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

Magnite, Inc. (NASDAQ:MGNI) hit a new 52-week high on Thursday . The company 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.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. Rosenblatt Securities lifted their price objective on Magnite from $39.00 to $40.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Needham & Company LLC increased their target price on shares of Magnite from $25.00 to $30.00 and gave the stock a “buy” rating in a report on Thursday, September 3rd. Weiss Ratings reissued a “hold (c)” rating on shares of Magnite in a research report on Friday, August 7th. BTIG Research reissued a “buy” rating and set a $27.00 target price on shares of Magnite in a research report on Wednesday, September 9th. Finally, Scotiabank restated an “outperform” rating and issued a $27.00 price target on shares of Magnite in a report on Thursday, August 6th. Nine analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $28.80.

Magnite Price Performance

The stock’s 50-day moving average is $22.23 and its 200 day moving average is $17.11. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.02 and a quick ratio of 1.03. The company has a market cap of $3.55 billion, a PE ratio of 22.80, a PEG ratio of 0.93 and a beta of 2.30.

Magnite (NASDAQ:MGNI) last announced its earnings results on Wednesday, August 5th. The company reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.02. Magnite had a net margin of 22.49% and a return on equity of 9.33%. The company had revenue of $192.82 million during the quarter, compared to the consensus estimate of $179.15 million. During the same period last year, the firm earned $0.20 earnings per share. Magnite’s revenue was up 11.3% compared to the same quarter last year. On average, equities analysts anticipate that Magnite, Inc. will post 0.68 earnings per share for the current fiscal year.

Insider Activity at Magnite

In other news, CTO David Buonasera sold 1,165 shares of the stock in a transaction dated Monday, September 14th. The stock was sold at an average price of $24.00, for a total value of $27,960.00. Following the transaction, the chief technology officer directly owned 245,155 shares of the company’s stock, valued at approximately $5,883,720. This represents a 0.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Aaron Saltz sold 40,000 shares of the firm’s stock in a transaction on Thursday, September 10th. The stock was sold at an average price of $23.41, for a total transaction of $936,400.00. Following the transaction, the insider directly owned 224,389 shares of the company’s stock, valued at approximately $5,252,946.49. This trade represents a 15.13% 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. Insiders have sold 732,755 shares of company stock worth $16,680,546 in the last 90 days. 3.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Magnite

Hedge funds have recently bought and sold shares of the business. BlackRock Inc. acquired a new stake in shares of Magnite during the 2nd quarter worth about $241,296,000. Capital Research Global Investors increased its position in shares of Magnite by 85.0% during the fourth quarter. Capital Research Global Investors now owns 12,920,289 shares of the company’s stock valued at $209,696,000 after acquiring an additional 5,937,428 shares during the last quarter. Canada Pension Plan Investment Board purchased a new stake in shares of Magnite in the 2nd quarter valued at approximately $56,847,000. 325 Capital LLC lifted its holdings in shares of Magnite by 208.5% in the 4th quarter. 325 Capital LLC now owns 2,005,387 shares of the company’s stock worth $32,547,000 after acquiring an additional 1,355,326 shares during the last quarter. Finally, Bank of America Corp DE acquired a new position in shares of Magnite in the 2nd quarter worth approximately $22,431,000. Hedge funds and other institutional investors own 73.40% of the company’s stock.

About Magnite

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.