Magnite (NASDAQ:MGNI) Given “Buy” Rating at Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Magnite (NASDAQ:MGNI) in a research note released on Thursday morning,Benzinga reports. They currently have a $20.00 price objective on the stock.

Other equities research analysts have also issued reports about the company. Wolfe Research upped their price target on Magnite from $14.00 to $19.00 and gave the stock an “outperform” rating in a research note on Friday, January 3rd. Wells Fargo & Company increased 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. Scotiabank initiated coverage on shares of Magnite in a research report on Thursday, December 5th. They set a “sector outperform” rating and a $22.00 price target on the stock. Royal Bank of Canada increased their price objective on shares of Magnite from $19.00 to $22.00 and gave the stock an “outperform” rating in a research report on Friday, January 3rd. Finally, Macquarie restated an “outperform” rating and set a $18.00 target price on shares of Magnite in a report on Friday, November 8th. One investment analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $19.27.

Magnite Stock Performance

Magnite stock opened at $16.55 on Thursday. Magnite has a 52 week low of $8.38 and a 52 week high of $21.29. The stock has a fifty day moving average price of $17.31 and a 200 day moving average price of $15.18. 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 has a market capitalization of $2.33 billion, a P/E ratio of 275.83, a PEG ratio of 1.00 and a beta of 2.52.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings results on Wednesday, February 26th. The company reported $0.25 earnings per share 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 analysts’ expectations of $183.90 million. Magnite had a return on equity of 4.64% and a net margin of 2.62%. Equities research analysts anticipate that Magnite will post 0.33 earnings per share for the current year.

Insider Buying and Selling

In other Magnite news, Director James Rossman sold 149,936 shares of Magnite stock in a transaction that occurred on Friday, February 7th. The shares were sold at an average price of $19.46, for a total value of $2,917,754.56. Following the transaction, the director now owns 219,920 shares in the company, valued at approximately $4,279,643.20. The trade was a 40.54 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Michael G. Barrett sold 147,996 shares of the business’s stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $17.52, for a total value of $2,592,889.92. Following the sale, the chief executive officer now owns 634,914 shares in the company, valued at approximately $11,123,693.28. The trade was a 18.90 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 398,110 shares of company stock valued at $7,418,043 over the last 90 days. 4.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Magnite

A number of large investors have recently bought and sold shares of the business. SBI Securities Co. Ltd. bought a new stake in Magnite during the 4th quarter valued at approximately $25,000. Larson Financial Group LLC grew its holdings in Magnite by 179.2% during the 4th quarter. Larson Financial Group LLC now owns 3,647 shares of the company’s stock worth $58,000 after acquiring an additional 2,341 shares during the last quarter. Quarry LP increased its holdings in shares of Magnite by 446.8% in the third quarter. Quarry LP now owns 5,517 shares of the company’s stock valued at $76,000 after purchasing an additional 4,508 shares in the last quarter. Quantbot Technologies LP bought a new position in shares of Magnite in the 4th quarter valued at about $87,000. Finally, Jones Financial Companies Lllp boosted its position in shares of Magnite by 20.6% in the 4th 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 last quarter. 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.