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

Needham & Company LLC reiterated their buy rating on shares of Magnite (NASDAQ:MGNI) in a research note issued to investors on Tuesday,Benzinga reports. They currently have a $14.00 price objective on the stock.

Several other equities research analysts also recently commented on MGNI. Benchmark reissued a “buy” rating and set a $25.00 target price on shares of Magnite in a research report on Monday, March 10th. Susquehanna boosted their price objective on Magnite from $16.00 to $22.00 and gave the stock a “positive” rating in a report on Thursday, February 27th. Wolfe Research raised their target price on Magnite from $14.00 to $19.00 and gave the company an “outperform” rating in a report on Friday, January 3rd. Wells Fargo & Company upped their price target on Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a report on Thursday, January 16th. Finally, Royal Bank of Canada raised their price objective on Magnite from $19.00 to $22.00 and gave the company an “outperform” rating in a research note on Friday, January 3rd. One research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, Magnite presently has an average rating of “Moderate Buy” and an average target price of $18.81.

Magnite Stock Up 4.8 %

Shares of NASDAQ:MGNI opened at $10.14 on Tuesday. The firm has a market cap of $1.45 billion, a P/E ratio of 169.00, a PEG ratio of 1.00 and a beta of 2.69. Magnite has a 52-week low of $8.22 and a 52-week high of $21.29. The business’s 50 day simple moving average is $14.08 and its two-hundred day simple moving average is $14.86. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.11 and a current ratio of 1.11.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings results on Wednesday, February 26th. The company reported $0.25 earnings per share (EPS) 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 business had revenue of $180.20 million during the quarter, compared to analyst estimates of $183.90 million. As a group, research analysts forecast that Magnite will post 0.33 EPS for the current fiscal year.

Insider Buying and Selling

In other Magnite news, Director James Rossman sold 149,936 shares of the business’s stock in a transaction on Friday, February 7th. The stock was sold at an average price of $19.46, for a total value of $2,917,754.56. Following the sale, the director now directly owns 219,920 shares in the company, valued at $4,279,643.20. The trade was a 40.54 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Brian Gephart sold 6,250 shares of the company’s stock in a transaction 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 in the company, valued at $2,126,544. This represents a 4.49 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 244,905 shares of company stock worth $4,718,855. Insiders own 4.30% of the company’s stock.

Institutional Trading of Magnite

Hedge funds and other institutional investors have recently modified their holdings of the business. Capital Research Global Investors purchased a new position in Magnite in the 4th quarter valued at approximately $122,986,000. Boston Partners boosted its stake in Magnite by 39.1% during the fourth quarter. Boston Partners now owns 4,756,323 shares of the company’s stock valued at $76,061,000 after buying an additional 1,336,458 shares during the period. Maestria Partners LLC bought a new position in Magnite in the 4th quarter worth about $15,161,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Magnite in the 4th quarter valued at about $11,076,000. Finally, CenterBook Partners LP bought a new stake in shares of Magnite during the 4th quarter valued at about $9,962,000. Institutional investors own 73.40% of the company’s stock.

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.