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

Magnite (NASDAQ:MGNI)‘s stock had its “buy” rating reaffirmed by equities researchers at Needham & Company LLC in a research note issued to investors on Thursday, Benzinga reports. They presently have a $15.00 price objective on the stock. Needham & Company LLC’s price target would suggest a potential upside of 62.51% from the stock’s previous close.

MGNI has been the subject of a number of other research reports. Bank of America boosted their price objective on Magnite from $11.00 to $13.00 and gave the company a “neutral” rating in a report on Thursday, February 29th. Benchmark reissued a “buy” rating and issued a $18.00 price objective on shares of Magnite in a research note on Monday, March 25th. B. Riley started coverage on shares of Magnite in a report on Friday, April 19th. They issued a “buy” rating and a $14.50 price target on the stock. Susquehanna boosted their price objective on shares of Magnite from $11.00 to $14.00 and gave the stock a “positive” rating in a research note on Thursday, February 29th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $15.00 target price on shares of Magnite in a research note on Thursday, March 7th. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $14.39.

Magnite Trading Up 3.7 %

NASDAQ MGNI traded up $0.33 on Thursday, hitting $9.23. 3,766,850 shares of the stock were exchanged, compared to its average volume of 1,170,579. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.09 and a current ratio of 1.09. Magnite has a 52-week low of $6.28 and a 52-week high of $15.73. The firm has a market capitalization of $1.29 billion, a P/E ratio of -7.50, a P/E/G ratio of 0.67 and a beta of 2.29. The stock has a fifty day moving average price of $10.11 and a two-hundred day moving average price of $9.19.

Magnite (NASDAQ:MGNI) last released its quarterly earnings results on Wednesday, February 28th. The company reported $0.16 EPS for the quarter, topping analysts’ consensus estimates of $0.03 by $0.13. Magnite had a negative net margin of 25.69% and a positive return on equity of 2.52%. The firm had revenue of $165.28 million during the quarter, compared to analysts’ expectations of $160.24 million. Research analysts forecast that Magnite will post 0.41 EPS for the current fiscal year.

Insider Buying and Selling at Magnite

In related news, CEO Michael G. Barrett sold 75,000 shares of the company’s stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $11.21, for a total transaction of $840,750.00. Following the completion of the transaction, the chief executive officer now owns 1,234,662 shares in the company, valued at approximately $13,840,561.02. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 4.30% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Cape Investment Advisory Inc. purchased a new stake in shares of Magnite during the fourth quarter worth $25,000. Guinness Atkinson Asset Management Inc lifted its stake in Magnite by 59.1% in the 3rd quarter. Guinness Atkinson Asset Management Inc now owns 4,824 shares of the company’s stock worth $36,000 after purchasing an additional 1,792 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in shares of Magnite during the 4th quarter worth approximately $99,000. Legato Capital Management LLC purchased a new stake in shares of Magnite in the fourth quarter valued at approximately $103,000. Finally, HCR Wealth Advisors acquired a new stake in shares of Magnite in the fourth quarter valued at approximately $121,000. Hedge funds and other institutional investors own 73.40% of the company’s stock.

Magnite Company Profile

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.