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

Magnite (NASDAQ:MGNI)‘s stock had its “buy” rating restated by investment analysts at Needham & Company LLC in a report released on Tuesday,Benzinga reports. They presently have a $14.00 price target on the stock. Needham & Company LLC’s price objective would indicate a potential upside of 41.41% from the company’s current price.

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

Magnite Stock Down 2.4 %

Magnite stock opened at $9.90 on Tuesday. 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 firm’s fifty day moving average price is $13.86 and its two-hundred day moving average price is $14.83. The firm has a market capitalization of $1.42 billion, a price-to-earnings ratio of 165.00, a price-to-earnings-growth ratio of 1.00 and a beta of 2.69. Magnite has a 1-year low of $8.22 and a 1-year high of $21.29.

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). The company had revenue of $180.20 million for the quarter, compared to analyst estimates of $183.90 million. Magnite had a net margin of 2.62% and a return on equity of 4.64%. On average, equities research analysts predict that Magnite will post 0.33 earnings per share for the current fiscal year.

Insider Activity at Magnite

In other Magnite news, Director Paul Caine sold 5,000 shares of the stock in a transaction on Monday, February 10th. The stock was sold at an average price of $20.35, for a total transaction of $101,750.00. Following the sale, the director now owns 182,837 shares in the company, valued at $3,720,732.95. This represents a 2.66 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 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 value of $100,000.00. Following the sale, the chief accounting officer now owns 132,909 shares in the company, valued at approximately $2,126,544. This represents a 4.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 244,905 shares of company stock worth $4,718,855. Company insiders own 4.30% of the company’s stock.

Hedge Funds Weigh In On Magnite

A number of institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in shares of Magnite by 1.9% during the fourth quarter. Vanguard Group Inc. now owns 13,605,104 shares of the company’s stock worth $216,593,000 after purchasing an additional 257,032 shares in the last quarter. Capital Research Global Investors purchased a new position in Magnite in the 4th quarter worth approximately $122,986,000. Wellington Management Group LLP increased its holdings in shares of Magnite by 6.8% in the 4th quarter. Wellington Management Group LLP now owns 7,030,011 shares of the company’s stock worth $111,918,000 after buying an additional 450,341 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of Magnite by 3.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 5,524,643 shares of the company’s stock valued at $87,957,000 after buying an additional 170,532 shares in the last quarter. Finally, Boston Partners lifted its holdings in shares of Magnite by 39.1% during the 4th quarter. Boston Partners now owns 4,756,323 shares of the company’s stock worth $76,061,000 after acquiring an additional 1,336,458 shares during the last quarter. 73.40% of the stock is currently owned by institutional investors.

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.