Magnite (NASDAQ:MGNI) Shares Gap Up on Analyst Upgrade

Magnite, Inc. (NASDAQ:MGNI)’s share price gapped up before the market opened on Friday after Wolfe Research raised their price target on the stock from $14.00 to $19.00. The stock had previously closed at $16.10, but opened at $16.58. Wolfe Research currently has an outperform rating on the stock. Magnite shares last traded at $16.94, with a volume of 119,368 shares.

MGNI has been the subject of a number of other reports. 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 target price for the company. Wells Fargo & Company assumed coverage on Magnite in a research report on Monday, October 28th. They set an “equal weight” rating and a $13.00 price target on the stock. Royal Bank of Canada restated an “outperform” rating and issued a $19.00 price objective on shares of Magnite in a report on Friday, September 27th. Benchmark reiterated a “buy” rating and issued a $21.00 price target on shares of Magnite in a research report on Wednesday, October 2nd. Finally, Needham & Company LLC raised their price objective on shares of Magnite from $17.00 to $20.00 and gave the company a “buy” rating in a research report on Thursday, December 5th. One equities research analyst has rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Magnite currently has a consensus rating of “Moderate Buy” and a consensus target price of $17.96.

Insider Buying and Selling at Magnite

In related news, CAO Brian Gephart sold 2,156 shares of Magnite stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $15.00, for a total transaction of $32,340.00. Following the sale, the chief accounting officer now directly owns 116,982 shares of the company’s stock, valued at $1,754,730. This trade represents a 1.81 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Michael G. Barrett sold 27,004 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The stock was 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 of the company’s stock, valued at $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 a total of 352,752 shares of company stock worth $5,938,282 over the last three months. Corporate insiders own 4.30% of the company’s stock.

Institutional Investors Weigh In On Magnite

Several institutional investors and hedge funds have recently bought and sold shares of the business. Principal Financial Group Inc. increased its stake in Magnite by 552.2% in the third quarter. Principal Financial Group Inc. now owns 107,515 shares of the company’s stock valued at $1,489,000 after acquiring an additional 91,031 shares during the period. 272 Capital LP bought a new position in shares of Magnite during the 3rd quarter worth approximately $598,000. Franklin Resources Inc. boosted its stake in Magnite by 99.7% in the 3rd quarter. Franklin Resources Inc. now owns 144,563 shares of the company’s stock valued at $2,002,000 after buying an additional 72,169 shares in the last quarter. Tidal Investments LLC grew its position in Magnite by 22.2% in the third quarter. Tidal Investments LLC now owns 130,580 shares of the company’s stock valued at $1,809,000 after acquiring an additional 23,688 shares during the period. Finally, Geode Capital Management LLC raised its stake in Magnite by 2.2% during the third quarter. Geode Capital Management LLC now owns 2,968,286 shares of the company’s stock worth $41,118,000 after acquiring an additional 63,545 shares in the last quarter. Institutional investors own 73.40% of the company’s stock.

Magnite Stock Performance

The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.76. The stock has a fifty day simple moving average of $15.62 and a 200-day simple moving average of $14.12. The company has a market capitalization of $2.38 billion, a P/E ratio of 281.50, a PEG ratio of 1.35 and a beta of 2.50.

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.