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

Magnite (NASDAQ:MGNI)‘s stock had its “buy” rating reiterated by equities research analysts at Needham & Company LLC in a report issued on Friday,Benzinga reports. They presently have a $20.00 price target on the stock. Needham & Company LLC’s target price points to a potential upside of 32.10% from the stock’s previous close.

A number of other brokerages also recently issued reports on MGNI. Royal Bank of Canada lifted 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. Wells Fargo & Company lifted their price target on shares of Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a report on Thursday. Macquarie reiterated an “outperform” rating and set a $18.00 price objective on shares of Magnite in a report on Friday, November 8th. Wolfe Research raised their price objective on Magnite from $14.00 to $19.00 and gave the stock an “outperform” rating in a research report on Friday, January 3rd. Finally, Scotiabank initiated coverage on Magnite in a research report on Thursday, December 5th. They set a “sector outperform” rating and a $22.00 target price on the stock. One analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, Magnite has an average rating of “Moderate Buy” and a consensus target price of $18.35.

Magnite Trading Down 5.9 %

MGNI opened at $15.14 on Friday. 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 cap of $2.13 billion, a price-to-earnings ratio of 252.33, a PEG ratio of 0.80 and a beta of 2.51. Magnite has a 12 month low of $8.38 and a 12 month high of $18.38. The stock has a fifty day moving average price of $16.36 and a 200-day moving average price of $14.34.

Insiders Place Their Bets

In other Magnite news, CFO David Day sold 13,345 shares of the stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $17.00, for a total transaction of $226,865.00. Following the sale, the chief financial officer now directly owns 374,014 shares of the company’s stock, valued at approximately $6,358,238. This trade represents a 3.45 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CTO David Buonasera sold 1,969 shares of the firm’s stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $16.31, for a total value of $32,114.39. Following the completion of the sale, the chief technology officer now directly owns 223,795 shares in the company, valued at approximately $3,650,096.45. The trade was a 0.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 366,097 shares of company stock valued at $6,165,147. 4.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Magnite

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Wellington Management Group LLP raised its position in shares of Magnite by 125.3% during the 3rd quarter. Wellington Management Group LLP now owns 6,579,670 shares of the company’s stock worth $91,128,000 after purchasing an additional 3,659,759 shares during the last quarter. Nomura Asset Management Co. Ltd. purchased a new stake in shares of Magnite during the third quarter worth approximately $23,917,000. Granite Investment Partners LLC acquired a new position in Magnite in the 2nd quarter valued at $11,227,000. Driehaus Capital Management LLC purchased a new position in Magnite in the 2nd quarter valued at $9,938,000. Finally, Marshall Wace LLP lifted its holdings in Magnite by 59.0% in the 2nd quarter. Marshall Wace LLP now owns 1,559,520 shares of the company’s stock valued at $20,726,000 after purchasing an additional 578,678 shares in the last quarter. 73.40% of the stock is owned by hedge funds and other 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.