Magnite's (MGNI) Buy Rating Reiterated at Needham & Company LLC

Key Points

• Needham reiterated a "buy" on Magnite with a $25 price target, implying about an 88.7% upside from the stock's current level.
• Analyst consensus is a "Moderate Buy" (nine Buy ratings, two Hold) with a consensus target of $24.10, showing broad analyst optimism despite mixed views.
• In the latest quarter Magnite reported $0.34 EPS (missed by $0.01) while revenue of $205.36M beat estimates and rose 5.9% year‑over‑year; the company has a $1.91B market cap and a 52‑week range of $9.64–$26.65.

Magnite (NASDAQ:MGNI - Get Free Report)'s stock had its "buy" rating reaffirmed by Needham & Company LLC in a report issued on Thursday,Benzinga reports. They currently have a $25.00 price target on the stock. Needham & Company LLC's price target would indicate a potential upside of 88.68% from the stock's current price.

A number of other brokerages also recently issued reports on MGNI. Wells Fargo & Company cut their price objective on shares of Magnite from $20.00 to $13.00 and set an "equal weight" rating for the company in a research report on Friday, February 27th. Evercore reissued an "outperform" rating and set a $20.00 price objective on shares of Magnite in a research report on Thursday, February 26th. Benchmark cut their price objective on shares of Magnite from $31.00 to $30.00 and set a "buy" rating for the company in a research report on Thursday, February 26th. Scotiabank cut their price objective on shares of Magnite from $30.00 to $16.00 and set a "sector outperform" rating for the company in a research report on Thursday, February 26th. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Magnite in a research report on Thursday, January 22nd. Nine analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat, Magnite has a consensus rating of "Moderate Buy" and a consensus target price of $24.10.

Magnite Price Performance

NASDAQ MGNI opened at $13.25 on Thursday. Magnite has a 52 week low of $9.64 and a 52 week high of $26.65. The firm has a market capitalization of $1.91 billion, a P/E ratio of 14.10, a PEG ratio of 0.77 and a beta of 2.39. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.38. The company has a 50-day moving average price of $12.30 and a 200-day moving average price of $14.90.

Magnite (NASDAQ:MGNI - Get Free Report) last released its quarterly earnings results on Wednesday, February 25th. The company reported $0.34 EPS for the quarter, missing the consensus estimate of $0.35 by ($0.01). Magnite had a net margin of 20.25% and a return on equity of 8.44%. The business had revenue of $205.36 million for the quarter, compared to analysts' expectations of $193.87 million. During the same period in the previous year, the company earned $0.34 EPS. Magnite's revenue for the quarter was up 5.9% compared to the same quarter last year. Equities research analysts anticipate that Magnite will post 0.33 earnings per share for the current year.

Insider Activity at Magnite

In other news, insider Adam Lee Soroca sold 21,529 shares of the firm's stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $12.00, for a total transaction of $258,348.00. Following the sale, the insider directly owned 388,425 shares in the company, valued at $4,661,100. This trade represents a 5.25% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 3.80% of the stock is owned by insiders.

Institutional Trading of Magnite

Several institutional investors have recently made changes to their positions in MGNI. Neo Ivy Capital Management purchased a new stake in shares of Magnite during the third quarter worth about $27,000. US Bancorp DE grew its position in shares of Magnite by 75.8% during the third quarter. US Bancorp DE now owns 1,596 shares of the company's stock worth $35,000 after purchasing an additional 688 shares in the last quarter. State of Wyoming bought a new position in shares of Magnite during the third quarter worth $39,000. USA Financial Formulas bought a new position in shares of Magnite during the third quarter worth $40,000. Finally, Central Pacific Bank Trust Division bought a new position in shares of Magnite during the fourth quarter worth $41,000. Hedge funds and other institutional investors own 73.40% of the company's stock.

Magnite Company Profile

Magnite, Inc NASDAQ: MGNI operates as an independent sell-side advertising platform that enables publishers and digital media owners to monetize their inventory through programmatic advertising. Formed in 2020 through the merger of Rubicon Project and Telaria, Magnite combines technologies for desktop, mobile, connected television (CTV) and digital out-of-home (DOOH) ad exchanges. The company provides an end-to-end solution designed to help media owners optimize yield across open marketplaces, private marketplaces and programmatic guaranteed deals.

At the core of Magnite's offering is its supply-side platform (SSP), which connects publishers' ad impressions to demand-side platforms (DSPs) through real-time bidding (RTB).

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