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

Magnite (NASDAQ:MGNI)‘s stock had its “buy” rating restated by investment analysts at Needham & Company LLC in a research note issued on Thursday, Benzinga reports. They presently have a $15.00 price target on the stock. Needham & Company LLC’s price target indicates a potential upside of 62.51% from the company’s current price.

A number of other equities analysts have also commented on the stock. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $15.00 price objective on shares of Magnite in a research note on Thursday, March 7th. Bank of America raised their price target on shares of Magnite from $11.00 to $13.00 and gave the stock a “neutral” rating in a report on Thursday, February 29th. Benchmark reaffirmed a “buy” rating and issued a $18.00 price target on shares of Magnite in a research note on Monday, March 25th. Susquehanna raised their price target on Magnite from $11.00 to $14.00 and gave the stock a “positive” rating in a research note on Thursday, February 29th. Finally, B. Riley began coverage on Magnite in a research note on Friday, April 19th. They issued a “buy” rating and a $14.50 price target for the company. Two analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $14.39.

Magnite Price Performance

Shares of MGNI traded up $0.33 during trading hours on Thursday, hitting $9.23. 3,766,850 shares of the company were exchanged, compared to its average volume of 1,170,579. The firm has a fifty day simple moving average of $10.11 and a 200-day simple moving average of $9.19. The company has a market capitalization of $1.29 billion, a PE ratio of -7.50, a PEG ratio of 0.67 and a beta of 2.29. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.09 and a quick ratio of 1.09. Magnite has a one year low of $6.28 and a one year high of $15.73.

Magnite (NASDAQ:MGNI) last released its quarterly earnings results on Wednesday, February 28th. The company reported $0.16 earnings per share for the quarter, beating analysts’ consensus estimates of $0.03 by $0.13. The business had revenue of $165.28 million during the quarter, compared to analyst estimates of $160.24 million. Magnite had a positive return on equity of 2.52% and a negative net margin of 25.69%. As a group, sell-side analysts predict that Magnite will post 0.41 earnings per share for the current year.

Insider Activity at Magnite

In other Magnite news, CEO Michael G. Barrett sold 75,000 shares of the business’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 sale, the chief executive officer now owns 1,234,662 shares of the company’s stock, valued at approximately $13,840,561.02. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 4.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Burgundy Asset Management Ltd. bought a new position in shares of Magnite in the third quarter worth about $17,759,000. Rubric Capital Management LP increased its stake in shares of Magnite by 80.7% in the 3rd quarter. Rubric Capital Management LP now owns 4,000,000 shares of the company’s stock valued at $30,160,000 after buying an additional 1,785,978 shares during the period. Norges Bank bought a new stake in shares of Magnite during the fourth quarter worth $8,164,000. Grizzlyrock Capital LLC acquired a new position in shares of Magnite during the fourth quarter valued at $6,656,000. Finally, Roumell Asset Management LLC bought a new position in Magnite in the third quarter valued at about $4,091,000. Institutional investors and hedge funds own 73.40% of the company’s stock.

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.