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

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

A number of other research firms have also weighed in on MGNI. Scotiabank initiated coverage on shares of Magnite in a research note on Thursday, December 5th. They issued a “sector outperform” rating and a $22.00 price objective on the stock. Wolfe Research lifted their price target on Magnite from $14.00 to $19.00 and gave the company an “outperform” rating in a research note on Friday, January 3rd. Macquarie reissued an “outperform” rating and set a $18.00 price objective on shares of Magnite in a report on Friday, November 8th. Royal Bank of Canada raised their target price on Magnite from $19.00 to $22.00 and gave the company an “outperform” rating in a report on Friday, January 3rd. Finally, Benchmark reaffirmed a “buy” rating and issued a $21.00 price objective on shares of Magnite in a research report on Wednesday, October 2nd. One investment analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $18.35.

Magnite Price Performance

Shares of NASDAQ:MGNI opened at $15.44 on Friday. Magnite has a twelve month low of $8.38 and a twelve month high of $18.38. The stock’s 50 day moving average is $16.39 and its 200-day moving average is $14.34. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.76. 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.

Insider Buying and Selling

In related news, CRO Sean Patrick Buckley sold 10,001 shares of Magnite stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $15.60, for a total value of $156,015.60. Following the completion of the sale, the executive now owns 303,743 shares of the company’s stock, valued at approximately $4,738,390.80. This trade represents a 3.19 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO David Day sold 13,345 shares of the company’s stock in a transaction dated Friday, January 3rd. The shares were 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 in the company, valued at approximately $6,358,238. This trade represents a 3.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 366,097 shares of company stock valued at $6,165,147. 4.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Benjamin F. Edwards & Company Inc. boosted its holdings in shares of Magnite by 973.5% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 4,380 shares of the company’s stock worth $58,000 after acquiring an additional 3,972 shares during the period. Quarry LP grew its holdings in Magnite by 446.8% during the 3rd quarter. Quarry LP now owns 5,517 shares of the company’s stock valued at $76,000 after buying an additional 4,508 shares in the last quarter. DekaBank Deutsche Girozentrale bought a new stake in shares of Magnite during the second quarter valued at about $93,000. Blue Trust Inc. lifted its holdings in shares of Magnite by 87.0% in the third quarter. Blue Trust Inc. now owns 7,931 shares of the company’s stock worth $105,000 after buying an additional 3,689 shares in the last quarter. Finally, Lebenthal Global Advisors LLC bought a new position in shares of Magnite in the third quarter valued at approximately $141,000. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

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.