Magnite (NASDAQ:MGNI) Reaches New 12-Month High – Here’s Why

Magnite, Inc. (NASDAQ:MGNI) shares hit 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. The stock had previously closed at $28.52.

Wall Street Analyst Weigh In

MGNI has been the topic of a number of recent research reports. Craig Hallum reaffirmed a “buy” rating and set a $32.00 price objective on shares of Magnite in a report on Thursday, September 17th. Scotiabank raised their price objective on shares of Magnite from $27.00 to $30.00 and gave the stock a “sector outperform” rating in a report on Thursday, November 5th. Susquehanna lifted their price objective on Magnite from $30.00 to $35.00 and gave the company a “positive” rating in a research report on Thursday, November 5th. Royal Bank Of Canada boosted their price objective on Magnite from $27.00 to $30.00 and gave the stock an “outperform” rating in a research note on Thursday, November 5th. Finally, B. Riley Financial increased their target price on Magnite from $27.00 to $30.00 and gave the stock a “buy” rating in a report on Friday, September 18th. Ten research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, Magnite presently has an average rating of “Moderate Buy” and an average target price of $31.00.

Magnite Stock Up 2.0%

The stock has a market cap of $4.18 billion, a price-to-earnings ratio of 24.45, a PEG ratio of 0.99 and a beta of 2.44. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.04 and a current ratio of 1.04. The firm’s 50-day simple moving average is $24.27 and its two-hundred day simple moving average is $17.99.

Magnite (NASDAQ:MGNI) last released its quarterly earnings results on Wednesday, November 4th. The company reported $0.33 EPS for the quarter, beating the consensus estimate of $0.29 by $0.04. Magnite had a net margin of 23.58% and a return on equity of 10.94%. The business had revenue of $204.20 million for the quarter, compared to analysts’ expectations of $190.19 million. During the same period in the prior year, the firm earned $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 EPS for the current fiscal year.

Insider Transactions at Magnite

In other news, Director Douglas Knopper sold 37,337 shares of Magnite stock in a transaction on Thursday, September 17th. The stock was sold at an average price of $26.28, for a total value of $981,216.36. Following the completion of the sale, the director directly owned 51,136 shares of the company’s stock, valued at approximately $1,343,854.08. This trade represents a 42.20% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Katie Evans sold 32,285 shares of the business’s stock in a transaction on Tuesday, September 8th. The stock was sold at an average price of $23.63, for a total value of $762,894.55. Following the sale, the insider owned 466,897 shares of the company’s stock, valued at approximately $11,032,776.11. The trade was a 6.47% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 243,344 shares of company stock worth $5,942,249. Corporate insiders own 3.20% of the company’s stock.

Institutional Trading of Magnite

Several institutional investors and hedge funds have recently added to or reduced their stakes in MGNI. Nykredit A S bought a new stake in shares of Magnite during the second quarter worth approximately $25,000. Covestor Ltd boosted its stake in Magnite by 562.1% in the third quarter. Covestor Ltd now owns 1,066 shares of the company’s stock valued at $26,000 after acquiring an additional 905 shares during the last quarter. EFG International AG acquired a new stake in Magnite during the 2nd quarter worth $28,000. Allworth Financial LP acquired a new stake in Magnite during the 2nd quarter worth $30,000. Finally, Signaturefd LLC grew its holdings in Magnite by 35.8% during the 3rd quarter. Signaturefd LLC now owns 1,715 shares of the company’s stock worth $43,000 after acquiring an additional 452 shares during the period. 73.40% of the stock is owned by institutional investors.

Magnite Company Profile

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.