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

Magnite (NASDAQ:MGNIGet Free Report)‘s stock had its “buy” rating restated by stock analysts at Needham & Company LLC in a research report issued on Tuesday, Benzinga reports. They currently have a $15.00 price target on the stock. Needham & Company LLC’s price target suggests a potential upside of 11.11% from the company’s current price.

Other equities research analysts have also issued reports about the company. Craig Hallum upped their price objective on Magnite from $18.00 to $20.00 and gave the stock a “buy” rating in a research note on Thursday, May 16th. Royal Bank of Canada upped their price target on Magnite from $17.00 to $19.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 5th. B. Riley began coverage on Magnite in a research report on Friday, April 19th. They set a “buy” rating and a $14.50 price objective on the stock. Evercore ISI increased their target price on shares of Magnite from $13.00 to $15.00 and gave the stock an “outperform” rating in a report on Monday, June 3rd. Finally, Benchmark reaffirmed a “buy” rating and set a $18.00 price target on shares of Magnite in a report on Monday, June 17th. Ten analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $15.65.

Check Out Our Latest Stock Analysis on MGNI

Magnite Trading Down 0.2 %

Shares of NASDAQ:MGNI opened at $13.50 on Tuesday. The stock’s 50-day simple moving average is $12.01 and its two-hundred day simple moving average is $10.58. The stock has a market capitalization of $1.89 billion, a price-to-earnings ratio of -21.09, a PEG ratio of 0.94 and a beta of 2.35. Magnite has a 52-week low of $6.28 and a 52-week high of $15.73. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.10 and a current ratio of 1.10.

Magnite (NASDAQ:MGNIGet Free Report) last posted its quarterly earnings data on Wednesday, May 8th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.05. Magnite had a negative net margin of 12.24% and a positive return on equity of 3.23%. The company had revenue of $130.55 million for the quarter, compared to the consensus estimate of $123.77 million. Analysts expect that Magnite will post 0.38 EPS for the current year.

Insider Buying and Selling at Magnite

In other news, insider Aaron Saltz sold 4,778 shares of the firm’s stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $13.65, for a total transaction of $65,219.70. Following the completion of the transaction, the insider now owns 317,010 shares in the company, valued at $4,327,186.50. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, COO Katie Seitz Evans sold 14,541 shares of the business’s stock in a transaction on Thursday, June 13th. The shares were sold at an average price of $13.77, for a total value of $200,229.57. Following the sale, the chief operating officer now owns 408,960 shares in the company, valued at $5,631,379.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Aaron Saltz sold 4,778 shares of the stock in a transaction on Friday, June 14th. The shares were sold at an average price of $13.65, for a total transaction of $65,219.70. Following the transaction, the insider now owns 317,010 shares of the company’s stock, valued at approximately $4,327,186.50. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 99,629 shares of company stock worth $1,323,232. Insiders own 4.30% of the company’s stock.

Institutional Trading of Magnite

Several hedge funds have recently made changes to their positions in MGNI. Cape Investment Advisory Inc. bought a new stake in Magnite during the fourth quarter worth approximately $25,000. O Shaughnessy Asset Management LLC bought a new position in shares of Magnite during the 1st quarter valued at approximately $108,000. Dynamic Technology Lab Private Ltd purchased a new stake in Magnite during the 4th quarter valued at $99,000. Legato Capital Management LLC bought a new stake in Magnite in the fourth quarter worth $103,000. Finally, Bayesian Capital Management LP purchased a new position in Magnite during the first quarter worth $132,000. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

Magnite Company Profile

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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.

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Analyst Recommendations for Magnite (NASDAQ:MGNI)

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