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

Magnite (NASDAQ:MGNI - Get Free Report)'s stock had its "buy" rating restated by equities researchers at Needham & Company LLC in a report released on Wednesday,Benzinga reports. They currently have a $20.00 target price on the stock. Needham & Company LLC's target price suggests a potential upside of 121.56% from the stock's previous close.

MGNI has been the subject of several other research reports. Benchmark reissued a "buy" rating and issued a $25.00 price target on shares of Magnite in a research report on Monday, March 10th. Wolfe Research increased their price objective 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 Magnite in a research report on Thursday, December 5th. They set a "sector outperform" rating and a $22.00 target price on the stock. Susquehanna increased their price target on Magnite from $16.00 to $22.00 and gave the company a "positive" rating in a research report on Thursday, February 27th. Finally, 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 report on Friday, January 3rd. One equities research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $19.27.

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Magnite Price Performance

NASDAQ MGNI traded down $0.05 during trading on Wednesday, hitting $9.03. 1,589,779 shares of the company's stock were exchanged, compared to its average volume of 2,022,960. The stock's 50 day moving average price is $15.50 and its two-hundred day moving average price is $15.10. Magnite has a fifty-two week low of $8.27 and a fifty-two week high of $21.29. 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 company has a market cap of $1.29 billion, a PE ratio of 151.93, a P/E/G ratio of 1.00 and a beta of 2.69.

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

Insider Buying and Selling

In other Magnite news, insider Adam Lee Soroca sold 15,499 shares of the stock in a transaction 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 sale, the insider now directly owns 458,386 shares in the company, valued at approximately $7,219,579.50. This trade represents a 3.27 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Sean Patrick Buckley sold 18,693 shares of the business's stock in a transaction dated Friday, February 7th. The stock was sold at an average price of $20.00, for a total value of $373,860.00. Following the completion of the transaction, the insider now directly owns 408,529 shares of the company's stock, valued at approximately $8,170,580. This trade represents a 4.38 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 244,905 shares of company stock worth $4,718,855 in the last three months. 4.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. SBI Securities Co. Ltd. bought a new stake in shares of Magnite during the 4th quarter valued at $25,000. Larson Financial Group LLC grew its stake in shares of Magnite by 179.2% during the 4th quarter. Larson Financial Group LLC now owns 3,647 shares of the company's stock valued at $58,000 after acquiring an additional 2,341 shares during the period. Quarry LP increased its holdings in Magnite by 446.8% in the 3rd quarter. Quarry LP now owns 5,517 shares of the company's stock worth $76,000 after acquiring an additional 4,508 shares in the last quarter. Quantbot Technologies LP bought a new stake in Magnite during the 4th quarter worth approximately $87,000. Finally, Jones Financial Companies Lllp raised 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 valued at $93,000 after purchasing 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.