Magnite (NASDAQ:MGNI) Given Buy Rating at Needham & Company LLC

Magnite (NASDAQ:MGNI)‘s stock had its “buy” rating reiterated by research analysts at Needham & Company LLC in a research report issued to clients and investors on Friday,Benzinga reports. They currently have a $20.00 price target on the stock. Needham & Company LLC’s price objective points to a potential upside of 32.10% from the company’s current price.

Other equities analysts also recently issued reports about the stock. Benchmark reaffirmed a “buy” rating and set a $21.00 price objective on shares of Magnite in a research note on Wednesday, October 2nd. Wolfe Research lifted their price objective on Magnite from $14.00 to $19.00 and gave the stock an “outperform” rating in a research report on Friday, January 3rd. Wells Fargo & Company boosted their target price on Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a research note on Thursday. Macquarie reaffirmed an “outperform” rating and issued a $18.00 price target on shares of Magnite in a research note on Friday, November 8th. Finally, Royal Bank of Canada boosted 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 research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, Magnite presently has an average rating of “Moderate Buy” and a consensus target price of $18.35.

Magnite Stock Down 5.9 %

Shares of NASDAQ:MGNI opened at $15.14 on Friday. Magnite has a 12-month low of $8.38 and a 12-month high of $18.38. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.76. The stock’s 50-day moving average price is $16.36 and its 200-day moving average price is $14.34. The stock has a market capitalization of $2.13 billion, a P/E ratio of 252.33, a price-to-earnings-growth ratio of 0.80 and a beta of 2.51.

Insider Activity

In other Magnite news, CTO David Buonasera sold 1,969 shares of the business’s stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $16.31, for a total value of $32,114.39. Following the completion of the sale, the chief technology officer now directly owns 223,795 shares of the company’s stock, valued at $3,650,096.45. The trade was a 0.87 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Aaron Saltz sold 5,112 shares of the firm’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $13.50, for a total transaction of $69,012.00. Following the transaction, the insider now directly owns 307,745 shares in the company, valued at approximately $4,154,557.50. This trade represents a 1.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 366,097 shares of company stock valued at $6,165,147. 4.30% of the stock is currently owned by company insiders.

Institutional Trading of Magnite

Large investors have recently modified their holdings of the company. New Century Financial Group LLC purchased a new position in Magnite during the 2nd quarter worth $640,000. Victory Capital Management Inc. raised its holdings in shares of Magnite by 2.9% in the third quarter. Victory Capital Management Inc. now owns 1,340,705 shares of the company’s stock valued at $18,569,000 after acquiring an additional 37,601 shares in the last quarter. Driehaus Capital Management LLC purchased a new stake in Magnite in the second quarter worth about $9,938,000. Principal Financial Group Inc. lifted its stake in Magnite by 552.2% in the third quarter. Principal Financial Group Inc. now owns 107,515 shares of the company’s stock worth $1,489,000 after acquiring an additional 91,031 shares during the period. Finally, Intech Investment Management LLC bought a new position in Magnite during the 3rd quarter worth about $649,000. 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.