Magnite (NASDAQ:MGNI) Hits New 52-Week High - Here's What Happened

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%.

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

Analyst Ratings Changes

Several research analysts have recently issued reports on MGNI shares. Scotiabank reaffirmed an "outperform" rating and issued a $30.00 target price (up previously from $22.00) on shares of Magnite in a research note on Thursday, August 7th. Craig Hallum set a $24.00 target price on shares of Magnite and gave the company a "buy" rating in a research note on Tuesday, May 20th. Royal Bank Of Canada raised their target price on shares of Magnite from $19.00 to $27.00 and gave the company an "outperform" rating in a research note on Thursday, July 31st. Needham & Company LLC raised their target price on shares of Magnite from $18.00 to $25.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. Finally, Lake Street Capital reduced their target price on shares of Magnite from $21.00 to $19.00 and set a "buy" rating on the stock in a research note on Thursday, May 8th. Ten investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $25.82.

Magnite Stock Up 5.7%

The firm's 50 day moving average is $22.50 and its two-hundred day moving average is $17.20. The firm has a market cap of $3.64 billion, a P/E ratio of 87.76, a price-to-earnings-growth ratio of 1.66 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 quarterly earnings results on Wednesday, August 6th. The company reported $0.20 earnings per share for the quarter, beating 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 previous year, the firm posted $0.14 earnings per share. The business's revenue was up 6.4% on a year-over-year basis. As a group, research analysts anticipate that Magnite, Inc. will post 0.33 EPS for the current fiscal year.

Insider Transactions at Magnite

In other Magnite news, Director James Rossman sold 137,007 shares of Magnite stock in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $18.78, for a total value of $2,572,991.46. Following the transaction, the director owned 93,679 shares of the company's stock, valued at approximately $1,759,291.62. The trade was a 59.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Michael G. Barrett sold 300,000 shares of Magnite stock in a transaction that occurred on Tuesday, June 24th. The shares were sold at an average price of $20.01, for a total transaction of $6,003,000.00. Following the completion of the transaction, the chief executive officer directly owned 356,708 shares in the company, valued at approximately $7,137,727.08. The trade was a 45.68% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,070,563 shares of company stock valued at $21,771,456. 4.30% of the stock is currently owned by insiders.

Institutional Trading of Magnite

A number of institutional investors have recently made changes to their positions in the business. Marex Group plc bought a new stake in shares of Magnite in the second quarter worth $227,000. Castleark Management LLC bought a new stake in shares of Magnite in the second quarter worth $3,453,000. CANADA LIFE ASSURANCE Co lifted its position in shares of Magnite by 12.7% in the second quarter. CANADA LIFE ASSURANCE Co now owns 43,505 shares of the company's stock worth $1,051,000 after purchasing an additional 4,901 shares in the last quarter. Tower Research Capital LLC TRC lifted its position in shares of Magnite by 382.5% in the second quarter. Tower Research Capital LLC TRC now owns 15,065 shares of the company's stock worth $363,000 after purchasing an additional 11,943 shares in the last quarter. Finally, Cannell Capital LLC bought a new stake in shares of Magnite in the second quarter worth $3,053,000. Institutional investors 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.

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