Magnite (NASDAQ:MGNI) Earns “Buy” Rating from Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Magnite (NASDAQ:MGNI) in a research report report published on Tuesday morning, Benzinga reports. Needham & Company LLC currently has a $15.00 price objective on the stock.

Several other research firms have also commented on MGNI. Craig Hallum lifted their price target on shares of Magnite from $18.00 to $20.00 and gave the company a buy rating in a research report on Thursday, May 16th. Royal Bank of Canada upped their price target on Magnite from $17.00 to $19.00 and gave the company an outperform rating in a research note on Wednesday, June 5th. Evercore ISI raised their price objective on Magnite from $13.00 to $15.00 and gave the stock an outperform rating in a research report on Monday, June 3rd. Bank of America raised shares of Magnite from a neutral rating to a buy rating and upped their target price for the company from $13.00 to $15.00 in a research report on Friday, May 24th. Finally, Benchmark reiterated a buy rating and set a $18.00 price target on shares of Magnite in a research report on Monday, June 17th. Ten investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of Buy and an average price target of $15.65.

Magnite Stock Performance

NASDAQ:MGNI opened at $14.04 on Tuesday. The stock has a 50 day moving average price of $12.30 and a 200 day moving average price of $10.66. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.79. Magnite has a one year low of $6.28 and a one year high of $15.73.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings results on Wednesday, May 8th. The company reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.11) by $0.05. Magnite had a positive return on equity of 3.23% and a negative net margin of 12.24%. The business had revenue of $130.55 million for the quarter, compared to analyst estimates of $123.77 million. On average, analysts forecast that Magnite will post 0.38 EPS for the current year.

Insider Activity

In related news, CRO Sean Patrick Buckley sold 2,682 shares of the business’s stock in a transaction on Friday, May 24th. The stock was sold at an average price of $12.50, for a total transaction of $33,525.00. Following the completion of the transaction, the executive now directly owns 404,875 shares of the company’s stock, valued at approximately $5,060,937.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Aaron Saltz sold 4,778 shares of the stock in a transaction on Friday, June 14th. The stock was sold at an average price of $13.65, for a total value of $65,219.70. Following the transaction, the insider now owns 317,010 shares of the company’s stock, valued at $4,327,186.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CRO Sean Patrick Buckley sold 2,682 shares of Magnite stock in a transaction dated Friday, May 24th. The stock was sold at an average price of $12.50, for a total value of $33,525.00. Following the sale, the executive now directly owns 404,875 shares of the company’s stock, valued at $5,060,937.50. The disclosure for this sale can be found here. Over the last three months, insiders have sold 99,629 shares of company stock worth $1,323,232. Corporate insiders own 4.30% of the company’s stock.

Institutional Investors Weigh In On Magnite

Several hedge funds and other institutional investors have recently made changes to their positions in the business. NBC Securities Inc. increased its stake in Magnite by 4.2% in the fourth quarter. NBC Securities Inc. now owns 27,485 shares of the company’s stock valued at $256,000 after purchasing an additional 1,108 shares during the last quarter. Fulton Bank N.A. grew its position in shares of Magnite by 8.1% in the 1st quarter. Fulton Bank N.A. now owns 22,003 shares of the company’s stock valued at $237,000 after buying an additional 1,653 shares during the last quarter. Moody National Bank Trust Division raised its stake in Magnite by 2.4% during the 2nd quarter. Moody National Bank Trust Division now owns 75,367 shares of the company’s stock worth $1,002,000 after acquiring an additional 1,783 shares in the last quarter. ProShare Advisors LLC lifted its position in Magnite by 8.5% in the first quarter. ProShare Advisors LLC now owns 24,325 shares of the company’s stock valued at $261,000 after acquiring an additional 1,914 shares during the last quarter. Finally, Advisory Services Network LLC boosted its stake in Magnite by 1.9% in the fourth quarter. Advisory Services Network LLC now owns 127,106 shares of the company’s stock valued at $1,187,000 after acquiring an additional 2,377 shares in the last quarter. Institutional investors and hedge funds 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.