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 Monday at $58.65, close to its 52-week high of $59.98.
According to TipRanks.com, Martin is a top 100 analyst with an average return of 37.7% and a 69.8% 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 Moderate Buy analyst consensus rating for Magnite with a $37.72 average price target, representing a -33.1% downside. In a report issued on February 5, Susquehanna also maintained a Buy rating on the stock.
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Based on Magnite’s latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $60.98 million and GAAP net loss of $10.52 million. In comparison, last year the company earned revenue of $37.64 million and had a GAAP net loss of $6.17 million.
Based on the recent corporate insider activity of 58 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.
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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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