Magnite (NASDAQ:MGNI) Hits New 1-Year High – Here’s What Happened

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

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on MGNI. Needham & Company LLC restated a “buy” rating and set a $20.00 price objective on shares of Magnite in a research note on Friday, January 17th. Scotiabank assumed coverage on shares of Magnite in a report on Thursday, December 5th. They set a “sector outperform” rating and a $22.00 price target on the stock. Royal Bank of Canada upped their price objective on shares of Magnite from $19.00 to $22.00 and gave the stock an “outperform” rating in a research report on Friday, January 3rd. Wells Fargo & Company lifted their target price on shares of Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a research report on Thursday, January 16th. Finally, 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. One equities research analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $18.35.

Magnite Stock Performance

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 company has a 50 day simple moving average of $16.74 and a 200-day simple moving average of $14.69. The stock has a market capitalization of $2.98 billion, a P/E ratio of 352.83, a price-to-earnings-growth ratio of 1.05 and a beta of 2.52.

Magnite (NASDAQ:MGNI) last announced its quarterly earnings data 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). The firm had revenue of $162.00 million during the quarter, compared to the consensus estimate of $147.94 million. Magnite had a net margin of 2.62% and a return on equity of 4.64%. During the same quarter in the prior year, the firm posted $0.02 earnings per share. On average, equities analysts forecast that Magnite, Inc. will post 0.33 EPS for the current year.

Insider Activity

In other Magnite news, insider Aaron Saltz sold 6,110 shares of Magnite stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $17.50, for a total transaction of $106,925.00. Following the completion of the transaction, the insider now owns 297,482 shares of the company’s stock, valued at $5,205,935. The trade was a 2.01 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CRO Sean Patrick Buckley sold 10,001 shares of the company’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $15.60, for a total value of $156,015.60. Following the sale, the executive now owns 303,743 shares in the company, valued at approximately $4,738,390.80. This represents a 3.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 568,614 shares of company stock valued at $10,167,750 over the last quarter. Company insiders own 4.30% of the company’s stock.

Hedge Funds Weigh In On Magnite

Several hedge funds have recently bought and sold shares of MGNI. HighTower Advisors LLC boosted its holdings in Magnite by 18.6% in the 4th quarter. HighTower Advisors LLC now owns 20,551 shares of the company’s stock valued at $327,000 after purchasing an additional 3,229 shares during the period. King Luther Capital Management Corp raised its position in shares of Magnite by 2.4% in the fourth quarter. King Luther Capital Management Corp now owns 534,567 shares of the company’s stock worth $8,510,000 after buying an additional 12,725 shares in the last quarter. Larson Financial Group LLC boosted its stake in Magnite by 179.2% during the fourth quarter. Larson Financial Group LLC now owns 3,647 shares of the company’s stock valued at $58,000 after buying an additional 2,341 shares during the period. Lisanti Capital Growth LLC grew its position in Magnite by 14.7% during the fourth quarter. Lisanti Capital Growth LLC now owns 168,045 shares of the company’s stock worth $2,675,000 after buying an additional 21,595 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new position in Magnite during the fourth quarter worth about $8,685,000. Hedge funds and other institutional investors 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.