Magnite (NASDAQ:MGNI) Reaches New 52-Week High – Here’s Why

Magnite, Inc. (NASDAQ:MGNI) reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $18.80 and last traded at $18.88, with a volume of 701948 shares changing hands. The stock had previously closed at $17.97.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. Royal Bank of Canada boosted their price target on Magnite from $19.00 to $22.00 and gave the company an “outperform” rating in a research note on Friday, January 3rd. Macquarie restated an “outperform” rating and issued a $18.00 price objective on shares of Magnite in a report on Friday, November 8th. Wolfe Research upped their target price on Magnite from $14.00 to $19.00 and gave the company an “outperform” rating in a report on Friday, January 3rd. Scotiabank began coverage on shares of Magnite in a research report on Thursday, December 5th. They set a “sector outperform” rating and a $22.00 price objective for the company. Finally, Wells Fargo & Company boosted their target price on shares of Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a report on Thursday, January 16th. One equities research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $18.35.

Magnite Stock Up 4.9 %

The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11. The firm has a 50-day simple moving average of $16.60 and a two-hundred day simple moving average of $14.62. The company has a market cap of $2.65 billion, a PE ratio of 314.18, a P/E/G ratio of 0.90 and a beta of 2.52.

Magnite (NASDAQ:MGNI) last released its earnings results on Thursday, November 7th. The company reported $0.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.09). Magnite had a net margin of 2.62% and a return on equity of 4.64%. The company had revenue of $162.00 million during the quarter, compared to analysts’ expectations of $147.94 million. During the same quarter in the previous year, the firm posted $0.02 earnings per share. Research analysts anticipate that Magnite, Inc. will post 0.33 earnings per share for the current fiscal year.

Insider Transactions at Magnite

In related news, CEO Michael G. Barrett sold 147,996 shares of the firm’s stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $17.52, for a total value of $2,592,889.92. Following the sale, the chief executive officer now owns 634,914 shares of the company’s stock, valued at approximately $11,123,693.28. This trade represents a 18.90 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CRO Sean Patrick Buckley sold 10,001 shares of the company’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $15.60, for a total value of $156,015.60. Following the transaction, the executive now owns 303,743 shares of the company’s stock, valued at approximately $4,738,390.80. The trade was a 3.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 360,985 shares of company stock valued at $6,096,135. 4.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Magnite

Several large investors have recently made changes to their positions in MGNI. Truist Financial Corp increased its position in Magnite by 2.0% in the 4th quarter. Truist Financial Corp now owns 34,242 shares of the company’s stock valued at $545,000 after acquiring an additional 674 shares during the period. Verdence Capital Advisors LLC grew its stake in shares of Magnite by 4.8% in the third quarter. Verdence Capital Advisors LLC now owns 19,326 shares of the company’s stock worth $268,000 after purchasing an additional 892 shares in the last quarter. Jones Financial Companies Lllp increased its holdings in shares of Magnite by 20.6% during the fourth quarter. Jones Financial Companies Lllp now owns 5,853 shares of the company’s stock valued at $93,000 after purchasing an additional 1,000 shares during the period. Mount Yale Investment Advisors LLC raised its stake in shares of Magnite by 4.6% during the third quarter. Mount Yale Investment Advisors LLC now owns 24,229 shares of the company’s stock valued at $336,000 after purchasing an additional 1,068 shares in the last quarter. Finally, SBI Securities Co. Ltd. bought a new position in Magnite in the 4th quarter valued at about $25,000. Institutional investors and hedge funds own 73.40% of the company’s stock.

Magnite Company Profile

Magnite, Inc, together with its subsidiaries, operates an independent omni-channel sell-side advertising platform in the United States and internationally. The company’s platform offers applications and services for sellers of digital advertising inventory or publishers that own and operate CTV channels, applications, websites, and other digital media properties to manage and monetize their inventory; and applications and services for buyers, including advertisers, agencies, agency trading desks, and demand side platforms to buy digital advertising inventory, as well as an independent marketplace that connects buyers and sellers.