Magnite (MGNI) Receives a Buy from Needham


Needham analyst Laura Martin assigned a Buy rating to Magnite (MGNI) today and set a price target of $70.00. The company’s shares closed last Tuesday at $26.20.

According to TipRanks.com, Martin is a 5-star analyst with an average return of 24.2% and a 61.5% success rate. Martin covers the Services sector, focusing on stocks such as CuriosityStream, World Wrestling, and Walt Disney.

Currently, the analyst consensus on Magnite is a Strong Buy with an average price target of $55.83, representing a 108.7% upside. In a report issued on May 11, Susquehanna also maintained a Buy rating on the stock with a $46.00 price target.

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Based on Magnite’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $60.72 million and GAAP net loss of $12.88 million. In comparison, last year the company earned revenue of $36.3 million and had a GAAP net loss of $9.68 million.

Based on the recent corporate insider activity of 68 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of MGNI in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

The Rubicon Project, Inc. provides a technology solution to automate the purchase and sale of digital advertising inventory for buyers and sellers. It features applications and services for digital advertising sellers, including Websites, mobile applications and other digital media properties. The company was founded by Frank Addante, Duc Chau, Craig Roah, Julie Mattern and Brian D. Baumgart on April 20, 2007 and is headquartered in Los Angeles, CA.

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