Magnite (NASDAQ:MGNI) Shares Gap Up Following Analyst Upgrade

Magnite, Inc. (NASDAQ:MGNI)’s stock price gapped up before the market opened on Friday after Royal Bank of Canada raised their price target on the stock from $19.00 to $22.00. The stock had previously closed at $16.10, but opened at $16.58. Royal Bank of Canada currently has an outperform rating on the stock. Magnite shares last traded at $16.94, with a volume of 119,368 shares traded.

Other equities analysts have also issued research reports about the company. Wolfe Research raised their price objective on Magnite from $14.00 to $19.00 and gave the stock an “outperform” rating in a research note on Friday. Macquarie restated an “outperform” rating and issued a $18.00 price target on shares of Magnite in a research report on Friday, November 8th. Benchmark reissued a “buy” rating and issued a $21.00 target price on shares of Magnite in a report on Wednesday, October 2nd. Needham & Company LLC boosted their target price 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. Finally, 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 target on the stock. One equities research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, Magnite presently has an average rating of “Moderate Buy” and a consensus price target of $18.19.

Insiders Place Their Bets

In related news, CFO David Day sold 11,644 shares of the business’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $16.44, for a total value of $191,427.36. Following the sale, the chief financial officer now owns 400,859 shares of the company’s stock, valued at $6,590,121.96. The trade was a 2.82 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Aaron Saltz sold 5,112 shares of the stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $13.50, for a total value of $69,012.00. Following the completion of the sale, the insider now owns 307,745 shares of the company’s stock, valued at $4,154,557.50. The trade was a 1.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 352,752 shares of company stock valued at $5,938,282 in the last 90 days. Corporate insiders own 4.30% of the company’s stock.

Institutional Investors Weigh In On Magnite

A number of institutional investors have recently made changes to their positions in MGNI. Asset Dedication LLC acquired a new position in shares of Magnite in the second quarter worth approximately $52,000. Benjamin F. Edwards & Company Inc. lifted its position in shares of Magnite by 973.5% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 4,380 shares of the company’s stock worth $58,000 after purchasing an additional 3,972 shares during the period. Quarry LP boosted its stake in shares of Magnite by 446.8% in the 3rd quarter. Quarry LP now owns 5,517 shares of the company’s stock valued at $76,000 after purchasing an additional 4,508 shares during the last quarter. DekaBank Deutsche Girozentrale bought a new stake in shares of Magnite in the 2nd quarter valued at $93,000. Finally, Blue Trust Inc. increased its position in shares of Magnite by 87.0% during the third quarter. Blue Trust Inc. now owns 7,931 shares of the company’s stock worth $105,000 after buying an additional 3,689 shares during the period. Institutional investors own 73.40% of the company’s stock.

Magnite Price Performance

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 firm has a market cap of $2.41 billion, a P/E ratio of 285.50, a P/E/G ratio of 1.35 and a beta of 2.50. The business’s 50 day moving average is $15.69 and its two-hundred day moving average is $14.14.

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.