Magnite (NASDAQ:MGNI) Sees Strong Trading Volume – Should You Buy?

Magnite, Inc. (NASDAQ:MGNI) shares saw an uptick in trading volume on Monday . 799,693 shares traded hands during mid-day trading, a decline of 52% from the previous session’s volume of 1,649,593 shares.The stock last traded at $17.40 and had previously closed at $17.13.

Analyst Upgrades and Downgrades

MGNI has been the topic of a number of research analyst reports. Wells Fargo & Company began coverage on Magnite in a report on Monday, October 28th. They set an “equal weight” rating and a $13.00 price target on the stock. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $19.00 price target on shares of Magnite in a research note on Friday, September 27th. Craig Hallum reissued a “buy” rating and set a $20.00 price objective on shares of Magnite in a research report on Wednesday, August 21st. Bank of America upped their target price on Magnite from $15.00 to $17.00 and gave the stock a “buy” rating in a research report on Monday, July 29th. Finally, Benchmark restated a “buy” rating and set a $21.00 price target on shares of Magnite in a research note on Wednesday, October 2nd. One equities research analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, Magnite currently has an average rating of “Moderate Buy” and a consensus price target of $16.96.

Magnite Stock Down 2.9 %

The firm has a market capitalization of $2.34 billion, a P/E ratio of 285.50, a price-to-earnings-growth ratio of 1.40 and a beta of 2.43. 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 stock has a fifty day moving average of $13.39 and a 200 day moving average of $13.22.

Insider Activity at Magnite

In other Magnite news, Director Robert F. Spillane sold 12,500 shares of the firm’s stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $16.12, for a total value of $201,500.00. Following the completion of the sale, the director now directly owns 70,651 shares of the company’s stock, valued at $1,138,894.12. This trade represents a 15.03 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CAO Brian Gephart sold 2,156 shares of the stock in a transaction 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 transaction, the chief accounting officer now owns 116,982 shares of the company’s stock, valued at $1,754,730. The trade was a 1.81 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 140,051 shares of company stock worth $2,233,314. 4.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On Magnite

Institutional investors have recently made changes to their positions in the stock. New Century Financial Group LLC purchased a new stake in Magnite during the 2nd quarter worth about $640,000. Victory Capital Management Inc. boosted its position in shares of Magnite by 2.9% in the third quarter. Victory Capital Management Inc. now owns 1,340,705 shares of the company’s stock valued at $18,569,000 after acquiring an additional 37,601 shares during the period. Commonwealth Equity Services LLC grew its stake in Magnite by 668.3% during the second quarter. Commonwealth Equity Services LLC now owns 81,573 shares of the company’s stock valued at $1,084,000 after acquiring an additional 70,956 shares in the last quarter. Tidal Investments LLC increased its holdings in Magnite by 212.8% during the 1st quarter. Tidal Investments LLC now owns 69,388 shares of the company’s stock worth $746,000 after acquiring an additional 47,205 shares during the period. Finally, Baader Bank Aktiengesellschaft purchased a new stake in Magnite in the 2nd quarter worth approximately $671,000. Hedge funds and other 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.