Magnite’s (MGNI) Buy Rating Reiterated at Needham & Company LLC

Magnite (NASDAQ:MGNI)‘s stock had its “buy” rating reissued by Needham & Company LLC in a report released on Thursday,Benzinga reports. They presently have a $25.00 price objective on the stock. Needham & Company LLC’s price target suggests a potential upside of 88.68% from the stock’s previous close.

Other equities research analysts have also recently issued research reports about the stock. Scotiabank reduced their price target on shares of Magnite from $30.00 to $16.00 and set a “sector outperform” rating on the stock in a research report on Thursday, February 26th. Benchmark reduced their price target on shares of Magnite from $31.00 to $30.00 and set a “buy” rating on the stock in a research report on Thursday, February 26th. Weiss Ratings restated a “hold (c)” rating on shares of Magnite in a research report on Thursday, January 22nd. Wells Fargo & Company dropped their price target on Magnite from $20.00 to $13.00 and set an “equal weight” rating for the company in a research report on Friday, February 27th. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $39.00 price target on shares of Magnite in a research report on Thursday, February 26th. Nine equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $24.10.

Magnite Price Performance

NASDAQ:MGNI opened at $13.25 on Thursday. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.38. The company has a market capitalization of $1.91 billion, a P/E ratio of 14.10, a P/E/G ratio of 0.77 and a beta of 2.39. Magnite has a 12 month low of $9.64 and a 12 month high of $26.65. The business’s 50-day moving average is $12.30 and its 200 day moving average is $14.90.

Magnite (NASDAQ:MGNI) last posted its earnings results on Wednesday, February 25th. The company reported $0.34 EPS for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.01). The firm had revenue of $205.36 million during the quarter, compared to analysts’ expectations of $193.87 million. Magnite had a return on equity of 8.44% and a net margin of 20.25%.Magnite’s quarterly revenue was up 5.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.34 earnings per share. On average, equities research analysts forecast that Magnite will post 0.33 earnings per share for the current fiscal year.

Insider Transactions at Magnite

In related news, insider Adam Lee Soroca sold 21,529 shares of the firm’s stock in a transaction on Wednesday, February 18th. The stock was sold at an average price of $12.00, for a total value of $258,348.00. Following the completion of the sale, the insider directly owned 388,425 shares in the company, valued at $4,661,100. This trade represents a 5.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 3.80% of the stock is currently owned by corporate insiders.

Institutional Trading of Magnite

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Rockefeller Capital Management L.P. raised its position in Magnite by 563.7% in the 4th quarter. Rockefeller Capital Management L.P. now owns 8,402 shares of the company’s stock worth $136,000 after purchasing an additional 7,136 shares during the period. Pillsbury Lake Capital LLC bought a new position in Magnite in the 4th quarter valued at $9,473,000. Wellington Management Group LLP grew its position in Magnite by 67.7% in the 4th quarter. Wellington Management Group LLP now owns 8,629,238 shares of the company’s stock valued at $140,053,000 after acquiring an additional 3,484,689 shares during the last quarter. Ophir Asset Management Pty Ltd bought a new position in Magnite in the 4th quarter valued at $38,695,000. Finally, Man Group plc bought a new position in Magnite in the 4th quarter valued at $5,056,000. 73.40% of the stock is owned by hedge funds and other institutional investors.

Magnite Company Profile

Magnite, Inc (NASDAQ: MGNI) operates as an independent sell-side advertising platform that enables publishers and digital media owners to monetize their inventory through programmatic advertising. Formed in 2020 through the merger of Rubicon Project and Telaria, Magnite combines technologies for desktop, mobile, connected television (CTV) and digital out-of-home (DOOH) ad exchanges. The company provides an end-to-end solution designed to help media owners optimize yield across open marketplaces, private marketplaces and programmatic guaranteed deals.

At the core of Magnite’s offering is its supply-side platform (SSP), which connects publishers’ ad impressions to demand-side platforms (DSPs) through real-time bidding (RTB).