Magnite (NASDAQ:MGNI) Price Target Raised to $19.00

Magnite (NASDAQ:MGNI) had its price target boosted by Wolfe Research from $14.00 to $19.00 in a research report sent to investors on Friday,Benzinga reports. They currently have an outperform rating on the stock.

A number of other equities analysts have also recently weighed in on MGNI. Needham & Company LLC upped their price objective on shares of Magnite from $17.00 to $20.00 and gave the stock a “buy” rating in a research report on Thursday, December 5th. Wells Fargo & Company began coverage on shares of Magnite in a research report on Monday, October 28th. They set an “equal weight” rating and a $13.00 price objective for the company. Benchmark reiterated a “buy” rating and issued a $21.00 target price on shares of Magnite in a research report on Wednesday, October 2nd. Royal Bank of Canada reiterated an “outperform” rating and issued a $19.00 target price on shares of Magnite in a research report on Friday, September 27th. Finally, Scotiabank began coverage on shares of Magnite in a research report on Thursday, December 5th. They issued a “sector outperform” rating and a $22.00 target price for the company. One equities research analyst has rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $18.19.

Magnite Stock Up 6.4 %

MGNI stock opened at $17.13 on Friday. The firm’s fifty day simple moving average is $15.78 and its 200-day simple moving average is $14.17. The company has a market capitalization of $2.41 billion, a P/E ratio of 285.50, a price-to-earnings-growth ratio of 1.35 and a beta of 2.51. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11. Magnite has a 12 month low of $8.38 and a 12 month high of $18.38.

Insider Activity

In other Magnite news, insider Aaron Saltz sold 5,112 shares of the firm’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $13.50, for a total transaction of $69,012.00. Following the completion of the sale, the insider now directly owns 307,745 shares in the company, valued at approximately $4,154,557.50. This trade represents a 1.63 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO David Day sold 11,644 shares of the firm’s stock in a transaction dated Monday, December 16th. The stock was 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 disclosure for this sale can be found here. Over the last ninety days, insiders have sold 352,752 shares of company stock valued at $5,938,282. Company insiders own 4.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in MGNI. Asset Dedication LLC bought a new stake in shares of Magnite during the second quarter valued at approximately $52,000. Benjamin F. Edwards & Company Inc. boosted its stake in Magnite by 973.5% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 4,380 shares of the company’s stock valued at $58,000 after buying an additional 3,972 shares in the last quarter. Quarry LP boosted its stake in 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 buying an additional 4,508 shares in the last quarter. DekaBank Deutsche Girozentrale acquired a new stake in Magnite in the 2nd quarter valued at $93,000. Finally, Blue Trust Inc. boosted its stake in Magnite by 87.0% in the 3rd quarter. Blue Trust Inc. now owns 7,931 shares of the company’s stock valued at $105,000 after buying an additional 3,689 shares in the last quarter. 73.40% of the stock is owned by institutional investors.

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.