Needham & Company LLC Forecasts Strong Price Appreciation for Magnite (NASDAQ:MGNI) Stock

Magnite (NASDAQ:MGNI - Get Free Report) had its price objective hoisted by investment analysts at Needham & Company LLC from $14.00 to $18.00 in a research report issued on Monday, MarketBeat reports. The brokerage presently has a "buy" rating on the stock. Needham & Company LLC's target price suggests a potential upside of 15.83% from the company's current price.

Several other research firms have also issued reports on MGNI. Benchmark decreased their target price on Magnite from $25.00 to $24.00 and set a "buy" rating for the company in a research report on Thursday, May 8th. Wells Fargo & Company boosted their target price on Magnite from $13.00 to $15.00 and gave the stock an "equal weight" rating in a research report on Thursday, January 16th. Royal Bank of Canada decreased their target price on Magnite from $22.00 to $19.00 and set an "outperform" rating for the company in a research report on Friday, May 2nd. Lake Street Capital decreased their target price on Magnite from $21.00 to $19.00 and set a "buy" rating for the company in a research report on Thursday, May 8th. Finally, Rosenblatt Securities restated a "buy" rating and set a $18.00 target price on shares of Magnite in a research report on Thursday, May 8th. One equities research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $18.92.

Magnite Trading Down 2.1%

NASDAQ:MGNI traded down $0.34 on Monday, hitting $15.54. 1,707,768 shares of the stock were exchanged, compared to its average volume of 2,128,575. The stock has a market capitalization of $2.19 billion, a price-to-earnings ratio of 259.00, a P/E/G ratio of 1.00 and a beta of 2.73. Magnite has a 52 week low of $8.22 and a 52 week high of $21.29. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.11 and a current ratio of 1.11. The company's 50-day moving average price is $12.15 and its 200 day moving average price is $14.95.

Magnite (NASDAQ:MGNI - Get Free Report) last posted its earnings results on Wednesday, May 7th. The company reported $0.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.06 by $0.06. The company had revenue of $145.85 million during the quarter, compared to analyst estimates of $142.18 million. Magnite had a return on equity of 4.64% and a net margin of 2.62%. The company's revenue for the quarter was up 4.3% compared to the same quarter last year. During the same period in the previous year, the company earned $0.05 EPS. On average, equities research analysts forecast that Magnite will post 0.33 earnings per share for the current year.

Insiders Place Their Bets

In other Magnite news, insider Adam Lee Soroca sold 11,366 shares of the company's stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $15.73, for a total transaction of $178,787.18. Following the completion of the transaction, the insider now owns 437,117 shares of the company's stock, valued at $6,875,850.41. This represents a 2.53% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Sean Patrick Buckley sold 10,527 shares of the company's stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $19.13, for a total value of $201,381.51. Following the sale, the insider now owns 370,558 shares in the company, valued at approximately $7,088,774.54. This represents a 2.76% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 59,668 shares of company stock valued at $979,091 in the last quarter. 4.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Magnite

Institutional investors and hedge funds have recently made changes to their positions in the stock. SBI Securities Co. Ltd. bought a new stake in shares of Magnite during the 4th quarter worth approximately $25,000. MCF Advisors LLC raised its stake 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 in the last quarter. Smartleaf Asset Management LLC raised its stake in shares of Magnite by 74.9% during the 1st quarter. Smartleaf Asset Management LLC now owns 2,810 shares of the company's stock worth $33,000 after purchasing an additional 1,203 shares in the last quarter. AllSquare Wealth Management LLC raised its stake in shares of 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. Finally, GAMMA Investing LLC raised its stake in shares of Magnite by 10,170.3% during the 1st quarter. GAMMA Investing LLC now owns 3,800 shares of the company's stock worth $43,000 after purchasing an additional 3,763 shares in the last quarter. Institutional investors own 73.40% of the company's stock.

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.