Magnite (NASDAQ:MGNI) Receives Buy Rating from Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Magnite (NASDAQ:MGNI) in a research report sent to investors on Monday morning,Benzinga reports. They currently have a $14.00 price objective on the stock.

Other research analysts also recently issued research reports about the stock. Royal Bank of Canada raised 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. Wolfe Research increased their price target on Magnite from $14.00 to $19.00 and gave the company an “outperform” rating in a report on Friday, January 3rd. Wells Fargo & Company upped their price objective on shares of Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a report on Thursday, January 16th. Susquehanna upped their price target on shares of Magnite from $16.00 to $22.00 and gave the company a “positive” rating in a report on Thursday, February 27th. Finally, Benchmark reiterated a “buy” rating and issued a $25.00 price objective on shares of Magnite in a research note on Monday, March 10th. One research analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $19.17.

Magnite Trading Down 1.1 %

Shares of MGNI opened at $11.01 on Monday. The business’s 50-day moving average price is $13.30 and its 200 day moving average price is $14.83. 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 stock has a market capitalization of $1.57 billion, a P/E ratio of 183.50, a P/E/G ratio of 1.00 and a beta of 2.69. Magnite has a 1-year low of $8.22 and a 1-year high of $21.29.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings results on Wednesday, February 26th. The company reported $0.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.14). Magnite had a return on equity of 4.64% and a net margin of 2.62%. The company had revenue of $180.20 million during the quarter, compared to analysts’ expectations of $183.90 million. Analysts expect that Magnite will post 0.33 earnings per share for the current year.

Insider Transactions at Magnite

In related news, Director Paul Caine sold 5,000 shares of the company’s stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $20.35, for a total transaction of $101,750.00. Following the transaction, the director now owns 182,837 shares in the company, valued at $3,720,732.95. This represents a 2.66 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Adam Lee Soroca sold 15,499 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $15.75, for a total transaction of $244,109.25. Following the transaction, the insider now owns 458,386 shares in the company, valued at $7,219,579.50. The trade was a 3.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 244,905 shares of company stock valued at $4,718,855. 4.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. SBI Securities Co. Ltd. acquired a new stake in shares of Magnite in the 4th quarter valued at $25,000. Larson Financial Group LLC raised 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 purchasing an additional 2,341 shares during the last quarter. GAMMA Investing LLC lifted its position in Magnite by 10,170.3% during the 1st quarter. GAMMA Investing LLC now owns 3,800 shares of the company’s stock valued at $43,000 after purchasing an additional 3,763 shares during the period. Quantbot Technologies LP acquired a new stake in shares of Magnite during the 4th quarter worth approximately $87,000. Finally, Jones Financial Companies Lllp grew its position in shares of Magnite by 20.6% during the 4th quarter. Jones Financial Companies Lllp now owns 5,853 shares of the company’s stock worth $93,000 after buying an additional 1,000 shares during the period. Institutional investors 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.