Magnite (NASDAQ:MGNI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Saturday, Zacks.com reports.
According to Zacks, “Magnite Inc. provides sell-side advertising platform. The company’s omnichannel advertising platform enables publishers to monetize across all auction types and formats including CTV, desktop display, video, audio and mobile. Magnite Inc., formerly known as the Rubicon Project Inc., is based in CA, United States. ”
A number of other equities research analysts have also recently weighed in on the company. Royal Bank of Canada cut their price target on Magnite from $40.00 to $36.00 and set an “outperform” rating on the stock in a report on Thursday, November 4th. Truist Financial cut their price target on Magnite from $30.00 to $23.00 in a report on Thursday, January 27th. Macquarie dropped their target price on Magnite from $35.00 to $25.00 and set an “outperform” rating on the stock in a report on Tuesday, December 7th. Needham & Company LLC dropped their target price on Magnite from $70.00 to $25.00 and set a “buy” rating on the stock in a report on Friday, January 21st. Finally, Craig Hallum dropped their target price on Magnite from $52.00 to $45.00 and set a “buy” rating on the stock in a report on Tuesday, October 26th. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $34.10.
MGNI opened at $11.22 on Friday. The business’s 50 day moving average is $15.17 and its 200-day moving average is $22.54. The stock has a market cap of $1.47 billion, a PE ratio of 561.28 and a beta of 2.28. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 0.82. Magnite has a twelve month low of $11.15 and a twelve month high of $61.67.
In other news, Director Rachel Lam acquired 2,500 shares of the stock in a transaction on Monday, December 6th. The shares were purchased at an average cost of $16.15 per share, for a total transaction of $40,375.00. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Adam Lee Soroca sold 5,000 shares of Magnite stock in a transaction that occurred on Tuesday, February 15th. The stock was sold at an average price of $13.66, for a total transaction of $68,300.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 30,000 shares of company stock worth $505,950. 4.10% of the stock is currently owned by company insiders.
Institutional investors have recently bought and sold shares of the company. Allspring Global Investments Holdings LLC bought a new position in shares of Magnite in the 4th quarter valued at approximately $53,083,000. Goldman Sachs Group Inc. raised its stake in shares of Magnite by 77.1% in the 4th quarter. Goldman Sachs Group Inc. now owns 2,254,256 shares of the company’s stock valued at $39,450,000 after acquiring an additional 981,296 shares in the last quarter. Renaissance Technologies LLC bought a new position in shares of Magnite in the 4th quarter valued at approximately $14,400,000. Hidden Lake Asset Management LP bought a new position in shares of Magnite in the 3rd quarter valued at approximately $21,325,000. Finally, BlackRock Inc. grew its holdings in Magnite by 9.7% in the 3rd quarter. BlackRock Inc. now owns 8,331,291 shares of the company’s stock valued at $233,275,000 after buying an additional 739,754 shares during the last quarter. Institutional investors and hedge funds own 69.41% of the company’s stock.
About Magnite
Magnite, Inc provides a technology solution to automate the purchase and sale of digital advertising inventory for buyers and sellers. It features applications and services for digital advertising sellers including websites, mobile applications, and other digital media properties. The company was founded by Frank Addante, Duc Chau, Craig Roah, Julie Mattern and Brian D.