Magnite’s (MGNI) Buy Rating Reiterated at Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Magnite (NASDAQ:MGNI) in a report released on Thursday,Benzinga reports. They currently have a $25.00 price target on the stock.

Several other equities analysts have also recently commented on the company. Scotiabank reduced their target price on Magnite from $30.00 to $16.00 and set a “sector outperform” rating for the company in a research report on Thursday, February 26th. Weiss Ratings reiterated a “hold (c)” rating on shares of Magnite in a research report on Thursday, January 22nd. Evercore reissued an “outperform” rating and set a $20.00 price objective on shares of Magnite in a report on Thursday, February 26th. Rosenblatt Securities restated a “buy” rating and issued a $39.00 price objective on shares of Magnite in a research report on Thursday, February 26th. Finally, Benchmark lowered their target price on shares of Magnite from $31.00 to $30.00 and set a “buy” rating on the stock in a research note on Thursday, February 26th. Nine analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $24.10.

Magnite Stock Performance

NASDAQ MGNI opened at $13.71 on Thursday. Magnite has a 1 year low of $10.63 and a 1 year high of $26.65. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.02 and a quick ratio of 1.02. The stock has a market capitalization of $1.98 billion, a PE ratio of 14.59, a P/E/G ratio of 0.84 and a beta of 2.39. The company’s 50 day simple moving average is $12.39 and its two-hundred day simple moving average is $14.78.

Magnite (NASDAQ:MGNI) last released its quarterly earnings results on Wednesday, February 25th. The company reported $0.34 EPS for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.01). The firm had revenue of $205.36 million for the quarter, compared to analysts’ expectations of $193.87 million. Magnite had a net margin of 20.25% and a return on equity of 8.44%. The firm’s revenue for the quarter was up 5.9% on a year-over-year basis. During the same quarter last year, the firm earned $0.34 earnings per share. Analysts predict that Magnite will post 0.33 earnings per share for the current fiscal year.

Insider Activity at Magnite

In other news, insider Adam Lee Soroca sold 21,529 shares of the stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $12.00, for a total transaction of $258,348.00. Following the transaction, the insider directly owned 388,425 shares in the company, valued at approximately $4,661,100. This represents a 5.25% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 3.80% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Stephens Inc. AR lifted its holdings in shares of Magnite by 0.6% in the 3rd quarter. Stephens Inc. AR now owns 83,468 shares of the company’s stock worth $1,818,000 after acquiring an additional 517 shares during the last quarter. Smartleaf Asset Management LLC grew its holdings in shares of Magnite by 20.5% during the 2nd quarter. Smartleaf Asset Management LLC now owns 3,387 shares of the company’s stock valued at $82,000 after purchasing an additional 577 shares during the last quarter. US Bancorp DE grew its holdings in shares of Magnite by 75.8% during the 3rd quarter. US Bancorp DE now owns 1,596 shares of the company’s stock valued at $35,000 after purchasing an additional 688 shares during the last quarter. PNC Financial Services Group Inc. raised its position in Magnite by 45.1% in the 3rd quarter. PNC Financial Services Group Inc. now owns 2,428 shares of the company’s stock worth $53,000 after purchasing an additional 755 shares during the period. Finally, AYAL Capital Advisors Ltd raised its position in Magnite by 0.5% in the 4th quarter. AYAL Capital Advisors Ltd now owns 200,000 shares of the company’s stock worth $3,246,000 after purchasing an additional 1,000 shares during the period. 73.40% of the stock is currently owned by institutional investors.

About Magnite

Magnite, Inc (NASDAQ: MGNI) operates as an independent sell-side advertising platform that enables publishers and digital media owners to monetize their inventory through programmatic advertising. Formed in 2020 through the merger of Rubicon Project and Telaria, Magnite combines technologies for desktop, mobile, connected television (CTV) and digital out-of-home (DOOH) ad exchanges. The company provides an end-to-end solution designed to help media owners optimize yield across open marketplaces, private marketplaces and programmatic guaranteed deals.

At the core of Magnite’s offering is its supply-side platform (SSP), which connects publishers’ ad impressions to demand-side platforms (DSPs) through real-time bidding (RTB).