Magnite (NASDAQ:MGNI) Rating Reiterated by Needham & Company LLC

Magnite (NASDAQ:MGNI)‘s stock had its “buy” rating reissued by stock analysts at Needham & Company LLC in a note issued to investors on Thursday, Benzinga reports. They presently have a $15.00 target price on the stock. Needham & Company LLC’s price target would suggest a potential upside of 53.06% from the company’s current price.

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

Magnite Price Performance

MGNI stock opened at $9.80 on Thursday. The stock has a market capitalization of $1.37 billion, a PE ratio of -15.31, a price-to-earnings-growth ratio of 0.77 and a beta of 2.29. Magnite has a 1 year low of $6.28 and a 1 year high of $15.73. The company’s 50-day moving average is $9.85 and its 200-day moving average is $9.28. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.10 and a quick ratio of 1.10.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings results on Wednesday, February 28th. The company reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.03 by $0.13. The business had revenue of $165.28 million during the quarter, compared to the consensus estimate of $160.24 million. Magnite had a negative net margin of 12.24% and a positive return on equity of 3.23%. Equities research analysts expect that Magnite will post 0.36 EPS for the current fiscal year.

Insider Buying and Selling at Magnite

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

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of MGNI. Bayesian Capital Management LP bought a new stake in Magnite during the first quarter valued at approximately $132,000. Silvercrest Asset Management Group LLC raised its position in shares of Magnite by 4.4% during the 1st quarter. Silvercrest Asset Management Group LLC now owns 853,595 shares of the company’s stock valued at $9,176,000 after buying an additional 36,298 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of Magnite by 6.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 83,460 shares of the company’s stock worth $898,000 after acquiring an additional 4,879 shares during the last quarter. Burgundy Asset Management Ltd. grew its position in Magnite by 1.1% in the first quarter. Burgundy Asset Management Ltd. now owns 2,457,031 shares of the company’s stock worth $26,413,000 after acquiring an additional 25,921 shares in the last quarter. Finally, O Shaughnessy Asset Management LLC purchased a new position in Magnite in the first quarter worth $108,000. 73.40% of the stock is currently owned by institutional investors.

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.