Magnite’s (MGNI) “Buy” Rating Reiterated at Needham & Company LLC

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

Other equities analysts have also issued reports about the stock. Wolfe Research upped their target price on shares of Magnite from $14.00 to $19.00 and gave the stock an “outperform” rating in a research report on Friday, January 3rd. Benchmark restated a “buy” rating and issued a $21.00 price objective on shares of Magnite in a report on Wednesday, October 2nd. Wells Fargo & Company increased their price objective on shares of Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a report on Thursday. Macquarie restated an “outperform” rating and issued a $18.00 price objective on shares of Magnite in a report on Friday, November 8th. Finally, Royal Bank of Canada increased their price objective on shares of Magnite from $19.00 to $22.00 and gave the company an “outperform” rating in a report on Friday, January 3rd. One analyst has rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $18.35.

Magnite Price Performance

Shares of MGNI stock opened at $15.44 on Friday. Magnite has a 1 year low of $8.38 and a 1 year high of $18.38. The firm’s 50 day moving average is $16.43 and its 200-day moving average is $14.36. The firm has a market capitalization of $2.17 billion, a price-to-earnings ratio of 257.33, a PEG ratio of 0.80 and a beta of 2.51. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.76.

Insiders Place Their Bets

In other news, CAO Brian Gephart sold 2,156 shares of the stock in a transaction on Monday, November 11th. The shares were sold at an average price of $15.00, for a total transaction of $32,340.00. Following the completion of the sale, the chief accounting officer now owns 116,982 shares of the company’s stock, valued at $1,754,730. This represents a 1.81 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO David Day sold 13,345 shares of the stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $17.00, for a total transaction of $226,865.00. Following the sale, the chief financial officer now directly owns 374,014 shares of the company’s stock, valued at $6,358,238. This represents a 3.45 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 366,097 shares of company stock worth $6,165,147. Company insiders own 4.30% of the company’s stock.

Institutional Investors Weigh In On Magnite

Large investors have recently made changes to their positions in the stock. New Century Financial Group LLC bought a new stake in shares of Magnite during the second quarter worth $640,000. Victory Capital Management Inc. increased its position in shares of Magnite by 2.9% during the third quarter. Victory Capital Management Inc. now owns 1,340,705 shares of the company’s stock worth $18,569,000 after acquiring an additional 37,601 shares in the last quarter. Driehaus Capital Management LLC bought a new stake in shares of Magnite during the second quarter worth $9,938,000. Principal Financial Group Inc. grew its position in Magnite by 552.2% in the third quarter. Principal Financial Group Inc. now owns 107,515 shares of the company’s stock valued at $1,489,000 after purchasing an additional 91,031 shares in the last quarter. Finally, Intech Investment Management LLC bought a new position in Magnite in the third quarter valued at $649,000. Institutional investors 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.