Royal Bank of Canada Issues Positive Forecast for Magnite (NASDAQ:MGNI) Stock Price

Magnite (NASDAQ:MGNI) had its price target upped by investment analysts at Royal Bank of Canada from $19.00 to $22.00 in a report released on Friday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Royal Bank of Canada’s target price would suggest a potential upside of 30.87% from the stock’s current price.

A number of other equities research analysts have also recently issued reports on MGNI. Wolfe Research boosted their target price on shares of Magnite from $14.00 to $19.00 and gave the company an “outperform” rating in a report on Friday. Wells Fargo & Company initiated coverage on shares of Magnite in a report on Monday, October 28th. They set an “equal weight” rating and a $13.00 target price on the stock. Benchmark reissued a “buy” rating and issued a $21.00 price target on shares of Magnite in a report on Wednesday, October 2nd. Macquarie reiterated an “outperform” rating and issued a $18.00 price objective on shares of Magnite in a research report on Friday, November 8th. Finally, Scotiabank began coverage on shares of Magnite in a research report on Thursday, December 5th. They set a “sector outperform” rating and a $22.00 target price for the company. One investment analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $18.19.

Magnite Stock Performance

NASDAQ:MGNI traded up $0.71 during trading hours on Friday, reaching $16.81. The stock had a trading volume of 358,706 shares, compared to its average volume of 807,563. Magnite has a 12-month low of $8.38 and a 12-month high of $18.38. The stock has a 50 day simple moving average of $15.69 and a 200 day simple moving average of $14.14. The stock has a market cap of $2.36 billion, a P/E ratio of 280.17, a price-to-earnings-growth ratio of 1.35 and a beta of 2.50. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.11 and a current ratio of 1.11.

Insiders Place Their Bets

In related news, CFO David Day sold 11,644 shares of the business’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $16.44, for a total transaction of $191,427.36. Following the completion of the transaction, the chief financial officer now directly owns 400,859 shares in the company, valued at approximately $6,590,121.96. The trade was a 2.82 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed 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 transaction of $69,012.00. Following the completion of the transaction, the insider now directly owns 307,745 shares of the company’s stock, valued at $4,154,557.50. This represents a 1.63 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 352,752 shares of company stock worth $5,938,282. 4.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Magnite

Large investors have recently bought and sold shares of the business. Asset Dedication LLC purchased a new stake in Magnite during the 2nd quarter valued at $52,000. Benjamin F. Edwards & Company Inc. grew its holdings in Magnite by 973.5% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 4,380 shares of the company’s stock valued at $58,000 after purchasing an additional 3,972 shares during the last quarter. Quarry LP raised its position in Magnite by 446.8% in the 3rd quarter. Quarry LP now owns 5,517 shares of the company’s stock worth $76,000 after purchasing an additional 4,508 shares during the period. DekaBank Deutsche Girozentrale purchased a new position in shares of Magnite during the second quarter valued at approximately $93,000. Finally, Blue Trust Inc. grew its stake in shares of Magnite by 87.0% during the third quarter. Blue Trust Inc. now owns 7,931 shares of the company’s stock valued at $105,000 after buying an additional 3,689 shares during the last quarter. Institutional investors own 73.40% of the company’s stock.

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.