Several other equities research analysts have also commented on the company. Needham & Company LLC began coverage on Magnite in a research report on Thursday, September 3rd. They set a buy rating and a $10.00 target price on the stock. Truist upped their target price on Magnite from $7.00 to $9.00 in a research report on Friday, August 14th. Finally, Royal Bank of Canada began coverage on Magnite in a research report on Tuesday, September 29th. They set an outperform rating and a $9.00 target price on the stock.
Magnite stock opened at $9.81 on Wednesday. Magnite has a 52 week low of $4.09 and a 52 week high of $13.11. The stock’s fifty day simple moving average is $7.27. The firm has a market cap of $1.08 billion, a PE ratio of -15.56 and a beta of 1.56.
In other Magnite news, insider Adam Lee Soroca sold 5,182 shares of the company’s stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $7.38, for a total value of $38,243.16. Following the sale, the insider now owns 417,764 shares in the company, valued at $3,083,098.32. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CTO Thomas Kershaw sold 30,000 shares of the company’s stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $7.48, for a total transaction of $224,400.00. Following the completion of the sale, the chief technology officer now owns 643,609 shares in the company, valued at approximately $4,814,195.32. The disclosure for this sale can be found here. In the last 90 days, insiders sold 46,961 shares of company stock worth $374,544. Corporate insiders own 5.70% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the business. FNY Investment Advisers LLC lifted its stake in shares of Magnite by 31.0% during the 3rd quarter. FNY Investment Advisers LLC now owns 166,860 shares of the company’s stock valued at $1,158,000 after buying an additional 39,500 shares in the last quarter. Evanson Asset Management LLC bought a new position in shares of Magnite in the third quarter worth about $143,000. Concorde Asset Management LLC bought a new position in Magnite during the third quarter valued at approximately $96,000. Finally, NEXT Financial Group Inc bought a new position in Magnite during the third quarter valued at approximately $47,000. Institutional investors and hedge funds own 66.29% of the company’s stock.
Magnite Company Profile
Magnite, Inc operates an independent sell-side advertising platform in the United States and internationally. Its omnichannel advertising platform enables publishers to monetize various auction types and formats, including CTV, desktop display, video, audio, and mobile, as well as allows agencies and brands to access brand-safe ad inventory and execute advertising transactions.
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