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

Magnite, Inc. (NASDAQ:MGNI) shares reached a new 52-week high during trading on Thursday . The stock traded as high as $26.25 and last traded at $25.9090, with a volume of 130480 shares changing hands. The stock had previously closed at $23.78.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on MGNI. Needham & Company LLC lifted their target price on Magnite from $25.00 to $30.00 and gave the stock a “buy” rating in a report on Thursday, September 3rd. Benchmark increased their price target on Magnite from $30.00 to $33.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Wells Fargo & Company lifted their price objective on Magnite from $21.00 to $22.00 and gave the stock an “equal weight” rating in a research note on Friday, August 7th. Royal Bank Of Canada upped their price objective on Magnite from $20.00 to $27.00 and gave the stock an “outperform” rating in a report on Thursday, August 6th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Magnite in a research report on Friday, August 7th. Nine analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $28.80.

Magnite Stock Up 4.0%

The company has a quick ratio of 1.03, a current ratio of 1.02 and a debt-to-equity ratio of 0.37. The company has a 50 day simple moving average of $22.23 and a two-hundred day simple moving average of $17.11. The company has a market capitalization of $3.55 billion, a P/E ratio of 22.80, a PEG ratio of 0.93 and a beta of 2.30.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.02. The business had revenue of $192.82 million during the quarter, compared to analyst estimates of $179.15 million. Magnite had a return on equity of 9.33% and a net margin of 22.49%.The company’s revenue for the quarter was up 11.3% on a year-over-year basis. During the same period last year, the company earned $0.20 EPS. As a group, equities analysts predict that Magnite, Inc. will post 0.68 EPS for the current year.

Insiders Place Their Bets

In other news, insider Aaron Saltz sold 40,000 shares of the firm’s stock in a transaction dated Thursday, September 10th. The shares were sold at an average price of $23.41, for a total value of $936,400.00. Following the completion of the sale, the insider owned 224,389 shares in the company, valued at approximately $5,252,946.49. This trade represents a 15.13% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO David Buonasera sold 1,165 shares of the firm’s stock in a transaction dated Monday, September 14th. The stock was sold at an average price of $24.00, for a total transaction of $27,960.00. Following the completion of the sale, the chief technology officer directly owned 245,155 shares of the company’s stock, valued at approximately $5,883,720. The trade was a 0.47% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 732,755 shares of company stock valued at $16,680,546. 3.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Magnite

A number of large investors have recently bought and sold shares of the business. Nykredit A S bought a new position in shares of Magnite in the second quarter worth about $25,000. EFG International AG purchased a new stake in Magnite in the 2nd quarter valued at about $28,000. Allworth Financial LP purchased a new stake in Magnite in the 2nd quarter valued at about $30,000. Harbor Investment Advisory LLC bought a new position in Magnite in the 2nd quarter worth about $62,000. Finally, PNC Financial Services Group Inc. grew its stake in Magnite by 106.3% in the 1st quarter. PNC Financial Services Group Inc. now owns 3,783 shares of the company’s stock worth $45,000 after acquiring an additional 1,949 shares in the last quarter. Hedge funds and other institutional investors own 73.40% of the company’s stock.

Magnite Company Profile

Magnite, Inc is an independent sell-side advertising technology company that operates a global platform for digital media owners and app developers. Its technology helps publishers and media companies manage, package, sell and optimize advertising inventory across connected television (CTV), online video, mobile, desktop, audio and digital out-of-home channels.

Magnite’s platform connects publishers with agencies, brands and demand-side platforms, supporting automated, data-driven programmatic advertising transactions.