Magnite’s (MGNI) “Buy” Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of Magnite (NASDAQ:MGNI) in a report released on Wednesday morning,Benzinga reports. Needham & Company LLC currently has a $20.00 target price on the stock.

Other equities research analysts also recently issued research reports about the stock. Wolfe Research upped 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. Royal Bank of Canada upped 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. Wells Fargo & Company lifted their target price on Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a report on Thursday, January 16th. Susquehanna increased their price target on Magnite from $16.00 to $22.00 and gave the stock a “positive” rating in a report on Thursday, February 27th. Finally, Benchmark reiterated a “buy” rating and set a $25.00 price objective on shares of Magnite in a report on Monday, March 10th. One investment analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $19.27.

Magnite Stock Performance

MGNI stock opened at $11.51 on Wednesday. Magnite has a twelve month low of $8.38 and a twelve month high of $21.29. 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 cap of $1.65 billion, a P/E ratio of 191.83, a price-to-earnings-growth ratio of 1.00 and a beta of 2.79. The business’s fifty day moving average is $15.81 and its 200-day moving average is $15.15.

Magnite (NASDAQ:MGNI) last released its 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). Magnite had a net margin of 2.62% and a return on equity of 4.64%. The company had revenue of $180.20 million during the quarter, compared to analyst estimates of $183.90 million. Equities research analysts forecast that Magnite will post 0.33 EPS for the current year.

Insiders Place Their Bets

In related news, insider Adam Lee Soroca sold 15,499 shares of Magnite stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $15.75, for a total value of $244,109.25. Following the sale, the insider now owns 458,386 shares of the company’s stock, valued at approximately $7,219,579.50. The trade was a 3.27 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Brian Gephart sold 6,250 shares of the stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $16.00, for a total value of $100,000.00. Following the transaction, the chief accounting officer now directly owns 132,909 shares of the company’s stock, valued at $2,126,544. This trade represents a 4.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 258,250 shares of company stock valued at $4,945,720 in the last three months. 4.30% of the stock is currently owned by corporate insiders.

Institutional Trading of Magnite

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