Magnite (NASDAQ:MGNI) Reaches New 52-Week High – What’s Next?

Magnite, Inc. (NASDAQ:MGNI) reached a new 52-week high during trading on Wednesday. The company traded as high as $29.35 and last traded at $29.3240, with a volume of 98,289 shares changing hands. The stock had previously closed at $28.52.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Wells Fargo & Company boosted their target price on Magnite from $22.00 to $23.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 5th. Susquehanna boosted their price objective on shares of Magnite from $30.00 to $35.00 and gave the company a “positive” rating in a report on Thursday, November 5th. Scotiabank upped their target price on shares of Magnite from $27.00 to $30.00 and gave the company a “sector outperform” rating in a research note on Thursday, November 5th. Benchmark upped their target price on shares of Magnite from $30.00 to $33.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Finally, B. Riley Financial increased their target price on shares of Magnite from $27.00 to $30.00 and gave the stock a “buy” rating in a report on Friday, September 18th. Ten analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $31.00.

Magnite Trading Up 2.0%

The company has a fifty day simple moving average of $24.27 and a two-hundred day simple moving average of $17.99. The stock has a market capitalization of $4.18 billion, a P/E ratio of 24.45, a price-to-earnings-growth ratio of 0.99 and a beta of 2.44. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.36.

Magnite (NASDAQ:MGNI) last released its quarterly earnings results on Wednesday, November 4th. The company reported $0.33 EPS for the quarter, topping analysts’ consensus estimates of $0.29 by $0.04. Magnite had a return on equity of 10.94% and a net margin of 23.58%. The company had revenue of $204.20 million for the quarter, compared to analyst estimates of $190.19 million. During the same quarter last year, the firm posted $0.20 earnings per share. Magnite’s revenue was up 22.4% compared to the same quarter last year. On average, sell-side analysts expect that Magnite, Inc. will post 0.61 earnings per share for the current year.

Insider Buying and Selling at Magnite

In other Magnite news, Director Paul Caine sold 12,500 shares of Magnite stock in a transaction that occurred on Monday, October 12th. The shares were sold at an average price of $25.29, for a total value of $316,125.00. Following the transaction, the director owned 124,901 shares of the company’s stock, valued at approximately $3,158,746.29. The trade was a 9.10% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Robert F. Spillane sold 10,363 shares of Magnite stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $23.76, for a total transaction of $246,224.88. Following the completion of the transaction, the director directly owned 57,715 shares in the company, valued at approximately $1,371,308.40. The trade was a 15.22% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 243,344 shares of company stock worth $5,942,249 in the last quarter. Company insiders own 3.20% of the company’s stock.

Institutional Investors Weigh In On Magnite

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Nykredit A S bought a new stake in Magnite in the 2nd quarter valued at $25,000. Covestor Ltd increased its holdings in Magnite by 562.1% during the 3rd quarter. Covestor Ltd now owns 1,066 shares of the company’s stock worth $26,000 after purchasing an additional 905 shares in the last quarter. EFG International AG bought a new position in Magnite during the 2nd quarter worth about $28,000. Allworth Financial LP bought a new position in Magnite during the 2nd quarter worth about $30,000. Finally, Signaturefd LLC raised its stake in shares of Magnite by 35.8% in the 3rd quarter. Signaturefd LLC now owns 1,715 shares of the company’s stock valued at $43,000 after purchasing an additional 452 shares during the period. 73.40% of the stock is currently owned by institutional investors and hedge funds.

About Magnite

Magnite, Inc. operates a sell-side advertising platform that helps publishers, streaming services and app developers sell digital advertising inventory through programmatic auctions. Its technology connects those sellers with advertisers and their agencies seeking to buy ad placements. The company supports advertising across connected TV, online video, mobile applications and desktop formats. Its offerings include tools for managing and monetizing ad inventory, including streaming-focused ad-serving technology.