Magnite (NASDAQ:MGNI) Stock Price Expected to Rise, Royal Bank of Canada Analyst Says

Magnite (NASDAQ:MGNI) had its target price upped by Royal Bank of Canada from $19.00 to $22.00 in a research report sent to investors on Friday morning,Benzinga reports. They currently have an outperform rating on the stock.

Several other research analysts have also recently weighed in on MGNI. Scotiabank began coverage on Magnite in a research report on Thursday, December 5th. They set a “sector outperform” rating and a $22.00 price objective for the company. Wells Fargo & Company assumed coverage on Magnite in a report on Monday, October 28th. They set an “equal weight” rating and a $13.00 target price on the stock. Needham & Company LLC upped their target price on Magnite from $17.00 to $20.00 and gave the stock a “buy” rating in a report on Thursday, December 5th. Benchmark reiterated a “buy” rating and set a $21.00 target price on shares of Magnite in a report on Wednesday, October 2nd. Finally, Macquarie reiterated an “outperform” rating and set a $18.00 target price on shares of Magnite in a report on Friday, November 8th. One equities research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $18.19.

Magnite Stock Up 6.4 %

NASDAQ:MGNI opened at $17.13 on Friday. Magnite has a 1 year low of $8.38 and a 1 year high of $18.38. 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 stock has a market cap of $2.41 billion, a price-to-earnings ratio of 285.50, a PEG ratio of 1.35 and a beta of 2.51. The stock has a 50-day moving average price of $15.78 and a two-hundred day moving average price of $14.17.

Insider Buying and Selling at Magnite

In other Magnite news, insider Aaron Saltz sold 5,112 shares of the company’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $13.50, for a total value of $69,012.00. Following the sale, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Michael G. Barrett sold 147,996 shares of the company’s stock in a transaction that occurred on Wednesday, December 4th. The shares were 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 $11,123,693.28. This represents a 18.90 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 352,752 shares of company stock worth $5,938,282 over the last 90 days. Company insiders own 4.30% of the company’s stock.

Hedge Funds Weigh In On Magnite

A number of large investors have recently made changes to their positions in the company. Principal Financial Group Inc. increased its stake in shares of Magnite by 552.2% during the third quarter. Principal Financial Group Inc. now owns 107,515 shares of the company’s stock worth $1,489,000 after purchasing an additional 91,031 shares during the period. 272 Capital LP bought a new position in shares of Magnite during the third quarter worth approximately $598,000. Franklin Resources Inc. increased its stake in shares of Magnite by 99.7% during the third quarter. Franklin Resources Inc. now owns 144,563 shares of the company’s stock worth $2,002,000 after purchasing an additional 72,169 shares during the period. Tidal Investments LLC increased its stake in shares of Magnite by 22.2% during the third quarter. Tidal Investments LLC now owns 130,580 shares of the company’s stock worth $1,809,000 after purchasing an additional 23,688 shares during the period. Finally, Geode Capital Management LLC increased its stake in shares of Magnite by 2.2% during the third quarter. Geode Capital Management LLC now owns 2,968,286 shares of the company’s stock worth $41,118,000 after purchasing an additional 63,545 shares during the period. 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.