Magnite (NASDAQ:MGNI) Sets New 52-Week High - Still a Buy?

Key Points

• Magnite, Inc. (NASDAQ:MGNI) reached a new 52-week high of $25.68, with a recent trading price of $25.52 and a trading volume of over 1.1 million shares.
• Analysts have given Magnite a consensus target price of $25.82, with ten analysts rating the stock as a "Buy" and one as a "Hold."
• The company reported earnings of $0.20 per share for the last quarter, exceeding forecasts and reflecting a year-over-year revenue increase of 6.4%.

Shares of Magnite, Inc. (NASDAQ:MGNI - Get Free Report) hit a new 52-week high during mid-day trading on Monday . The company traded as high as $25.68 and last traded at $25.52, with a volume of 1111065 shares changing hands. The stock had previously closed at $24.16.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Lake Street Capital dropped their target price on shares of Magnite from $21.00 to $19.00 and set a "buy" rating on the stock in a report on Thursday, May 8th. Benchmark increased their price target on shares of Magnite from $30.00 to $31.00 and gave the company a "buy" rating in a report on Thursday, August 7th. Royal Bank Of Canada increased their price target on shares of Magnite from $19.00 to $27.00 and gave the company an "outperform" rating in a report on Thursday, July 31st. Scotiabank reissued an "outperform" rating and issued a $30.00 price target (up from $22.00) on shares of Magnite in a report on Thursday, August 7th. Finally, Rosenblatt Securities reissued a "buy" rating and issued a $39.00 price target on shares of Magnite in a report on Thursday, August 7th. Ten investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $25.82.

Magnite Stock Performance

The stock's 50-day simple moving average is $23.21 and its 200-day simple moving average is $17.42. The stock has a market cap of $3.70 billion, a price-to-earnings ratio of 89.49, a price-to-earnings-growth ratio of 1.82 and a beta of 3.05. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.45.

Magnite (NASDAQ:MGNI - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported $0.20 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.17 by $0.03. Magnite had a net margin of 6.30% and a return on equity of 8.07%. The firm had revenue of $162.00 million for the quarter, compared to analyst estimates of $157.05 million. During the same quarter in the prior year, the business posted $0.14 EPS. The business's revenue was up 6.4% compared to the same quarter last year. Analysts forecast that Magnite, Inc. will post 0.33 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Katie Seitz Evans sold 35,000 shares of the stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $17.36, for a total transaction of $607,600.00. Following the sale, the insider owned 442,788 shares in the company, valued at approximately $7,686,799.68. This trade represents a 7.33% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Adam Lee Soroca sold 44,519 shares of the stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of $20.00, for a total transaction of $890,380.00. Following the sale, the insider owned 400,927 shares in the company, valued at $8,018,540. This represents a 9.99% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,131,578 shares of company stock worth $23,412,910. Insiders own 3.80% of the company's stock.

Institutional Trading of Magnite

Large investors have recently made changes to their positions in the company. GAMMA Investing LLC boosted its position in shares of Magnite by 355.6% during the 2nd quarter. GAMMA Investing LLC now owns 1,517 shares of the company's stock worth $37,000 after acquiring an additional 1,184 shares in the last quarter. CWM LLC lifted its stake in Magnite by 133.6% in the 2nd quarter. CWM LLC now owns 1,775 shares of the company's stock valued at $43,000 after purchasing an additional 1,015 shares during the last quarter. MCF Advisors LLC lifted its stake in Magnite by 2,100.0% in the 1st quarter. MCF Advisors LLC now owns 2,200 shares of the company's stock valued at $25,000 after purchasing an additional 2,100 shares during the last quarter. MTM Investment Management LLC bought a new position in Magnite in the 2nd quarter valued at approximately $58,000. Finally, Nisa Investment Advisors LLC lifted its stake in Magnite by 66.0% in the 2nd quarter. Nisa Investment Advisors LLC now owns 2,780 shares of the company's stock valued at $67,000 after purchasing an additional 1,105 shares during the last quarter. Institutional investors and hedge funds own 73.40% of the company's stock.

About Magnite

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.