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

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

Other analysts also recently issued reports about the company. Benchmark reiterated a “buy” rating and set a $21.00 target price on shares of Magnite in a research note on Wednesday, October 2nd. Macquarie reaffirmed an “outperform” rating and set a $18.00 price objective on shares of Magnite in a research report on Friday, November 8th. Royal Bank of Canada boosted their target price on Magnite from $19.00 to $22.00 and gave the stock an “outperform” rating in a research report on Friday, January 3rd. Wolfe Research raised their price target on shares of Magnite from $14.00 to $19.00 and gave the company an “outperform” rating in a report on Friday, January 3rd. Finally, Scotiabank assumed coverage on shares of Magnite in a research note on Thursday, December 5th. They issued a “sector outperform” rating and a $22.00 price target for the company. One equities research analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $18.35.

Magnite Trading Up 2.0 %

Shares of NASDAQ MGNI opened at $15.44 on Friday. The firm’s 50 day moving average price is $16.43 and its 200-day moving average price is $14.36. Magnite has a 52-week low of $8.38 and a 52-week high of $18.38. 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 company has a market cap of $2.17 billion, a PE ratio of 257.33, a P/E/G ratio of 0.80 and a beta of 2.51.

Insider Buying and Selling at Magnite

In other news, insider Aaron Saltz sold 5,112 shares of the business’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $13.50, for a total transaction of $69,012.00. Following the completion of the sale, the insider now owns 307,745 shares of the company’s stock, valued at $4,154,557.50. The trade was a 1.63 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Michael G. Barrett sold 27,004 shares of the firm’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $17.63, for a total value of $476,080.52. Following the completion of the transaction, the chief executive officer now directly owns 782,910 shares in the company, valued at approximately $13,802,703.30. This represents a 3.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 366,097 shares of company stock valued at $6,165,147. Insiders own 4.30% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in MGNI. Merit Financial Group LLC bought a new stake in Magnite during the 4th quarter worth approximately $586,000. Financial Enhancement Group LLC bought a new stake in shares of Magnite during the 4th quarter valued at $1,509,000. Moody National Bank Trust Division lifted its stake in shares of Magnite by 13.9% during the 4th quarter. Moody National Bank Trust Division now owns 110,278 shares of the company’s stock valued at $1,756,000 after buying an additional 13,450 shares in the last quarter. Fulton Bank N.A. boosted its holdings in Magnite by 27.0% in the 4th quarter. Fulton Bank N.A. now owns 35,952 shares of the company’s stock worth $572,000 after buying an additional 7,641 shares during the period. Finally, Nordea Investment Management AB increased its stake in Magnite by 4.1% in the 4th quarter. Nordea Investment Management AB now owns 893,989 shares of the company’s stock worth $14,474,000 after buying an additional 35,490 shares in the last quarter. 73.40% of the stock is owned by hedge funds and other institutional investors.

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.