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

Needham & Company LLC reissued their buy rating on shares of Magnite (NASDAQ:MGNI - Free Report) in a report released on Monday,Benzinga reports. The brokerage currently has a $14.00 price target on the stock.

A number of other equities analysts have also recently commented on MGNI. Royal Bank of Canada lifted their price objective on shares of Magnite from $19.00 to $22.00 and gave the stock an "outperform" rating in a research report on Friday, January 3rd. Wells Fargo & Company upped their price target on shares of Magnite from $13.00 to $15.00 and gave the company an "equal weight" rating in a research note on Thursday, January 16th. Wolfe Research increased their price target on shares of Magnite from $14.00 to $19.00 and gave the company an "outperform" rating in a report on Friday, January 3rd. Susquehanna boosted their price objective on Magnite from $16.00 to $22.00 and gave the stock a "positive" rating in a report on Thursday, February 27th. Finally, Benchmark reiterated a "buy" rating and set a $25.00 target price on shares of Magnite in a research note on Monday, March 10th. One investment analyst has rated the stock with a hold rating and eleven have given a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $19.17.

Magnite Stock Up 1.3 %

MGNI traded up $0.16 during trading on Monday, reaching $12.38. 1,558,636 shares of the stock were exchanged, compared to its average volume of 2,137,643. The stock has a market cap of $1.75 billion, a P/E ratio of 206.33, a price-to-earnings-growth ratio of 1.00 and a beta of 2.69. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.11 and a current ratio of 1.11. The stock's 50 day moving average price is $12.82 and its two-hundred day moving average price is $14.79. Magnite has a twelve month low of $8.22 and a twelve month high of $21.29.

Magnite (NASDAQ:MGNI - Get Free Report) last issued its 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 net margin of 2.62% and a return on equity of 4.64%. The firm had revenue of $180.20 million during the quarter, compared to the consensus estimate of $183.90 million. Equities analysts expect that Magnite will post 0.33 EPS for the current year.

Insider Transactions at Magnite

In other Magnite news, Director James Rossman sold 149,936 shares of the stock in a transaction dated Friday, February 7th. The stock was sold at an average price of $19.46, for a total transaction of $2,917,754.56. Following the completion of the sale, the director now directly owns 219,920 shares in the company, valued at approximately $4,279,643.20. This trade represents a 40.54 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Paul Caine sold 5,000 shares of Magnite stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $20.35, for a total value of $101,750.00. Following the completion of the transaction, the director now directly owns 182,837 shares of the company's stock, valued at approximately $3,720,732.95. This trade represents a 2.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 244,905 shares of company stock worth $4,718,855 over the last three months. 4.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Magnite

A number of institutional investors and hedge funds have recently modified their holdings of the business. Arizona State Retirement System increased its stake in shares of Magnite by 1.5% in the 4th quarter. Arizona State Retirement System now owns 36,846 shares of the company's stock valued at $587,000 after acquiring an additional 559 shares in the last quarter. Truist Financial Corp increased its stake in Magnite by 2.0% in the fourth quarter. Truist Financial Corp now owns 34,242 shares of the company's stock valued at $545,000 after purchasing an additional 674 shares in the last quarter. Summit Investment Advisors Inc. raised its holdings in shares of Magnite by 6.8% during the fourth quarter. Summit Investment Advisors Inc. now owns 13,162 shares of the company's stock valued at $210,000 after purchasing an additional 836 shares during the period. ANTIPODES PARTNERS Ltd raised its holdings in shares of Magnite by 13.4% during the fourth quarter. ANTIPODES PARTNERS Ltd now owns 8,072 shares of the company's stock valued at $129,000 after purchasing an additional 956 shares during the period. Finally, Jones Financial Companies Lllp boosted 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 purchasing an additional 1,000 shares in the last quarter. 73.40% of the stock is currently owned by institutional investors.

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.