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

Needham & Company LLC reiterated their buy rating on shares of Magnite (NASDAQ:MGNI) in a research note released on Wednesday, Benzinga reports. Needham & Company LLC currently has a $15.00 price objective on the stock.

MGNI has been the topic of a number of other research reports. Lake Street Capital began coverage on Magnite in a report on Thursday, July 25th. They set a buy rating and a $21.00 price target on the stock. Wolfe Research initiated coverage on Magnite in a report on Tuesday, July 16th. They issued an outperform rating and a $16.00 target price on the stock. Bank of America raised their price target on shares of Magnite from $15.00 to $17.00 and gave the stock a buy rating in a report on Monday, July 29th. Craig Hallum reiterated a buy rating and issued a $20.00 price objective on shares of Magnite in a research note on Wednesday, August 21st. Finally, Royal Bank of Canada reissued an outperform rating and set a $19.00 target price on shares of Magnite in a research note on Friday, September 27th. Ten research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has an average rating of Buy and a consensus price target of $17.25.

Magnite Price Performance

NASDAQ MGNI opened at $12.30 on Wednesday. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.77. Magnite has a 1 year low of $6.28 and a 1 year high of $15.92. The company has a market cap of $1.74 billion, a PE ratio of -19.22, a PEG ratio of 1.04 and a beta of 2.41. The stock’s 50-day moving average price is $13.25 and its two-hundred day moving average price is $12.22.

Magnite (NASDAQ:MGNI) last released its quarterly earnings results on Wednesday, August 7th. The company reported $0.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.01). Magnite had a negative net margin of 0.83% and a positive return on equity of 3.74%. The firm had revenue of $162.88 million for the quarter, compared to analyst estimates of $144.04 million. During the same quarter in the prior year, the firm earned ($0.04) EPS. The firm’s revenue was up 6.8% compared to the same quarter last year. On average, analysts predict that Magnite will post 0.31 EPS for the current year.

Insider Activity at Magnite

In other Magnite news, CEO Michael G. Barrett sold 100,000 shares of the stock in a transaction on Monday, July 15th. The shares were sold at an average price of $15.00, for a total transaction of $1,500,000.00. Following the transaction, the chief executive officer now directly owns 1,052,493 shares of the company’s stock, valued at $15,787,395. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other Magnite news, insider Adam Lee Soroca sold 7,910 shares of the company’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $12.59, for a total transaction of $99,586.90. Following the completion of the sale, the insider now owns 436,001 shares of the company’s stock, valued at $5,489,252.59. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Michael G. Barrett sold 100,000 shares of Magnite stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $15.00, for a total transaction of $1,500,000.00. Following the completion of the transaction, the chief executive officer now directly owns 1,052,493 shares in the company, valued at approximately $15,787,395. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 250,383 shares of company stock valued at $3,519,150. Insiders own 4.30% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. grew its position in shares of Magnite by 1.3% in the first quarter. Vanguard Group Inc. now owns 12,818,197 shares of the company’s stock valued at $137,796,000 after purchasing an additional 166,522 shares during the last quarter. Wellington Management Group LLP grew its holdings in Magnite by 1.8% in the 4th quarter. Wellington Management Group LLP now owns 2,939,541 shares of the company’s stock valued at $27,455,000 after buying an additional 52,129 shares during the last quarter. Burgundy Asset Management Ltd. increased its position in Magnite by 1.1% in the 1st quarter. Burgundy Asset Management Ltd. now owns 2,457,031 shares of the company’s stock worth $26,413,000 after buying an additional 25,921 shares during the period. Marshall Wace LLP lifted its holdings in shares of Magnite by 59.0% during the second quarter. Marshall Wace LLP now owns 1,559,520 shares of the company’s stock worth $20,726,000 after buying an additional 578,678 shares during the last quarter. Finally, Meros Investment Management LP boosted its position in shares of Magnite by 1.3% in the second quarter. Meros Investment Management LP now owns 1,044,209 shares of the company’s stock valued at $13,878,000 after acquiring an additional 13,570 shares during the period. 73.40% of the stock is currently owned by institutional investors and hedge funds.

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.