Needham Thinks Magnite’s Stock is Going to Recover

In a report released today, Laura Martin from Needham maintained a Buy rating on Magnite (MGNIResearch Report), with a price target of $25.00. The company’s shares closed last Thursday at $13.51, close to its 52-week low of $13.46.

According to TipRanks.com, Martin is a 5-star analyst with an average return of 15.6% and a 48.7% success rate. Martin covers the Services sector, focusing on stocks such as Chicken Soup For The Soul Entertainment, Tremor International, and World Wrestling.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Magnite with a $31.10 average price target, implying a 123.7% upside from current levels. In a report issued on January 7, RBC Capital also maintained a Buy rating on the stock with a $26.00 price target.

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Magnite’s market cap is currently $1.78B and has a P/E ratio of 1667.90.

Based on the recent corporate insider activity of 66 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.

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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