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

Magnite (NASDAQ:MGNI)‘s stock had its “buy” rating reiterated by Needham & Company LLC in a research note issued on Thursday,Benzinga reports. They currently have a $20.00 target price on the stock. Needham & Company LLC’s price objective indicates a potential upside of 18.62% from the stock’s current price.

Other equities analysts have also issued research reports about the company. Macquarie restated an “outperform” rating and issued a $18.00 target price on shares of Magnite in a research note on Friday, November 8th. Wolfe Research raised 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. Royal Bank of Canada upped their target price on Magnite from $19.00 to $22.00 and gave the company an “outperform” rating in a research report on Friday, January 3rd. Scotiabank started coverage on shares of Magnite in a research note on Thursday, December 5th. They issued a “sector outperform” rating and a $22.00 price objective on the stock. Finally, Wells Fargo & Company lifted their price target on Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a research report on Thursday, January 16th. One analyst has rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $18.35.

Magnite Trading Down 2.9 %

Shares of NASDAQ MGNI opened at $16.86 on Thursday. The firm has a market cap of $2.37 billion, a PE ratio of 281.00, a price-to-earnings-growth ratio of 1.00 and a beta of 2.52. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.76. Magnite has a twelve month low of $8.38 and a twelve month high of $21.29. The business has a fifty day simple moving average of $17.29 and a two-hundred day simple moving average of $15.17.

Magnite (NASDAQ:MGNI) last released its quarterly 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). Magnite had a net margin of 2.62% and a return on equity of 4.64%. Analysts expect that Magnite will post 0.33 earnings per share for the current fiscal year.

Insider Activity at Magnite

In related news, insider Sean Patrick Buckley sold 18,693 shares of the business’s stock in a transaction dated Friday, February 7th. The shares were sold at an average price of $20.00, for a total transaction of $373,860.00. Following the transaction, the insider now directly owns 408,529 shares in the company, valued at approximately $8,170,580. The trade was a 4.38 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Michael G. Barrett sold 147,996 shares of the stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $17.52, for a total value of $2,592,889.92. Following the completion of the sale, the chief executive officer now directly owns 634,914 shares of the company’s stock, valued at approximately $11,123,693.28. This represents a 18.90 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 398,110 shares of company stock valued at $7,418,043. 4.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of MGNI. Stephens Investment Management Group LLC purchased a new position in Magnite during the third quarter worth about $5,593,000. Lebenthal Global Advisors LLC purchased a new stake in shares of Magnite during the 3rd quarter valued at approximately $141,000. Harbor Capital Advisors Inc. lifted its holdings in Magnite by 136.0% in the third quarter. Harbor Capital Advisors Inc. now owns 921,531 shares of the company’s stock valued at $12,763,000 after acquiring an additional 531,069 shares during the last quarter. Greenwood Capital Associates LLC grew its position in Magnite by 14.3% in the third quarter. Greenwood Capital Associates LLC now owns 74,760 shares of the company’s stock worth $1,035,000 after acquiring an additional 9,368 shares during the period. Finally, Principal Financial Group Inc. raised its position in Magnite by 552.2% in the third quarter. Principal Financial Group Inc. now owns 107,515 shares of the company’s stock valued at $1,489,000 after purchasing an additional 91,031 shares during the period. Hedge funds and other 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.