Analysts Set Magnite, Inc. (NASDAQ:MGNI) Target Price at $18.19

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

Several equities analysts have recently issued reports on MGNI shares. Scotiabank initiated coverage on shares of Magnite in a research note on Thursday, December 5th. They set a “sector outperform” rating and a $22.00 price target for the company. Wells Fargo & Company increased their price objective on shares of Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a research report on Thursday. Benchmark reiterated a “buy” rating and set a $21.00 price target on shares of Magnite in a report on Wednesday, October 2nd. Macquarie reaffirmed an “outperform” rating and set a $18.00 target price on shares of Magnite in a research note on Friday, November 8th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $20.00 price target on shares of Magnite in a research note on Friday.

Magnite Stock Up 2.0 %

Shares of NASDAQ:MGNI opened at $15.44 on Thursday. The company has a fifty day moving average of $16.43 and a 200-day moving average of $14.36. Magnite has a 52-week low of $8.38 and a 52-week high of $18.38. The company has a market capitalization of $2.17 billion, a PE ratio of 257.33, a price-to-earnings-growth ratio of 0.80 and a beta of 2.51. 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 Transactions at Magnite

In other Magnite news, insider Aaron Saltz sold 5,112 shares of Magnite stock in a transaction dated Thursday, November 7th. The shares were 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 of the company’s stock, valued at approximately $4,154,557.50. The trade was a 1.63 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CTO David Buonasera sold 1,969 shares of the company’s stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $16.31, for a total value of $32,114.39. Following the completion of the transaction, the chief technology officer now owns 223,795 shares in the company, valued at approximately $3,650,096.45. The trade was a 0.87 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 366,097 shares of company stock valued at $6,165,147 over the last ninety days. 4.30% of the stock is currently owned by insiders.

Institutional Trading of Magnite

Several hedge funds have recently made changes to their positions in the company. Merit Financial Group LLC purchased a new position in Magnite in the 4th quarter valued at approximately $586,000. Financial Enhancement Group LLC purchased a new stake in shares of Magnite during the fourth quarter worth $1,509,000. Moody National Bank Trust Division boosted its holdings in shares of Magnite by 13.9% in the fourth quarter. Moody National Bank Trust Division now owns 110,278 shares of the company’s stock worth $1,756,000 after acquiring an additional 13,450 shares during the period. Fulton Bank N.A. grew its position in shares of Magnite by 27.0% in the fourth quarter. Fulton Bank N.A. now owns 35,952 shares of the company’s stock valued at $572,000 after purchasing an additional 7,641 shares in the last quarter. Finally, Nordea Investment Management AB raised its stake in shares of Magnite by 4.1% during the 4th quarter. Nordea Investment Management AB now owns 893,989 shares of the company’s stock valued at $14,474,000 after purchasing an additional 35,490 shares during the period. 73.40% of the stock is currently owned by institutional investors.

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.