Magnite (NASDAQ:MGNI) Sets New 12-Month High – Still a Buy?

Shares of Magnite, Inc. (NASDAQ:MGNI) reached a new 52-week high during trading on Tuesday . The stock traded as high as $16.05 and last traded at $15.85, with a volume of 586329 shares traded. The stock had previously closed at $15.82.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on MGNI shares. Wells Fargo & Company started coverage on shares of Magnite in a report on Monday, October 28th. They issued an “equal weight” rating and a $13.00 target price on the stock. Bank of America raised their price target on Magnite from $15.00 to $17.00 and gave the company a “buy” rating in a report on Monday, July 29th. Macquarie reissued an “outperform” rating and issued a $18.00 target price on shares of Magnite in a report on Friday. Needham & Company LLC reaffirmed a “buy” rating and set a $15.00 price target on shares of Magnite in a research note on Wednesday, October 2nd. Finally, Wolfe Research initiated coverage on shares of Magnite in a research note on Tuesday, July 16th. They issued an “outperform” rating and a $16.00 price objective for the company. One investment analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $16.96.

Magnite Trading Up 3.0 %

The business’s fifty day moving average price is $12.84 and its 200 day moving average price is $12.77. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.77. The firm has a market capitalization of $2.30 billion, a PE ratio of 263.67, a P/E/G ratio of 1.27 and a beta of 2.43.

Insiders Place Their Bets

In related news, insider Aaron Saltz sold 5,112 shares of the stock in a transaction 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 completion of the sale, the insider now directly owns 307,745 shares in the company, valued at approximately $4,154,557.50. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Magnite news, CRO Sean Patrick Buckley sold 2,623 shares of Magnite stock in a transaction 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 completion of the transaction, the executive now owns 331,742 shares of the company’s stock, valued at $4,156,727.26. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Aaron Saltz sold 5,112 shares of the company’s stock in a transaction 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 transaction, the insider now owns 307,745 shares of the company’s stock, valued at approximately $4,154,557.50. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 100,645 shares of company stock valued at $1,275,215. Insiders own 4.30% of the company’s stock.

Institutional Investors Weigh In On Magnite

A number of hedge funds have recently made changes to their positions in the business. Verdence Capital Advisors LLC increased its position in Magnite by 4.8% in the 3rd quarter. Verdence Capital Advisors LLC now owns 19,326 shares of the company’s stock valued at $268,000 after acquiring an additional 892 shares during the period. Mount Yale Investment Advisors LLC raised its stake in shares of Magnite by 4.6% during the third quarter. Mount Yale Investment Advisors LLC now owns 24,229 shares of the company’s stock valued at $336,000 after purchasing an additional 1,068 shares in the last quarter. Arizona State Retirement System lifted its holdings in Magnite by 3.4% in the second quarter. Arizona State Retirement System now owns 35,256 shares of the company’s stock worth $469,000 after purchasing an additional 1,160 shares during the period. UMB Bank n.a. grew its position in Magnite by 111.8% in the 2nd quarter. UMB Bank n.a. now owns 2,251 shares of the company’s stock valued at $30,000 after buying an additional 1,188 shares in the last quarter. Finally, Fulton Bank N.A. increased its stake in Magnite by 6.4% during the 3rd quarter. Fulton Bank N.A. now owns 28,311 shares of the company’s stock valued at $392,000 after buying an additional 1,696 shares during the period. Institutional investors own 73.40% of the company’s stock.

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.