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

Magnite (NASDAQ:MGNI - Get Free Report)'s stock had its "buy" rating reaffirmed by equities research analysts at Needham & Company LLC in a report released on Tuesday,Benzinga reports. They currently have a $14.00 price target on the stock. Needham & Company LLC's target price indicates a potential upside of 25.79% from the company's current price.

MGNI has been the subject of several other reports. Wells Fargo & Company upped their price target on Magnite from $13.00 to $15.00 and gave the stock an "equal weight" rating in a research note on Thursday, January 16th. Benchmark reissued a "buy" rating and issued a $25.00 price objective on shares of Magnite in a research report on Monday, March 10th. Wolfe Research lifted their target price on shares of Magnite from $14.00 to $19.00 and gave the company an "outperform" rating in a report on Friday, January 3rd. Royal Bank of Canada increased their price target on Magnite from $19.00 to $22.00 and gave the company an "outperform" rating in a report on Friday, January 3rd. Finally, Susquehanna boosted their price objective on Magnite from $16.00 to $22.00 and gave the stock a "positive" rating in a research note on Thursday, February 27th. One equities research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, Magnite presently has an average rating of "Moderate Buy" and a consensus price target of $19.17.

Magnite Trading Up 12.4 %

MGNI traded up $1.23 during midday trading on Tuesday, hitting $11.13. The company's stock had a trading volume of 9,045,861 shares, compared to its average volume of 2,111,708. The firm has a market cap of $1.59 billion, a P/E ratio of 185.50, a PEG ratio of 1.00 and a beta of 2.69. Magnite has a 52-week low of $8.22 and a 52-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 firm has a 50-day moving average price of $13.49 and a two-hundred day moving average price of $14.82.

Magnite (NASDAQ:MGNI - Get Free Report) last issued its quarterly 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 company had revenue of $180.20 million for the quarter, compared to analyst estimates of $183.90 million. Magnite had a return on equity of 4.64% and a net margin of 2.62%. On average, research analysts anticipate that Magnite will post 0.33 earnings per share for the current year.

Insider Activity at Magnite

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Merit Financial Group LLC acquired a new position in shares of Magnite during the fourth quarter worth approximately $586,000. Rice Hall James & Associates LLC bought a new stake in Magnite during the 4th quarter valued at $3,000,000. Jennison Associates LLC acquired a new position in Magnite during the 4th quarter worth $818,000. JPMorgan Chase & Co. grew its stake in shares of Magnite by 5.9% in the fourth quarter. JPMorgan Chase & Co. now owns 1,511,439 shares of the company's stock worth $24,062,000 after purchasing an additional 84,497 shares in the last quarter. Finally, Penbrook Management LLC grew its stake in shares of Magnite by 60.8% in the fourth quarter. Penbrook Management LLC now owns 38,480 shares of the company's stock worth $613,000 after purchasing an additional 14,550 shares in the last quarter. 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.