Magnite (NASDAQ:MGNI) Price Target Raised to $25.00 at Needham & Company LLC

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 target increased by Needham & Company LLC from $18.00 to $25.00 in a research report sent to investors on Thursday morning,Benzinga reports. Needham & Company LLC currently has a buy rating on the stock.

Other equities analysts also recently issued reports about the stock. Lake Street Capital dropped their price target 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. Rosenblatt Securities reissued a "buy" rating and issued a $39.00 price target on shares of Magnite in a report on Thursday. Wells Fargo & Company lifted their price target on shares of Magnite from $13.00 to $24.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 8th. Wall Street Zen raised shares of Magnite from a "hold" rating to a "buy" rating in a research report on Sunday, July 13th. Finally, Craig Hallum set a $24.00 price objective on shares of Magnite and gave the stock a "buy" rating in a research note on Tuesday, May 20th. One research 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 stock currently has an average rating of "Moderate Buy" and an average target price of $25.82.

Magnite Price Performance

Shares of NASDAQ MGNI traded down $0.32 during trading on Thursday, reaching $22.16. The company had a trading volume of 1,044,086 shares, compared to its average volume of 2,693,175. The stock has a market capitalization of $3.15 billion, a PE ratio of 76.40, a price-to-earnings-growth ratio of 1.65 and a beta of 3.05. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.45. Magnite has a twelve month low of $8.22 and a twelve month high of $25.27. The stock has a 50-day moving average price of $21.37 and a two-hundred day moving average price of $16.82.

Magnite (NASDAQ:MGNI - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The company reported $0.20 EPS for the quarter, topping the consensus estimate of $0.17 by $0.03. Magnite had a return on equity of 8.07% and a net margin of 6.30%. The business had revenue of $162.00 million for the quarter, compared to analysts' expectations of $157.05 million. During the same quarter in the previous year, the firm posted $0.14 earnings per share. The company's revenue was up 6.4% compared to the same quarter last year. As a group, sell-side analysts predict that Magnite will post 0.33 earnings per share for the current year.

Insider Activity at Magnite

In other Magnite news, Director James Rossman sold 137,007 shares of Magnite stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $18.78, for a total value of $2,572,991.46. Following the sale, the director owned 93,679 shares of the company's stock, valued at approximately $1,759,291.62. The trade was a 59.39% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Paul Caine sold 5,000 shares of the business's stock in a transaction that occurred on Thursday, July 10th. The shares were 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 approximately $4,320,178.59. This represents a 2.65% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 952,893 shares of company stock valued at $18,751,664 over the last quarter. 4.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Magnite

Several hedge funds have recently bought and sold shares of the company. Universal Beteiligungs und Servicegesellschaft mbH boosted its stake in shares of Magnite by 2.3% in the 2nd quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 614,317 shares of the company's stock valued at $14,817,000 after purchasing an additional 13,652 shares in the last quarter. MTM Investment Management LLC bought a new position in Magnite in the 2nd quarter worth $58,000. Cetera Investment Advisers raised its holdings in Magnite by 15.8% in the 2nd quarter. Cetera Investment Advisers now owns 39,163 shares of the company's stock worth $945,000 after purchasing an additional 5,342 shares in the last quarter. SG Americas Securities LLC raised its holdings in Magnite by 72.4% in the 2nd quarter. SG Americas Securities LLC now owns 41,378 shares of the company's stock worth $998,000 after purchasing an additional 17,373 shares in the last quarter. Finally, Police & Firemen s Retirement System of New Jersey raised its holdings in Magnite by 18.3% in the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 31,618 shares of the company's stock worth $763,000 after purchasing an additional 4,886 shares in the last quarter. Hedge funds and other 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.