Magnite (NASDAQ:MGNI) Hits New 1-Year High – Should You Buy?

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

Wall Street Analyst Weigh In

Several equities analysts have commented on MGNI shares. Bank of America raised their target price on shares of Magnite from $15.00 to $17.00 and gave the company a “buy” rating in a report on Monday, July 29th. Wells Fargo & Company started coverage on Magnite in a report on Monday, October 28th. They set an “equal weight” rating and a $13.00 target price on the stock. Macquarie reissued an “outperform” rating and set a $18.00 target price on shares of Magnite in a research note on Friday, November 8th. Benchmark reaffirmed a “buy” rating and issued a $21.00 target price on shares of Magnite in a research report on Wednesday, October 2nd. Finally, Royal Bank of Canada restated an “outperform” rating and set a $19.00 price objective on shares of Magnite in a research note on Friday, September 27th. One investment analyst has rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, Magnite presently has an average rating of “Moderate Buy” and a consensus target price of $16.96.

Magnite Price Performance

The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.11 and a current ratio of 1.11. The stock has a market capitalization of $2.41 billion, a PE ratio of 285.00, a P/E/G ratio of 1.33 and a beta of 2.43. The company’s fifty day simple moving average is $13.33 and its two-hundred day simple moving average is $13.11.

Insider Transactions at Magnite

In other Magnite news, CEO Michael G. Barrett sold 100,000 shares of the business’s stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $16.14, for a total transaction of $1,614,000.00. Following the sale, the chief executive officer now owns 809,914 shares in the company, valued at approximately $13,072,011.96. The trade was a 10.99 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CRO Sean Patrick Buckley sold 10,001 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $15.60, for a total transaction of $156,015.60. Following the sale, the executive now owns 303,743 shares of the company’s stock, valued at approximately $4,738,390.80. This represents a 3.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 127,551 shares of company stock valued at $2,031,814. Corporate insiders own 4.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of MGNI. Russell Investments Group Ltd. boosted its position in Magnite by 30.6% during the first quarter. Russell Investments Group Ltd. now owns 140,200 shares of the company’s stock valued at $1,507,000 after purchasing an additional 32,854 shares during the last quarter. ProShare Advisors LLC increased its position in Magnite by 8.5% during the 1st quarter. ProShare Advisors LLC now owns 24,325 shares of the company’s stock valued at $261,000 after purchasing an additional 1,914 shares during the period. State Board of Administration of Florida Retirement System lifted its stake in shares of Magnite by 61.8% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 61,859 shares of the company’s stock valued at $665,000 after purchasing an additional 23,628 shares during the period. Vanguard Group Inc. grew its holdings in Magnite by 1.3% in the first quarter. Vanguard Group Inc. now owns 12,818,197 shares of the company’s stock worth $137,796,000 after purchasing an additional 166,522 shares during the period. Finally, O Shaughnessy Asset Management LLC bought a new stake in shares of Magnite during the first quarter valued at approximately $108,000. 73.40% of the stock is owned by institutional investors and hedge funds.

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.