Brokerages Set Magnite, Inc. (NASDAQ:MGNI) Target Price at $16.96

Shares of Magnite, Inc. (NASDAQ:MGNI) have been assigned an average recommendation of “Moderate Buy” from the twelve brokerages that are presently covering the company, MarketBeat reports. One equities research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $16.96.

Several research analysts recently commented on the stock. Craig Hallum reaffirmed a “buy” rating and issued a $20.00 price target on shares of Magnite in a research note on Wednesday, August 21st. Wells Fargo & Company assumed coverage on shares of Magnite in a research note on Monday, October 28th. They issued an “equal weight” rating and a $13.00 price target on the stock. 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. Benchmark reaffirmed a “buy” rating and issued a $21.00 price target on shares of Magnite in a research note on Wednesday, October 2nd. Finally, Macquarie reaffirmed an “outperform” rating and issued a $18.00 price target on shares of Magnite in a research note on Friday, November 8th.

Magnite Trading Down 0.8 %

Shares of MGNI opened at $17.06 on Wednesday. Magnite has a twelve month low of $8.05 and a twelve month high of $18.38. The company has a market cap of $2.40 billion, a P/E ratio of 284.33, a P/E/G ratio of 1.41 and a beta of 2.50. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.76. The company’s fifty day simple moving average is $13.88 and its 200-day simple moving average is $13.56.

Insider Buying and Selling at Magnite

In related news, insider Aaron Saltz sold 5,112 shares of the company’s stock in a transaction that occurred on Thursday, November 7th. The stock was 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 in the company, valued at $4,154,557.50. This represents a 1.63 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Michael G. Barrett sold 27,004 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $17.63, for a total value of $476,080.52. Following the completion of the sale, the chief executive officer now owns 782,910 shares in the company, valued at approximately $13,802,703.30. This represents a 3.33 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 191,143 shares of company stock worth $3,121,851 over the last quarter. Insiders own 4.30% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Wellington Management Group LLP raised its stake in shares of Magnite by 125.3% during the 3rd quarter. Wellington Management Group LLP now owns 6,579,670 shares of the company’s stock worth $91,128,000 after buying an additional 3,659,759 shares during the period. Nomura Asset Management Co. Ltd. acquired a new position in shares of Magnite during the 3rd quarter worth approximately $23,917,000. Granite Investment Partners LLC acquired a new position in shares of Magnite during the 2nd quarter worth approximately $11,227,000. Driehaus Capital Management LLC acquired a new position in shares of Magnite during the 2nd quarter worth approximately $9,938,000. Finally, Marshall Wace LLP raised its stake in shares of Magnite by 59.0% during the 2nd quarter. Marshall Wace LLP now owns 1,559,520 shares of the company’s stock worth $20,726,000 after buying an additional 578,678 shares during the period. 73.40% of the stock is owned by institutional investors and hedge funds.

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.