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

Magnite (NASDAQ:MGNI)‘s stock had its “buy” rating reissued by research analysts at Needham & Company LLC in a research report issued on Thursday,Benzinga reports. They presently have a $20.00 price target on the stock. Needham & Company LLC’s price target would indicate a potential upside of 18.62% from the company’s current price.

Other analysts have also recently issued reports about the company. Royal Bank of Canada increased their price objective on Magnite from $19.00 to $22.00 and gave the company an “outperform” rating in a research note on Friday, January 3rd. Wolfe Research lifted their price objective on Magnite from $14.00 to $19.00 and gave the company an “outperform” rating in a research note on Friday, January 3rd. Wells Fargo & Company raised their target price on shares of Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a report on Thursday, January 16th. Scotiabank started coverage on shares of Magnite in a report on Thursday, December 5th. They set a “sector outperform” rating and a $22.00 price target for the company. Finally, Macquarie restated an “outperform” rating and issued a $18.00 price objective on shares of Magnite in a report on Friday, November 8th. One equities research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat, Magnite currently has a consensus rating of “Moderate Buy” and a consensus price target of $18.35.

Magnite Stock Down 2.9 %

Shares of NASDAQ:MGNI opened at $16.86 on Thursday. The firm has a market capitalization of $2.37 billion, a PE ratio of 281.00, a price-to-earnings-growth ratio of 1.00 and a beta of 2.52. Magnite has a 1 year low of $8.38 and a 1 year 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’s 50-day moving average is $17.29 and its two-hundred day moving average is $15.17.

Magnite (NASDAQ:MGNI) last announced 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%. Analysts predict that Magnite will post 0.33 EPS for the current year.

Insider Buying and Selling at Magnite

In other Magnite news, insider Sean Patrick Buckley sold 18,693 shares of the firm’s stock in a transaction on Friday, February 7th. The shares were sold at an average price of $20.00, for a total transaction of $373,860.00. Following the transaction, the insider now directly owns 408,529 shares of the company’s stock, valued at approximately $8,170,580. This trade represents a 4.38 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CTO David Buonasera sold 1,969 shares of the business’s stock in a transaction dated 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 transaction, the chief technology officer now owns 223,795 shares in the company, valued at $3,650,096.45. This trade represents a 0.87 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 398,110 shares of company stock worth $7,418,043. 4.30% of the stock is owned by insiders.

Institutional Trading of Magnite

Hedge funds have recently made changes to their positions in the company. Capital Research Global Investors purchased a new position in Magnite during the fourth quarter worth about $122,986,000. Wellington Management Group LLP increased its position in 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 period. Nomura Asset Management Co. Ltd. purchased a new position in shares of Magnite during the 3rd quarter worth approximately $23,917,000. Boston Partners boosted its stake in shares of Magnite by 39.1% in the fourth quarter. Boston Partners now owns 4,756,323 shares of the company’s stock valued at $76,061,000 after buying an additional 1,336,458 shares in the last quarter. Finally, Maestria Partners LLC acquired a new position in Magnite during the fourth quarter worth $15,161,000. Institutional investors and hedge funds own 73.40% of the company’s stock.

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.