.5% in the 2nd quarter. Legato Capital Management LLC now owns 52,560 shares of the company’s stock worth $699,000 after purchasing an additional 11,975 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Magnite by 9.3% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 27,151 shares of the company’s stock valued at $361,000 after purchasing an additional 2,316 shares during the period. Finally, Panagora Asset Management Inc. purchased a new stake in Magnite in the second quarter worth about $2,758,000. Institutional investors own 73.40% of the company’s stock.

Magnite Stock Down 1.6 %

Shares of NASDAQ:MGNI opened at $16.37 on Friday. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.11 and a current ratio of 1.11. Magnite has a 52-week low of $8.38 and a 52-week high of $18.38. The firm has a market capitalization of $2.30 billion, a P/E ratio of 272.83, a P/E/G ratio of 1.35 and a beta of 2.50. The stock has a 50 day moving average price of $15.38 and a 200-day moving average price of $14.08.

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.