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

Needham & Company LLC reaffirmed their buy rating on shares of Magnite (NASDAQ:MGNI) in a report released on Wednesday, Benzinga reports. The firm currently has a $15.00 target price on the stock.

A number of other research analysts also recently weighed in on the company. Wolfe Research initiated coverage on Magnite in a research note on Tuesday, July 16th. They issued an outperform rating and a $16.00 price objective on the stock. Benchmark reissued a buy rating and issued a $21.00 price target on shares of Magnite in a research report on Wednesday, September 18th. Craig Hallum reaffirmed a buy rating and set a $20.00 price objective on shares of Magnite in a report on Wednesday, August 21st. Lake Street Capital assumed coverage on shares of Magnite in a research note on Thursday, July 25th. They issued a buy rating and a $21.00 target price on the stock. Finally, Bank of America boosted their target price on shares of Magnite from $15.00 to $17.00 and gave the stock a buy rating in a research report on Monday, July 29th. Ten research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has a consensus rating of Buy and a consensus target price of $17.25.

Magnite Price Performance

NASDAQ MGNI opened at $12.30 on Wednesday. The company has a 50 day moving average price of $13.25 and a two-hundred day moving average price of $12.21. Magnite has a 12-month low of $6.28 and a 12-month high of $15.92. The stock has a market capitalization of $1.72 billion, a PE ratio of -19.22, a price-to-earnings-growth ratio of 1.19 and a beta of 2.41. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.77.

Magnite (NASDAQ:MGNI) last released its quarterly earnings data on Wednesday, August 7th. The company reported $0.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.15 by ($0.01). The business had revenue of $162.88 million during the quarter, compared to analyst estimates of $144.04 million. Magnite had a negative net margin of 0.83% and a positive return on equity of 3.74%. The firm’s revenue for the quarter was up 6.8% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.04) EPS. As a group, equities analysts predict that Magnite will post 0.31 earnings per share for the current fiscal year.

Insider Transactions at Magnite

In related news, insider Adam Lee Soroca sold 7,910 shares of the stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $12.59, for a total value of $99,586.90. Following the completion of the sale, the insider now owns 436,001 shares in the company, valued at approximately $5,489,252.59. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Magnite news, CAO Brian Gephart sold 16,166 shares of the business’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $15.00, for a total value of $242,490.00. Following the sale, the chief accounting officer now owns 121,169 shares of the company’s stock, valued at $1,817,535. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Adam Lee Soroca sold 7,910 shares of the stock in a transaction on Monday, August 19th. The shares were sold at an average price of $12.59, for a total transaction of $99,586.90. Following the completion of the transaction, the insider now owns 436,001 shares of the company’s stock, valued at approximately $5,489,252.59. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 250,383 shares of company stock worth $3,519,150. 4.30% of the stock is currently owned by company insiders.

Institutional Trading of Magnite

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MGNI. UMB Bank n.a. boosted its holdings in Magnite by 111.8% during the second quarter. UMB Bank n.a. now owns 2,251 shares of the company’s stock valued at $30,000 after purchasing an additional 1,188 shares in the last quarter. Asset Dedication LLC bought a new stake in Magnite in the second quarter valued at $52,000. Blue Trust Inc. acquired a new position in Magnite during the second quarter worth $56,000. Benjamin F. Edwards & Company Inc. lifted its holdings in shares of Magnite by 973.5% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 4,380 shares of the company’s stock valued at $58,000 after acquiring an additional 3,972 shares during the period. Finally, DekaBank Deutsche Girozentrale bought a new position in shares of Magnite during the second quarter valued at $93,000. Institutional investors 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.