Analysts Set Magnite, Inc. (NASDAQ:MGNI) Price Target at $18.35

Magnite, Inc. (NASDAQ:MGNI) has earned a consensus rating of “Moderate Buy” from the thirteen brokerages that are covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $18.35.

Several analysts recently commented on the stock. Scotiabank started 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. Wolfe Research raised their price target on shares of Magnite from $14.00 to $19.00 and gave the company an “outperform” rating in a report on Friday, January 3rd. Needham & Company LLC reaffirmed a “buy” rating and set a $20.00 price target on shares of Magnite in a report on Friday, January 17th. Royal Bank of Canada raised their price target on shares of Magnite from $19.00 to $22.00 and gave the company an “outperform” rating in a report on Friday, January 3rd. Finally, Wells Fargo & Company raised 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.

Magnite Stock Performance

Shares of MGNI stock opened at $20.51 on Monday. Magnite has a one year low of $8.38 and a one year high of $21.29. The company’s 50-day moving average is $16.87 and its 200 day moving average is $14.77. The company has a market capitalization of $2.89 billion, a price-to-earnings ratio of 341.83, a price-to-earnings-growth ratio of 1.05 and a beta of 2.52. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.11 and a current ratio of 1.11.

Insider Buying and Selling

In other Magnite news, CRO Sean Patrick Buckley sold 10,001 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $15.60, for a total transaction of $156,015.60. Following the sale, the executive now owns 303,743 shares in the company, valued at approximately $4,738,390.80. This trade represents a 3.19 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Adam Lee Soroca sold 7,849 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $15.60, for a total transaction of $122,444.40. Following the sale, the insider now owns 421,347 shares in the company, valued at approximately $6,573,013.20. The trade was a 1.83 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 571,458 shares of company stock valued at $10,237,160. 4.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Magnite

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MGNI. SBI Securities Co. Ltd. bought a new stake in Magnite during the 4th quarter worth approximately $25,000. Larson Financial Group LLC raised its position in shares of Magnite by 179.2% during the fourth quarter. Larson Financial Group LLC now owns 3,647 shares of the company’s stock valued at $58,000 after buying an additional 2,341 shares during the last quarter. Quarry LP raised its position in shares of Magnite by 446.8% during the third quarter. Quarry LP now owns 5,517 shares of the company’s stock valued at $76,000 after buying an additional 4,508 shares during the last quarter. Quantbot Technologies LP bought a new stake in shares of Magnite during the fourth quarter valued at approximately $87,000. Finally, Jones Financial Companies Lllp raised its position in shares of Magnite by 20.6% during the fourth quarter. Jones Financial Companies Lllp now owns 5,853 shares of the company’s stock valued at $93,000 after buying an additional 1,000 shares during the last quarter. Institutional investors own 73.40% of the company’s stock.

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.