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 research report released on Wednesday morning,Benzinga reports. Needham & Company LLC currently has a $20.00 target price on the stock.

MGNI has been the topic of several other reports. Royal Bank of Canada lifted their price target on shares of Magnite from $19.00 to $22.00 and gave the company an “outperform” rating in a report on Friday, January 3rd. Scotiabank initiated coverage on Magnite in a research report on Thursday, December 5th. They issued a “sector outperform” rating and a $22.00 target price for the company. Wells Fargo & Company upped their price objective on Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a research note on Thursday, January 16th. Benchmark restated a “buy” rating and issued a $25.00 price target on shares of Magnite in a research report on Monday, March 10th. Finally, Susquehanna raised their target price on Magnite from $16.00 to $22.00 and gave the stock a “positive” rating in a research report on Thursday, February 27th. One research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $19.27.

Magnite Stock Up 1.0 %

MGNI stock opened at $11.51 on Wednesday. Magnite has a 52 week low of $8.38 and a 52 week high of $21.29. The business has a 50-day simple moving average of $15.81 and a 200 day simple moving average of $15.15. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.76. The company has a market cap of $1.65 billion, a PE ratio of 191.83, a price-to-earnings-growth ratio of 1.00 and a beta of 2.79.

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

Insider Buying and Selling

In other Magnite news, CFO David Day sold 13,345 shares of the business’s stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $17.00, for a total transaction of $226,865.00. Following the completion of the sale, the chief financial officer now owns 374,014 shares in the company, valued at approximately $6,358,238. The trade was a 3.45 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Adam Lee Soroca sold 15,499 shares of the firm’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 directly owns 458,386 shares in the company, valued at $7,219,579.50. This trade represents a 3.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 258,250 shares of company stock valued at $4,945,720 over the last ninety days. 4.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Magnite

Several hedge funds and other institutional investors have recently made changes to their positions in MGNI. Capital Research Global Investors acquired a new position in Magnite during the 4th quarter valued at about $122,986,000. Wellington Management Group LLP boosted its position in shares of Magnite by 125.3% during the third quarter. Wellington Management Group LLP now owns 6,579,670 shares of the company’s stock valued at $91,128,000 after buying an additional 3,659,759 shares during the last quarter. Nomura Asset Management Co. Ltd. bought a new stake in Magnite during the third quarter worth $23,917,000. Boston Partners boosted its holdings in 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. Finally, Maestria Partners LLC bought a new stake in shares of Magnite in the 4th quarter worth $15,161,000. 73.40% of the stock is 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.