Magnite (NASDAQ:MGNI) Receives Buy Rating from Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of Magnite (NASDAQ:MGNI) in a research report report published on Friday morning,Benzinga reports. Needham & Company LLC currently has a $20.00 target price on the stock.

A number of other research firms have also recently commented on MGNI. Scotiabank assumed coverage on shares of Magnite in a report on Thursday, December 5th. They issued a “sector outperform” rating and a $22.00 target price for the company. Macquarie reissued an “outperform” rating and issued a $18.00 price objective on shares of Magnite in a research note on Friday, November 8th. Wells Fargo & Company boosted their target price on shares of Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a research note on Thursday. Royal Bank of Canada increased their price target on Magnite from $19.00 to $22.00 and gave the company an “outperform” rating in a research note on Friday, January 3rd. Finally, Benchmark restated a “buy” rating and set a $21.00 price objective on shares of Magnite in a research report on Wednesday, October 2nd. One research analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $18.35.

Magnite Price Performance

Magnite stock opened at $15.44 on Friday. The stock has a fifty day moving average of $16.39 and a 200-day moving average of $14.34. The stock has a market capitalization of $2.17 billion, a P/E ratio of 257.33, a price-to-earnings-growth ratio of 0.80 and a beta of 2.51. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.11 and a current ratio of 1.11. Magnite has a 52 week low of $8.38 and a 52 week high of $18.38.

Insider Activity

In other news, insider Aaron Saltz sold 5,112 shares of the company’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $13.50, for a total value of $69,012.00. Following the sale, the insider now directly owns 307,745 shares of the company’s stock, valued at approximately $4,154,557.50. This represents a 1.63 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CTO David Buonasera sold 1,969 shares of the stock in a transaction on Friday, December 13th. The stock was sold at an average price of $16.31, for a total transaction of $32,114.39. Following the sale, the chief technology officer now owns 223,795 shares of the company’s stock, valued at approximately $3,650,096.45. This trade represents a 0.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 366,097 shares of company stock valued at $6,165,147. Company insiders own 4.30% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. New Century Financial Group LLC acquired a new stake in Magnite during the second quarter worth approximately $640,000. Victory Capital Management Inc. grew its position in shares of Magnite by 2.9% during the 3rd quarter. Victory Capital Management Inc. now owns 1,340,705 shares of the company’s stock worth $18,569,000 after buying an additional 37,601 shares during the period. Driehaus Capital Management LLC bought a new stake in shares of Magnite in the 2nd quarter valued at $9,938,000. Principal Financial Group Inc. lifted its position in shares of Magnite by 552.2% during the 3rd quarter. Principal Financial Group Inc. now owns 107,515 shares of the company’s stock valued at $1,489,000 after acquiring an additional 91,031 shares during the period. Finally, Intech Investment Management LLC bought a new position in Magnite during the third quarter worth $649,000. 73.40% of the stock is owned by institutional investors and hedge funds.

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.