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

Magnite, Inc. (NASDAQ:MGNI)’s share price reached a new 52-week high during trading on Friday . The stock traded as high as $17.07 and last traded at $16.90, with a volume of 1152901 shares changing hands. The stock had previously closed at $16.55.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Royal Bank of Canada reissued an “outperform” rating and set a $19.00 price target on shares of Magnite in a research report on Friday, September 27th. Needham & Company LLC reissued a “buy” rating and set a $15.00 price objective on shares of Magnite in a report on Wednesday, October 2nd. Macquarie restated an “outperform” rating and issued a $18.00 target price on shares of Magnite in a research note on Friday, November 8th. Benchmark reiterated a “buy” rating and issued a $21.00 price target on shares of Magnite in a research note on Wednesday, October 2nd. Finally, Craig Hallum reissued a “buy” rating and issued a $20.00 price objective on shares of Magnite in a report on Wednesday, August 21st. One analyst has rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $16.96.

Magnite Price Performance

The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11. The company has a fifty day moving average price of $13.39 and a 200 day moving average price of $13.19. 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 2.43.

Insider Buying and Selling

In related news, CEO Michael G. Barrett sold 100,000 shares of the stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $16.14, for a total value of $1,614,000.00. Following the completion of the transaction, the chief executive officer now directly owns 809,914 shares of the company’s stock, valued at $13,072,011.96. This represents a 10.99 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Brian Gephart sold 2,156 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $15.00, for a total value of $32,340.00. Following the completion of the sale, the chief accounting officer now owns 116,982 shares in the company, valued at approximately $1,754,730. This represents a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 140,051 shares of company stock worth $2,233,314 in the last three months. 4.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. UMB Bank n.a. lifted its holdings in Magnite by 111.8% in the second quarter. UMB Bank n.a. now owns 2,251 shares of the company’s stock worth $30,000 after purchasing an additional 1,188 shares during the period. Asset Dedication LLC acquired a new stake in shares of Magnite in the 2nd quarter worth approximately $52,000. Blue Trust Inc. bought a new position in shares of Magnite in the second quarter valued at approximately $56,000. Benjamin F. Edwards & Company Inc. increased its stake in shares of Magnite by 973.5% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 4,380 shares of the company’s stock valued at $58,000 after acquiring an additional 3,972 shares during the period. Finally, Quarry LP raised its holdings in Magnite by 446.8% during the third quarter. Quarry LP now owns 5,517 shares of the company’s stock worth $76,000 after purchasing an additional 4,508 shares in the last quarter. Institutional investors 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.