Magnite (NASDAQ:MGNI) Reaches New 1-Year High – Time to Buy?

Magnite, Inc. (NASDAQ:MGNI)’s stock 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 traded. The stock had previously closed at $16.55.

Analysts Set New Price Targets

A number of research analysts recently issued reports on MGNI shares. Macquarie reiterated an “outperform” rating and set a $18.00 target price on shares of Magnite in a research report on Friday, November 8th. Needham & Company LLC reaffirmed a “buy” rating and issued a $15.00 price target on shares of Magnite in a report on Wednesday, October 2nd. Royal Bank of Canada reiterated an “outperform” rating and set a $19.00 target price on shares of Magnite in a research report on Friday, September 27th. Wells Fargo & Company began coverage on Magnite in a research report on Monday, October 28th. They issued an “equal weight” rating and a $13.00 price target for the company. Finally, Craig Hallum reiterated a “buy” rating and issued a $20.00 target price on shares of Magnite in a research note 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 data from MarketBeat, Magnite has a consensus rating of “Moderate Buy” and an average target price of $16.96.

Magnite Price Performance

The stock’s fifty day moving average price is $13.33 and its 200-day moving average price is $13.11. 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 firm has a market cap of $2.41 billion, a PE ratio of 285.00, a price-to-earnings-growth ratio of 1.33 and a beta of 2.43.

Insider Activity at Magnite

In other news, CAO Brian Gephart sold 2,156 shares of the stock in a transaction that occurred on Monday, November 11th. The stock was 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 directly owns 116,982 shares of the company’s stock, valued at approximately $1,754,730. This represents a 1.81 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Aaron Saltz sold 5,112 shares of the firm’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $13.50, for a total transaction of $69,012.00. Following the transaction, the insider now owns 307,745 shares of the company’s stock, valued at approximately $4,154,557.50. This represents a 1.63 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 127,551 shares of company stock worth $2,031,814. 4.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Magnite

A number of institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. raised 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. Wellington Management Group LLP lifted its position in shares of Magnite by 125.3% in the third quarter. Wellington Management Group LLP now owns 6,579,670 shares of the company’s stock worth $91,128,000 after purchasing an additional 3,659,759 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Magnite by 2.2% in the third quarter. Geode Capital Management LLC now owns 2,968,286 shares of the company’s stock valued at $41,118,000 after acquiring an additional 63,545 shares during the last quarter. Nomura Asset Management Co. Ltd. acquired a new stake in shares of Magnite in the 3rd quarter valued at approximately $23,917,000. Finally, Marshall Wace LLP increased its position in 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 buying an additional 578,678 shares during the last quarter. 73.40% of the stock is owned by institutional investors.

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.