Needham Gives a Buy Rating to Magnite (MGNI)

By Austin Angelo

Needham analyst Laura Martin assigned a Buy rating to Magnite (MGNIResearch Report) today and set a price target of $30.00. The company’s shares closed last Monday at $25.56.

According to TipRanks.com, Martin is a top 100 analyst with an average return of 31.9% and a 68.4% 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 $20.76 average price target, a -15.3% downside from current levels. In a report released yesterday, Susquehanna also reiterated a Buy rating on the stock with a $30.00 price target.

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The company has a one-year high of $33.00 and a one-year low of $4.09. Currently, Magnite has an average volume of 5.14M.

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.