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

Magnite (NASDAQ:MGNI)‘s stock had its “buy” rating reaffirmed by stock analysts at Needham & Company LLC in a research note issued on Monday,Benzinga reports. They currently have a $14.00 price objective on the stock. Needham & Company LLC’s price objective points to a potential upside of 26.85% from the stock’s previous close.

A number of other research analysts also recently weighed in on the company. Wells Fargo & Company raised their price target on Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a research note on Thursday, January 16th. Susquehanna upped their target price on shares of Magnite from $16.00 to $22.00 and gave the company a “positive” rating in a report on Thursday, February 27th. Benchmark restated a “buy” rating and issued a $25.00 price objective on shares of Magnite in a research note on Monday, March 10th. Wolfe Research raised their price target on Magnite from $14.00 to $19.00 and gave the company an “outperform” rating in a report on Friday, January 3rd. Finally, Royal Bank of Canada increased their price objective on shares of Magnite from $19.00 to $22.00 and gave the company an “outperform” rating in a research report on Friday, January 3rd. One investment analyst has rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $19.17.

Magnite Trading Down 0.8 %

Shares of MGNI stock opened at $11.04 on Monday. Magnite has a 12-month low of $8.22 and a 12-month high of $21.29. The firm has a 50-day moving average price of $13.49 and a 200 day moving average price of $14.84. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.76. The company has a market capitalization of $1.58 billion, a P/E ratio of 183.97, a P/E/G ratio of 1.00 and a beta of 2.69.

Magnite (NASDAQ:MGNI) last announced its quarterly earnings data 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 firm had revenue of $180.20 million for the quarter, compared to the consensus estimate of $183.90 million. Magnite had a return on equity of 4.64% and a net margin of 2.62%. Research analysts forecast that Magnite will post 0.33 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Magnite news, insider Sean Patrick Buckley sold 18,693 shares of Magnite stock in a transaction dated Friday, February 7th. The stock was sold at an average price of $20.00, for a total transaction of $373,860.00. Following the completion of the transaction, the insider now owns 408,529 shares of the company’s stock, valued at $8,170,580. The trade was a 4.38 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Brian Gephart sold 6,250 shares of the firm’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $16.00, for a total transaction of $100,000.00. Following the completion of the transaction, the chief accounting officer now directly owns 132,909 shares of the company’s stock, valued at approximately $2,126,544. The trade was a 4.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 244,905 shares of company stock valued at $4,718,855. Insiders own 4.30% of the company’s stock.

Hedge Funds Weigh In On Magnite

Several hedge funds and other institutional investors have recently modified their holdings of the company. SBI Securities Co. Ltd. bought a new stake in shares of Magnite in the 4th quarter worth approximately $25,000. Larson Financial Group LLC boosted 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 in the last quarter. GAMMA Investing LLC increased its position in Magnite by 10,170.3% during the 1st quarter. GAMMA Investing LLC now owns 3,800 shares of the company’s stock valued at $43,000 after purchasing an additional 3,763 shares during the period. Quantbot Technologies LP bought a new position in Magnite in the 4th quarter worth $87,000. Finally, Jones Financial Companies Lllp boosted its stake in shares of Magnite by 20.6% during the 4th quarter. Jones Financial Companies Lllp now owns 5,853 shares of the company’s stock valued at $93,000 after purchasing an additional 1,000 shares in the last quarter. 73.40% of the stock is owned by institutional investors.

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.