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

Magnite (NASDAQ:MGNI)‘s stock had its “buy” rating reissued by equities researchers at Needham & Company LLC in a report released on Friday,Benzinga reports. They currently have a $20.00 price target on the stock. Needham & Company LLC’s price objective points to a potential upside of 29.53% from the company’s current price.

MGNI has been the topic of several other reports. Benchmark reaffirmed a “buy” rating and issued a $21.00 target price on shares of Magnite in a report on Wednesday, October 2nd. Macquarie reaffirmed an “outperform” rating and set a $18.00 price objective on shares of Magnite in a report on Friday, November 8th. Wolfe Research raised 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. Wells Fargo & Company boosted their price target on shares of Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a research report on Thursday. Finally, Royal Bank of Canada increased their price objective on shares of Magnite from $19.00 to $22.00 and gave the company an “outperform” rating in a research report on Friday, January 3rd. One investment analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $18.35.

Magnite Stock Performance

MGNI opened at $15.44 on Friday. 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 has a market capitalization of $2.17 billion, a price-to-earnings ratio of 257.33, a PEG ratio of 0.80 and a beta of 2.51. The company has a fifty day moving average of $16.43 and a 200 day moving average of $14.36. Magnite has a fifty-two week low of $8.38 and a fifty-two week high of $18.38.

Insider Activity at Magnite

In other news, CAO Brian Gephart sold 2,156 shares of Magnite stock in a transaction on Monday, November 11th. The stock was sold at an average price of $15.00, for a total transaction of $32,340.00. Following the completion of the sale, the chief accounting officer now directly owns 116,982 shares in the company, valued at approximately $1,754,730. This trade represents a 1.81 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Aaron Saltz sold 5,112 shares of the company’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $13.50, for a total transaction of $69,012.00. Following the completion of the transaction, the insider now owns 307,745 shares in the company, valued at approximately $4,154,557.50. The trade was a 1.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 366,097 shares of company stock worth $6,165,147. Insiders own 4.30% of the company’s stock.

Institutional Investors Weigh In On Magnite

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Merit Financial Group LLC purchased a new position in shares of Magnite during the fourth quarter worth approximately $586,000. Financial Enhancement Group LLC purchased a new stake in shares of Magnite in the fourth quarter valued at approximately $1,509,000. Moody National Bank Trust Division grew its stake in Magnite by 13.9% in the fourth quarter. Moody National Bank Trust Division now owns 110,278 shares of the company’s stock worth $1,756,000 after purchasing an additional 13,450 shares in the last quarter. Fulton Bank N.A. increased its holdings in Magnite by 27.0% during the 4th quarter. Fulton Bank N.A. now owns 35,952 shares of the company’s stock worth $572,000 after purchasing an additional 7,641 shares during the period. Finally, Nordea Investment Management AB raised its position in Magnite by 4.1% during the 4th quarter. Nordea Investment Management AB now owns 893,989 shares of the company’s stock valued at $14,474,000 after purchasing an additional 35,490 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.