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

Magnite (NASDAQ:MGNI)‘s stock had its “buy” rating restated by research analysts at Needham & Company LLC in a research report issued to clients and investors on Wednesday, Benzinga reports. They presently have a $15.00 target price on the stock. Needham & Company LLC’s price objective suggests a potential upside of 21.36% from the stock’s previous close.

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

Magnite Stock Down 10.8 %

Shares of NASDAQ:MGNI opened at $12.36 on Wednesday. Magnite has a 1 year low of $6.28 and a 1 year high of $15.92. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.10 and a quick ratio of 1.10. The stock’s 50-day moving average is $13.38 and its 200 day moving average is $12.21. The company has a market cap of $1.73 billion, a PE ratio of -19.31, a P/E/G ratio of 1.19 and a beta of 2.41.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings results 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 company had revenue of $162.88 million during the quarter, compared to analysts’ expectations of $144.04 million. Magnite had a positive return on equity of 3.74% and a negative net margin of 0.83%. Magnite’s revenue for the quarter was up 6.8% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.04) EPS. Sell-side analysts anticipate that Magnite will post 0.31 EPS for the current year.

Insider Transactions at Magnite

In other Magnite news, insider Adam Lee Soroca sold 7,910 shares of the firm’s stock in a transaction that occurred 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 sale, the insider now owns 436,001 shares of the company’s stock, valued at $5,489,252.59. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, CAO Brian Gephart sold 16,166 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the chief accounting officer now owns 121,169 shares of the company’s stock, valued at $1,817,535. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Adam Lee Soroca sold 7,910 shares of the stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $12.59, for a total value of $99,586.90. Following the transaction, the insider now owns 436,001 shares in the company, valued at $5,489,252.59. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 250,383 shares of company stock valued at $3,519,150. 4.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Magnite

Large investors have recently made changes to their positions in the business. Arizona State Retirement System increased its stake in shares of Magnite by 3.4% in the second quarter. Arizona State Retirement System now owns 35,256 shares of the company’s stock worth $469,000 after buying an additional 1,160 shares during the last quarter. 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 worth $30,000 after buying an additional 1,188 shares in the last quarter. Fulton Bank N.A. grew its holdings 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 worth $237,000 after acquiring an additional 1,653 shares during the last quarter. Moody National Bank Trust Division increased its stake in Magnite by 2.4% in the 2nd quarter. Moody National Bank Trust Division now owns 75,367 shares of the company’s stock worth $1,002,000 after purchasing an additional 1,783 shares in the last quarter. Finally, ProShare Advisors LLC raised its holdings in shares of Magnite by 8.5% during 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 period. 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.