Magnite (NASDAQ:MGNI) Given "Buy" Rating at Needham & Company LLC

Magnite (NASDAQ:MGNI - Get Free Report)'s stock had its "buy" rating reissued by investment analysts at Needham & Company LLC in a research note issued to investors on Thursday,Benzinga reports. They currently have a $20.00 price target on the stock. Needham & Company LLC's price target indicates a potential upside of 36.15% from the company's current price.

A number of other research firms also recently issued reports on MGNI. Wells Fargo & Company lifted their target price on Magnite from $13.00 to $15.00 and gave the company an "equal weight" rating in a research report on Thursday, January 16th. Wolfe Research lifted their target price on Magnite from $14.00 to $19.00 and gave the stock an "outperform" rating in a research note on Friday, January 3rd. Scotiabank initiated coverage on shares of Magnite in a research report on Thursday, December 5th. They set a "sector outperform" rating and a $22.00 price objective for the company. Macquarie reiterated an "outperform" rating and set a $18.00 target price on shares of Magnite in a research note on Friday, November 8th. Finally, Royal Bank of Canada upped their price objective on Magnite from $19.00 to $22.00 and gave the company an "outperform" rating in a report on Friday, January 3rd. One research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Magnite has an average rating of "Moderate Buy" and an average target price of $19.27.

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Magnite Stock Down 6.8 %

MGNI stock traded down $1.08 during trading hours on Thursday, reaching $14.69. 3,693,577 shares of the stock were exchanged, compared to its average volume of 2,506,155. The firm's 50-day moving average is $17.30 and its 200-day moving average is $15.24. Magnite has a 12 month low of $8.38 and a 12 month high of $21.29. The company has a market cap of $2.07 billion, a price-to-earnings ratio of 244.83, a PEG ratio of 1.00 and a beta of 2.52. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11.

Magnite (NASDAQ:MGNI - Get Free Report) last released its earnings results on Wednesday, February 26th. The company reported $0.25 EPS for the quarter, missing the consensus estimate of $0.39 by ($0.14). The firm had revenue of $180.20 million during the quarter, compared to the consensus estimate of $183.90 million. Magnite had a net margin of 2.62% and a return on equity of 4.64%. On average, equities research analysts expect that Magnite will post 0.33 earnings per share for the current year.

Insider Activity

In related news, CTO David Buonasera sold 1,969 shares of the firm's stock in a transaction on Friday, December 13th. The stock was sold at an average price of $16.31, for a total transaction of $32,114.39. Following the sale, the chief technology officer now owns 223,795 shares of the company's stock, valued at $3,650,096.45. This trade represents a 0.87 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Michael G. Barrett sold 147,996 shares of the company's stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $17.52, for a total value of $2,592,889.92. Following the completion of the transaction, the chief executive officer now directly owns 634,914 shares of the company's stock, valued at approximately $11,123,693.28. The trade was a 18.90 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 398,110 shares of company stock worth $7,418,043. Insiders own 4.30% of the company's stock.

Institutional Trading of Magnite

Several hedge funds and other institutional investors have recently made changes to their positions in MGNI. Capital Research Global Investors bought a new position in shares of Magnite during the fourth quarter valued at $122,986,000. Wellington Management Group LLP raised its position in shares of Magnite by 125.3% during the third quarter. Wellington Management Group LLP now owns 6,579,670 shares of the company's stock worth $91,128,000 after acquiring an additional 3,659,759 shares during the last quarter. Nomura Asset Management Co. Ltd. bought a new stake in Magnite in the third quarter valued at approximately $23,917,000. Boston Partners increased its position in Magnite by 39.1% during the 4th quarter. Boston Partners now owns 4,756,323 shares of the company's stock valued at $76,061,000 after purchasing an additional 1,336,458 shares during the period. Finally, Maestria Partners LLC acquired a new position in shares of Magnite in the 4th quarter worth approximately $15,161,000. 73.40% of the stock is currently owned by institutional investors.

Magnite Company Profile

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.