Magnite (MGNI) Receives a Buy from Needham

In a report released today, Laura Martin from Needham assigned a Buy rating to Magnite (MGNI), with a price target of $10.00. The company’s shares closed last Monday at $5.67.

According to, Martin is a top 100 analyst with an average return of 21.6% and a 64.2% success rate. Martin covers the Services sector, focusing on stocks such as Peloton Interactive, World Wrestling, and Walt Disney.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Magnite with a $10.00 average price target, representing a 73.9% upside. In a report issued on September 1, B.Riley FBR also reiterated a Buy rating on the stock with a $11.00 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 $36.3 million and GAAP net loss of $9.68 million. In comparison, last year the company earned revenue of $37.87 million and had a GAAP net loss of $8.28 million.

Based on the recent corporate insider activity of 63 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of MGNI in relation to earlier this year.

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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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