Magnite (NASDAQ:MGNI) Stock Rating Reaffirmed by Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Magnite (NASDAQ:MGNIFree Report) in a research note published on Thursday, Benzinga reports. They currently have a $15.00 price target on the stock.

Other equities analysts have also recently issued research reports about the company. Royal Bank of Canada restated an outperform rating and issued a $15.00 price target on shares of Magnite in a report on Thursday, March 7th. Susquehanna boosted their price objective on shares of Magnite from $11.00 to $14.00 and gave the stock a positive rating in a report on Thursday, February 29th. Bank of America raised their target price on Magnite from $11.00 to $13.00 and gave the company a neutral rating in a research note on Thursday, February 29th. B. Riley assumed coverage on Magnite in a research note on Friday, April 19th. They issued a buy rating and a $14.50 price target on the stock. Finally, Benchmark restated a buy rating and set a $18.00 price objective on shares of Magnite in a research note on Monday, March 25th. Two analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus target price of $14.95.

View Our Latest Stock Report on MGNI

Magnite Stock Performance

Shares of MGNI stock opened at $11.75 on Thursday. The company’s fifty day simple moving average is $9.86 and its 200-day simple moving average is $9.37. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.79. Magnite has a 52 week low of $6.28 and a 52 week high of $15.73. The company has a market cap of $1.65 billion, a PE ratio of -18.36, a P/E/G ratio of 0.93 and a beta of 2.29.

Magnite (NASDAQ:MGNIGet Free Report) last released its quarterly earnings data on Wednesday, February 28th. The company reported $0.16 EPS for the quarter, beating the consensus estimate of $0.03 by $0.13. Magnite had a positive return on equity of 3.23% and a negative net margin of 12.24%. The company had revenue of $165.28 million for the quarter, compared to analyst estimates of $160.24 million. As a group, equities research analysts anticipate that Magnite will post 0.38 EPS for the current year.

Insider Activity at Magnite

In other Magnite news, CEO Michael G. Barrett sold 75,000 shares of the business’s stock in a transaction on Friday, March 15th. The shares were sold at an average price of $11.21, for a total transaction of $840,750.00. Following the completion of the sale, the chief executive officer now owns 1,234,662 shares in the company, valued at $13,840,561.02. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 4.30% of the company’s stock.

Hedge Funds Weigh In On Magnite

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Rubric Capital Management LP lifted its holdings in shares of Magnite by 80.7% in the 3rd quarter. Rubric Capital Management LP now owns 4,000,000 shares of the company’s stock worth $30,160,000 after purchasing an additional 1,785,978 shares during the last quarter. Kennedy Capital Management LLC lifted its stake in Magnite by 2.8% in the third quarter. Kennedy Capital Management LLC now owns 2,692,371 shares of the company’s stock valued at $20,300,000 after buying an additional 74,367 shares during the last quarter. Burgundy Asset Management Ltd. acquired a new position in shares of Magnite during the third quarter valued at $17,759,000. Versor Investments LP bought a new position in shares of Magnite during the third quarter worth about $449,000. Finally, Qube Research & Technologies Ltd acquired a new stake in shares of Magnite in the 3rd quarter worth about $2,284,000. 73.40% of the stock is currently owned by institutional investors and hedge funds.

About Magnite

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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.

Further Reading

Analyst Recommendations for Magnite (NASDAQ:MGNI)

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