Needham & Company LLC Reiterates Buy Rating for Magnite (NASDAQ:MGNI)

Magnite (NASDAQ:MGNI)‘s stock had its “buy” rating reissued by research analysts at Needham & Company LLC in a research report issued on Wednesday, Benzinga reports. They presently have a $15.00 price target on the stock. Needham & Company LLC’s price target would indicate a potential upside of 22.65% from the stock’s current price.

Other equities analysts have also issued research reports about the stock. Craig Hallum reaffirmed a “buy” rating and set a $20.00 price target on shares of Magnite in a research report on Wednesday, August 21st. Wolfe Research initiated coverage on Magnite in a research report on Tuesday, July 16th. They set an “outperform” rating and a $16.00 target price on the stock. Benchmark reiterated a “buy” rating and issued a $21.00 target price on shares of Magnite in a report on Wednesday, September 18th. Royal Bank of Canada restated an “outperform” rating and set a $19.00 price target on shares of Magnite in a report on Friday, September 27th. Finally, Bank of America lifted their price objective on shares of Magnite from $15.00 to $17.00 and gave the company a “buy” rating in a research note on Monday, July 29th. Ten equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $17.25.

Magnite Stock Up 2.7 %

Shares of NASDAQ:MGNI opened at $12.23 on Wednesday. The firm has a market cap of $1.71 billion, a P/E ratio of -19.11, a P/E/G ratio of 1.19 and a beta of 2.41. Magnite has a 12-month low of $6.28 and a 12-month high of $15.92. The business has a fifty day simple moving average of $13.29 and a 200 day simple moving average of $12.21. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.77.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings data on Wednesday, August 7th. The company reported $0.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.01). Magnite had a positive return on equity of 3.74% and a negative net margin of 0.83%. The company had revenue of $162.88 million for the quarter, compared to the consensus estimate of $144.04 million. During the same quarter last year, the business earned ($0.04) earnings per share. Magnite’s revenue was up 6.8% compared to the same quarter last year. Analysts predict that Magnite will post 0.31 earnings per share for the current year.

Insider Buying and Selling at Magnite

In related news, insider Adam Lee Soroca sold 7,910 shares of the company’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $12.59, for a total value of $99,586.90. Following the sale, the insider now owns 436,001 shares in the company, valued at approximately $5,489,252.59. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Magnite news, CFO David Day sold 19,077 shares of the firm’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $15.00, for a total transaction of $286,155.00. Following the transaction, the chief financial officer now directly owns 430,755 shares in the company, valued at approximately $6,461,325. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Adam Lee Soroca sold 7,910 shares of Magnite stock in a transaction on Monday, August 19th. The stock was sold at an average price of $12.59, for a total transaction of $99,586.90. Following the transaction, the insider now directly owns 436,001 shares in the company, valued at $5,489,252.59. The disclosure for this sale can be found here. In the last 90 days, insiders sold 250,383 shares of company stock worth $3,519,150. 4.30% of the stock is owned by corporate insiders.

Institutional Trading of Magnite

Institutional investors and hedge funds have recently made changes to their positions in the company. Norges Bank purchased a new stake in Magnite in the 4th quarter valued at about $8,164,000. Roumell Asset Management LLC lifted its holdings in Magnite by 14.7% during the fourth quarter. Roumell Asset Management LLC now owns 622,511 shares of the company’s stock worth $5,814,000 after acquiring an additional 80,000 shares during the period. Grizzlyrock Capital LLC purchased a new position in Magnite in the fourth quarter worth $6,656,000. GSA Capital Partners LLP bought a new position in Magnite in the 4th quarter valued at $4,490,000. Finally, Twin Focus Capital Partners LLC purchased a new stake in shares of Magnite during the 4th quarter valued at $143,000. Hedge funds and other 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.