Magnite (NASDAQ:MGNI) Sets New 52-Week High – Time to Buy?

Shares of Magnite, Inc. (NASDAQ:MGNI) hit a new 52-week high on Tuesday . The company traded as high as $16.05 and last traded at $15.85, with a volume of 586329 shares trading hands. The stock had previously closed at $15.82.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on MGNI. Bank of America increased their price objective on Magnite from $15.00 to $17.00 and gave the stock a “buy” rating in a research note on Monday, July 29th. Macquarie reaffirmed an “outperform” rating and set a $18.00 price objective on shares of Magnite in a research report on Friday. Wolfe Research started coverage on shares of Magnite in a research note on Tuesday, July 16th. They set an “outperform” rating and a $16.00 target price for the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $15.00 price target on shares of Magnite in a research note on Wednesday, October 2nd. Finally, Wells Fargo & Company began coverage on Magnite in a research report on Monday, October 28th. They set an “equal weight” rating and a $13.00 price objective for the company. One research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $16.96.

Magnite Stock Performance

The firm has a market capitalization of $2.30 billion, a P/E ratio of 263.67, a P/E/G ratio of 1.27 and a beta of 2.43. The stock’s 50 day moving average is $12.84 and its two-hundred day moving average is $12.77. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.10 and a quick ratio of 1.10.

Insider Buying and Selling at Magnite

In related news, CTO David Buonasera sold 10,000 shares of the company’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $12.65, for a total value of $126,500.00. Following the completion of the transaction, the chief technology officer now directly owns 258,102 shares of the company’s stock, valued at approximately $3,264,990.30. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, insider Adam Lee Soroca sold 7,910 shares of the company’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $12.59, for a total value of $99,586.90. Following the sale, the insider now directly owns 436,001 shares of the company’s stock, valued at approximately $5,489,252.59. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO David Buonasera sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $12.65, for a total value of $126,500.00. Following the completion of the sale, the chief technology officer now directly owns 258,102 shares of the company’s stock, valued at approximately $3,264,990.30. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 100,645 shares of company stock valued at $1,275,215. 4.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Granite Investment Partners LLC bought a new stake in Magnite in the 2nd quarter valued at $11,227,000. Driehaus Capital Management LLC bought a new stake in shares of Magnite in the second quarter valued at about $9,938,000. Marshall Wace LLP grew its stake in shares of Magnite by 59.0% in the second quarter. Marshall Wace LLP now owns 1,559,520 shares of the company’s stock valued at $20,726,000 after acquiring an additional 578,678 shares in the last quarter. Harbor Capital Advisors Inc. increased its position in Magnite by 136.0% during the third quarter. Harbor Capital Advisors Inc. now owns 921,531 shares of the company’s stock worth $12,763,000 after acquiring an additional 531,069 shares during the period. Finally, Dana Investment Advisors Inc. acquired a new stake in Magnite in the 2nd quarter worth about $6,556,000. Institutional investors and hedge funds 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.