Magnite (NASDAQ:MGNI) Given New $18.00 Price Target at Needham & Company LLC

Magnite (NASDAQ:MGNI) had its price target increased by Needham & Company LLC from $14.00 to $18.00 in a report released on Monday, Marketbeat.com reports. They currently have a buy rating on the stock.

A number of other equities research analysts have also recently commented on the stock. Lake Street Capital lowered their price objective on shares of Magnite from $21.00 to $19.00 and set a “buy” rating on the stock in a research note on Thursday, May 8th. Susquehanna increased their price target on shares of Magnite from $16.00 to $22.00 and gave the company a “positive” rating in a research report on Thursday, February 27th. Wells Fargo & Company raised their price objective on shares of Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a research note on Thursday, January 16th. Royal Bank of Canada reduced their target price on Magnite from $22.00 to $19.00 and set an “outperform” rating on the stock in a research note on Friday, May 2nd. Finally, Rosenblatt Securities reiterated a “buy” rating and set a $18.00 target price on shares of Magnite in a report on Thursday, May 8th. One equities research analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $18.92.

Magnite Stock Performance

Shares of MGNI opened at $16.13 on Monday. 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 1 year low of $8.22 and a 1 year high of $21.29. The stock has a market capitalization of $2.28 billion, a P/E ratio of 268.83, a P/E/G ratio of 1.00 and a beta of 2.73. The company’s fifty day moving average is $11.89 and its two-hundred day moving average is $14.89.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings results on Wednesday, May 7th. The company reported $0.12 earnings per share for the quarter, topping analysts’ consensus estimates of $0.06 by $0.06. Magnite had a net margin of 2.62% and a return on equity of 4.64%. The business had revenue of $145.85 million for the quarter, compared to analysts’ expectations of $142.18 million. During the same period in the prior year, the company posted $0.05 EPS. The business’s revenue for the quarter was up 4.3% on a year-over-year basis. On average, sell-side analysts predict that Magnite will post 0.33 earnings per share for the current year.

Insider Activity

In other Magnite news, CAO Brian Gephart sold 6,250 shares of Magnite stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $16.00, for a total value of $100,000.00. Following the completion of the sale, the chief accounting officer now owns 132,909 shares in the company, valued at $2,126,544. The trade was a 4.49% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Adam Lee Soroca sold 15,499 shares of the stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $15.75, for a total transaction of $244,109.25. Following the transaction, the insider now owns 458,386 shares in the company, valued at approximately $7,219,579.50. The trade was a 3.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 32,276 shares of company stock valued at $545,491 over the last quarter. Company insiders own 3.80% of the company’s stock.

Hedge Funds Weigh In On Magnite

A number of hedge funds have recently made changes to their positions in the stock. SBI Securities Co. Ltd. purchased a new position in shares of Magnite in the 4th quarter worth $25,000. MCF Advisors LLC grew its holdings in shares of Magnite by 2,100.0% during the 1st quarter. MCF Advisors LLC now owns 2,200 shares of the company’s stock worth $25,000 after purchasing an additional 2,100 shares during the period. AllSquare Wealth Management LLC increased its position in Magnite by 76.8% during the 1st quarter. AllSquare Wealth Management LLC now owns 3,580 shares of the company’s stock worth $41,000 after purchasing an additional 1,555 shares in the last quarter. Larson Financial Group LLC increased its position in Magnite by 179.2% during the 4th quarter. Larson Financial Group LLC now owns 3,647 shares of the company’s stock worth $58,000 after purchasing an additional 2,341 shares in the last quarter. Finally, GAMMA Investing LLC lifted its position in Magnite by 10,170.3% during the first quarter. GAMMA Investing LLC now owns 3,800 shares of the company’s stock valued at $43,000 after buying an additional 3,763 shares in the last quarter. 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.