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

Magnite (NASDAQ:MGNI)‘s stock had its “buy” rating reiterated by Needham & Company LLC in a research note issued to investors on Thursday,Benzinga reports. They currently have a $20.00 price objective on the stock. Needham & Company LLC’s target price points to a potential upside of 26.82% from the company’s previous close.

Several other brokerages have also recently weighed in on MGNI. Wells Fargo & Company lifted their price target on shares of Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a research note on Thursday, January 16th. Wolfe Research lifted their target price on shares of Magnite from $14.00 to $19.00 and gave the company an “outperform” rating in a research note on Friday, January 3rd. Macquarie restated an “outperform” rating and set a $18.00 target price on shares of Magnite in a research note on Friday, November 8th. Scotiabank began coverage on shares of Magnite in a research note on Thursday, December 5th. They set a “sector outperform” rating and a $22.00 target price on the stock. Finally, Royal Bank of Canada lifted their target price on shares of Magnite from $19.00 to $22.00 and gave the company an “outperform” rating in a research note on Friday, January 3rd. One research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, Magnite has an average rating of “Moderate Buy” and a consensus target price of $19.27.

Magnite Trading Down 4.7 %

Shares of Magnite stock opened at $15.77 on Thursday. The company’s fifty day simple moving average is $17.30 and its 200-day simple moving average is $15.21. The stock has a market capitalization of $2.22 billion, a PE ratio of 262.83, a P/E/G ratio of 1.00 and a beta of 2.52. Magnite has a 1-year low of $8.38 and a 1-year high of $21.29. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11.

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

Insider Transactions at Magnite

In other news, insider Sean Patrick Buckley sold 10,527 shares of the business’s stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $19.13, for a total value of $201,381.51. Following the sale, the insider now directly owns 370,558 shares in the company, valued at $7,088,774.54. The trade was a 2.76 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director James Rossman sold 149,936 shares of the business’s stock in a transaction dated Friday, February 7th. The stock was sold at an average price of $19.46, for a total transaction of $2,917,754.56. Following the completion of the sale, the director now owns 219,920 shares in the company, valued at approximately $4,279,643.20. This trade represents a 40.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 398,110 shares of company stock worth $7,418,043 in the last three months. Insiders own 4.30% of the company’s stock.

Hedge Funds Weigh In On Magnite

Hedge funds have recently added to or reduced their stakes in the company. Victory Capital Management Inc. grew its holdings in Magnite by 2.9% during the 3rd quarter. Victory Capital Management Inc. now owns 1,340,705 shares of the company’s stock valued at $18,569,000 after purchasing an additional 37,601 shares during the last quarter. Merit Financial Group LLC bought a new position in Magnite during the 4th quarter valued at about $586,000. Rice Hall James & Associates LLC bought a new position in Magnite during the 4th quarter valued at about $3,000,000. Jennison Associates LLC bought a new position in Magnite during the 4th quarter valued at about $818,000. Finally, Penbrook Management LLC grew its holdings in Magnite by 60.8% during the 4th quarter. Penbrook Management LLC now owns 38,480 shares of the company’s stock valued at $613,000 after purchasing an additional 14,550 shares during the last quarter. 73.40% of the stock is currently owned by institutional investors.

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.