Magnite (NASDAQ:MGNI) Earns “Buy” Rating from Needham & Company LLC

Magnite (NASDAQ:MGNI)‘s stock had its “buy” rating reaffirmed by equities research analysts at Needham & Company LLC in a research report issued to clients and investors on Wednesday,Benzinga reports. They currently have a $20.00 price objective on the stock. Needham & Company LLC’s price objective points to a potential upside of 75.44% from the company’s previous close.

MGNI has been the subject of several other research reports. Wolfe Research lifted their price target on Magnite from $14.00 to $19.00 and gave the company an “outperform” rating in a research note on Friday, January 3rd. Scotiabank started coverage on Magnite in a research report on Thursday, December 5th. They issued a “sector outperform” rating and a $22.00 price objective for the company. Royal Bank of Canada increased their target price on Magnite from $19.00 to $22.00 and gave the company an “outperform” rating in a research report on Friday, January 3rd. Susquehanna boosted their price target on shares of Magnite from $16.00 to $22.00 and gave the stock a “positive” rating in a report on Thursday, February 27th. Finally, Wells Fargo & Company upped their price objective on shares of Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a research report on Thursday, January 16th. One analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $19.27.

Magnite Trading Down 0.1 %

Magnite stock opened at $11.40 on Wednesday. The firm has a market cap of $1.63 billion, a PE ratio of 190.00, a P/E/G ratio of 1.00 and a beta of 2.79. Magnite has a 12 month low of $8.38 and a 12 month high of $21.29. The stock’s 50 day simple moving average is $15.91 and its two-hundred day simple moving average is $15.17. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.76.

Magnite (NASDAQ:MGNI) last announced its quarterly earnings results on Wednesday, February 26th. The company reported $0.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.14). Magnite had a return on equity of 4.64% and a net margin of 2.62%. The firm had revenue of $180.20 million for the quarter, compared to analysts’ expectations of $183.90 million. Analysts anticipate that Magnite will post 0.33 earnings per share for the current year.

Insider Buying and Selling at Magnite

In other Magnite news, Director Paul Caine sold 5,000 shares of the business’s stock in a transaction on Monday, February 10th. The stock was sold at an average price of $20.35, for a total transaction of $101,750.00. Following the transaction, the director now owns 182,837 shares of the company’s stock, valued at approximately $3,720,732.95. The trade was a 2.66 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director James Rossman sold 149,936 shares of Magnite stock in a transaction on Friday, February 7th. The stock was sold at an average price of $19.46, for a total value of $2,917,754.56. Following the transaction, the director now owns 219,920 shares in the company, valued at approximately $4,279,643.20. This represents a 40.54 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 258,250 shares of company stock worth $4,945,720. Insiders own 4.30% of the company’s stock.

Institutional Investors Weigh In On Magnite

Several hedge funds and other institutional investors have recently bought and sold shares of the company. SBI Securities Co. Ltd. purchased a new stake in shares of Magnite in the 4th quarter valued at approximately $25,000. Larson Financial Group LLC lifted its holdings in Magnite by 179.2% in the fourth quarter. Larson Financial Group LLC now owns 3,647 shares of the company’s stock valued at $58,000 after acquiring an additional 2,341 shares during the last quarter. Quarry LP grew its position in Magnite by 446.8% in the third quarter. Quarry LP now owns 5,517 shares of the company’s stock worth $76,000 after acquiring an additional 4,508 shares during the period. Quantbot Technologies LP purchased a new position in Magnite in the fourth quarter worth approximately $87,000. Finally, Jones Financial Companies Lllp increased its stake in Magnite by 20.6% during the fourth quarter. Jones Financial Companies Lllp now owns 5,853 shares of the company’s stock worth $93,000 after acquiring an additional 1,000 shares during the last quarter. 73.40% of the stock is currently owned by institutional investors and hedge funds.

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.