Magnite (NASDAQ:MGNI) Stock Price Expected to Rise, Needham & Company LLC Analyst Says

Key Points

• Magnite's stock price target has been raised by Needham & Company LLC from $18.00 to $25.00, indicating a potential upside of 11.21% from its previous close.
• Analysts widely support Magnite with a consensus rating of "Moderate Buy," and a significant number have assigned a buy rating, reflecting positive market sentiment.
• In its recent earnings report, Magnite posted $0.20 earnings per share, exceeding expectations, and achieved a revenue of $162 million, marking a 6.4% year-over-year increase.

Magnite (NASDAQ:MGNI - Free Report) had its price objective lifted by Needham & Company LLC from $18.00 to $25.00 in a research report report published on Thursday,Benzinga reports. Needham & Company LLC currently has a buy rating on the stock.

MGNI has been the topic of a number of other reports. Susquehanna upped their price objective on shares of Magnite from $22.00 to $28.00 and gave the company a "positive" rating in a research note on Thursday. Benchmark increased their price target on Magnite from $24.00 to $30.00 and gave the stock a "buy" rating in a report on Tuesday, July 22nd. Rosenblatt Securities reaffirmed a "buy" rating and set a $39.00 target price on shares of Magnite in a research note on Thursday. Royal Bank Of Canada boosted their price target on Magnite from $19.00 to $27.00 and gave the company an "outperform" rating in a research note on Thursday, July 31st. Finally, Lake Street Capital cut their price target on Magnite from $21.00 to $19.00 and set a "buy" rating on the stock in a report on Thursday, May 8th. One analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $25.82.

Magnite Trading Up 3.3%

Shares of NASDAQ MGNI traded up $0.72 during trading on Thursday, reaching $22.47. The company had a trading volume of 4,302,281 shares, compared to its average volume of 2,781,658. The stock has a market cap of $3.17 billion, a P/E ratio of 77.49, a PEG ratio of 1.78 and a beta of 3.05. The company's fifty day moving average price is $21.37 and its 200-day moving average price is $16.82. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.47. Magnite has a 12 month low of $8.22 and a 12 month high of $25.27.

Magnite (NASDAQ:MGNI - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $0.20 EPS for the quarter, topping analysts' consensus estimates of $0.17 by $0.03. The company had revenue of $162.00 million for the quarter, compared to analyst estimates of $157.05 million. Magnite had a return on equity of 8.13% and a net margin of 6.30%. The firm's quarterly revenue was up 6.4% on a year-over-year basis. During the same period in the previous year, the firm earned $0.14 earnings per share. As a group, research analysts expect that Magnite will post 0.33 earnings per share for the current year.

Insider Transactions at Magnite

In other news, Director Paul Caine sold 5,000 shares of the company's stock in a transaction that occurred on Thursday, July 10th. The stock was sold at an average price of $23.53, for a total transaction of $117,650.00. Following the transaction, the director directly owned 183,603 shares of the company's stock, valued at $4,320,178.59. This represents a 2.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Michael G. Barrett sold 70,900 shares of the stock in a transaction on Tuesday, July 15th. The stock was sold at an average price of $23.27, for a total value of $1,649,843.00. Following the completion of the transaction, the chief executive officer owned 285,808 shares in the company, valued at approximately $6,650,752.16. This represents a 19.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 959,227 shares of company stock valued at $18,854,021. Company insiders own 3.80% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. MCF Advisors LLC raised its holdings in shares of Magnite by 2,100.0% in the 1st quarter. MCF Advisors LLC now owns 2,200 shares of the company's stock worth $25,000 after acquiring an additional 2,100 shares during the last quarter. Smartleaf Asset Management LLC boosted its stake in Magnite by 74.9% during the 1st quarter. Smartleaf Asset Management LLC now owns 2,810 shares of the company's stock valued at $33,000 after purchasing an additional 1,203 shares during the last quarter. GAMMA Investing LLC increased its holdings in Magnite by 355.6% during the 2nd quarter. GAMMA Investing LLC now owns 1,517 shares of the company's stock worth $37,000 after purchasing an additional 1,184 shares in the last quarter. AllSquare Wealth Management LLC raised its stake in shares of Magnite by 76.8% in the first 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 during the last quarter. Finally, CWM LLC lifted its holdings in shares of Magnite by 133.6% in the second quarter. CWM LLC now owns 1,775 shares of the company's stock valued at $43,000 after purchasing an additional 1,015 shares in the last quarter. 73.40% of the stock is currently owned by institutional investors and hedge funds.

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.