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

Needham & Company LLC reiterated their buy rating on shares of Magnite (NASDAQ:MGNI) in a research note released on Thursday morning,Benzinga reports. The firm currently has a $20.00 price target on the stock.

MGNI has been the subject of several other research reports. Scotiabank started coverage on shares of Magnite in a research note on Thursday, December 5th. They issued a “sector outperform” rating and a $22.00 target price for the company. Royal Bank of Canada increased 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. Macquarie reiterated an “outperform” rating and issued a $18.00 target price on shares of Magnite in a research note on Friday, November 8th. Wells Fargo & Company increased their target price on shares of Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a research note on Thursday, January 16th. Finally, Wolfe Research increased 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. One analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $19.27.

Magnite Stock Down 4.7 %

MGNI stock opened at $15.77 on Thursday. 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 has a 52-week low of $8.38 and a 52-week high of $21.29. The company has a 50-day moving average of $17.30 and a two-hundred day moving average of $15.22. The stock has a market capitalization of $2.22 billion, a price-to-earnings ratio of 262.83, a price-to-earnings-growth ratio of 1.00 and a beta of 2.52.

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

Insider Transactions at Magnite

In other news, Director James Rossman sold 149,936 shares of the firm’s stock in a transaction that occurred on Friday, February 7th. The shares were 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 of the company’s stock, valued at approximately $4,279,643.20. This trade represents a 40.54 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CTO David Buonasera sold 1,969 shares of the firm’s stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $16.31, for a total transaction of $32,114.39. Following the sale, the chief technology officer now directly owns 223,795 shares of the company’s stock, valued at approximately $3,650,096.45. The trade was a 0.87 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 398,110 shares of company stock valued at $7,418,043. Corporate insiders own 4.30% of the company’s stock.

Institutional Trading of Magnite

Several hedge funds have recently modified their holdings of MGNI. Stephens Investment Management Group LLC acquired a new stake in shares of Magnite during the third quarter worth approximately $5,593,000. Lebenthal Global Advisors LLC acquired a new stake in shares of Magnite in the third quarter valued at approximately $141,000. Harbor Capital Advisors Inc. increased its holdings in shares of Magnite by 136.0% in the third quarter. Harbor Capital Advisors Inc. now owns 921,531 shares of the company’s stock valued at $12,763,000 after purchasing an additional 531,069 shares in the last quarter. Greenwood Capital Associates LLC increased its holdings in shares of Magnite by 14.3% in the third quarter. Greenwood Capital Associates LLC now owns 74,760 shares of the company’s stock valued at $1,035,000 after purchasing an additional 9,368 shares in the last quarter. Finally, Principal Financial Group Inc. increased its holdings in shares of Magnite by 552.2% in the third quarter. Principal Financial Group Inc. now owns 107,515 shares of the company’s stock valued at $1,489,000 after purchasing an additional 91,031 shares in the last quarter. Institutional investors and hedge funds 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.