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

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

Several other equities analysts have also recently weighed in on MGNI. Susquehanna lifted their target price on Magnite from $16.00 to $22.00 and gave the company a “positive” rating in a research note on Thursday, February 27th. Wolfe Research raised their price target on shares of Magnite from $14.00 to $19.00 and gave the stock an “outperform” rating in a report on Friday, January 3rd. Wells Fargo & Company upped their price objective 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. Royal Bank of Canada lifted 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. Finally, Benchmark reaffirmed a “buy” rating and issued a $25.00 price target on shares of Magnite in a research note on Monday, March 10th. One equities research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat.com, Magnite has a consensus rating of “Moderate Buy” and an average target price of $19.27.

Magnite Stock Down 6.4 %

MGNI stock opened at $9.08 on Wednesday. The company’s 50 day simple moving average is $15.50 and its 200-day simple moving average is $15.07. Magnite has a 52-week low of $8.38 and a 52-week high of $21.29. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11. The firm has a market capitalization of $1.30 billion, a P/E ratio of 151.33, a P/E/G ratio of 1.00 and a beta of 2.69.

Magnite (NASDAQ:MGNI) last released its 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). The business had revenue of $180.20 million during the quarter, compared to analysts’ expectations of $183.90 million. Magnite had a net margin of 2.62% and a return on equity of 4.64%. As a group, equities research analysts anticipate that Magnite will post 0.33 EPS for the current year.

Insider Activity

In other Magnite news, insider Adam Lee Soroca sold 15,499 shares of the business’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $15.75, for a total transaction of $244,109.25. Following the completion of the transaction, the insider now owns 458,386 shares of the company’s stock, valued at $7,219,579.50. The trade was a 3.27 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Brian Gephart sold 6,250 shares of the company’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $16.00, for a total transaction of $100,000.00. Following the sale, the chief accounting officer now 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. In 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

Institutional investors have recently made changes to their positions in the business. Arizona State Retirement System grew its position in Magnite by 1.5% during the fourth quarter. Arizona State Retirement System now owns 36,846 shares of the company’s stock worth $587,000 after buying an additional 559 shares in the last quarter. Truist Financial Corp increased its position in shares of Magnite by 2.0% during the fourth quarter. Truist Financial Corp now owns 34,242 shares of the company’s stock valued at $545,000 after purchasing an additional 674 shares during the period. Summit Investment Advisors Inc. increased its position in shares of Magnite by 6.8% during the fourth quarter. Summit Investment Advisors Inc. now owns 13,162 shares of the company’s stock valued at $210,000 after purchasing an additional 836 shares during the period. ANTIPODES PARTNERS Ltd raised its stake in shares of Magnite by 13.4% in the fourth quarter. ANTIPODES PARTNERS Ltd now owns 8,072 shares of the company’s stock valued at $129,000 after purchasing an additional 956 shares in the last quarter. Finally, Jones Financial Companies Lllp lifted its position in Magnite by 20.6% in the fourth quarter. Jones Financial Companies Lllp now owns 5,853 shares of the company’s stock worth $93,000 after purchasing an additional 1,000 shares during the period. 73.40% of the stock is currently 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.