Magnite (NASDAQ:MGNI) Shares Up 13.2% – What’s Next?

Magnite, Inc. (NASDAQ:MGNI)’s share price rose 13.2% on Monday . The stock traded as high as $15.41 and last traded at $15.41. Approximately 1,340,158 shares changed hands during mid-day trading, a decline of 16% from the average daily volume of 1,601,500 shares. The stock had previously closed at $13.61.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Wolfe Research started coverage on shares of Magnite in a report on Tuesday, July 16th. They issued an “outperform” rating and a $16.00 target price 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. Needham & Company LLC reiterated a “buy” rating and set a $15.00 target price on shares of Magnite in a report on Wednesday, October 2nd. Craig Hallum reissued a “buy” rating and set a $20.00 target price on shares of Magnite in a research report on Wednesday, August 21st. Finally, Wells Fargo & Company began coverage on shares of Magnite in a research report on Monday, October 28th. They set an “equal weight” rating and a $13.00 price target on the stock. One equities research analyst has rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $16.96.

Magnite Price Performance

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 stock has a market cap of $2.36 billion, a PE ratio of 278.00, a P/E/G ratio of 1.52 and a beta of 2.43. The company’s 50 day moving average is $12.90 and its 200-day moving average is $12.82.

Insider Transactions at Magnite

In related news, CEO Michael G. Barrett sold 75,000 shares of the stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $12.63, for a total value of $947,250.00. Following the completion of the transaction, the chief executive officer now owns 944,552 shares of the company’s stock, valued at approximately $11,929,691.76. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other Magnite news, CEO Michael G. Barrett sold 75,000 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $12.63, for a total value of $947,250.00. Following the transaction, the chief executive officer now directly owns 944,552 shares of the company’s stock, valued at $11,929,691.76. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CRO Sean Patrick Buckley sold 2,623 shares of the stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $12.53, for a total value of $32,866.19. Following the transaction, the executive now owns 331,742 shares of the company’s stock, valued at approximately $4,156,727.26. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 102,801 shares of company stock valued at $1,307,555. 4.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Magnite

A number of institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted 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. Burgundy Asset Management Ltd. grew its stake in Magnite by 1.1% during the 1st quarter. Burgundy Asset Management Ltd. now owns 2,457,031 shares of the company’s stock worth $26,413,000 after buying an additional 25,921 shares during the last quarter. Marshall Wace LLP grew its position in shares of Magnite by 59.0% during the second quarter. Marshall Wace LLP now owns 1,559,520 shares of the company’s stock worth $20,726,000 after acquiring an additional 578,678 shares during the last quarter. Royce & Associates LP increased its position in Magnite by 5.2% in the 3rd quarter. Royce & Associates LP now owns 1,488,301 shares of the company’s stock valued at $20,613,000 after acquiring an additional 73,555 shares during the period. Finally, Victory Capital Management Inc. grew its position in Magnite by 2.9% in the 3rd quarter. Victory Capital Management Inc. now owns 1,340,705 shares of the company’s stock valued at $18,569,000 after buying an additional 37,601 shares in the last quarter. 73.40% of the stock is currently owned by institutional investors.

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.