Magnite (NASDAQ:MGNI) Hits New 1-Year High - What's Next?

Shares of Magnite, Inc. (NASDAQ:MGNI - Get Free Report) hit a new 52-week high during trading on Monday . The company traded as high as $23.23 and last traded at $23.40, with a volume of 586692 shares traded. The stock had previously closed at $21.10.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on MGNI. Royal Bank Of Canada lowered their price objective on Magnite from $22.00 to $19.00 and set an "outperform" rating on the stock in a research report on Friday, May 2nd. Craig Hallum set a $24.00 price target on Magnite and gave the stock a "buy" rating in a research report on Tuesday, May 20th. Benchmark cut their price objective on Magnite from $25.00 to $24.00 and set a "buy" rating for the company in a research report on Thursday, May 8th. Lake Street Capital reduced their price objective on Magnite from $21.00 to $19.00 and set a "buy" rating on the stock in a research note on Thursday, May 8th. Finally, Rosenblatt Securities restated a "buy" rating and issued a $18.00 target price on shares of Magnite in a research note on Thursday, May 8th. One research analyst has rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $19.58.

Magnite Price Performance

The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.47. The stock has a market capitalization of $3.40 billion, a P/E ratio of 120.61, a PEG ratio of 1.72 and a beta of 2.87. The company has a fifty day simple moving average of $15.85 and a two-hundred day simple moving average of $15.32.

Magnite (NASDAQ:MGNI - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The company reported $0.12 earnings per share for the quarter, topping analysts' consensus estimates of $0.06 by $0.06. Magnite had a net margin of 4.58% and a return on equity of 6.71%. The business had revenue of $145.85 million during the quarter, compared to the consensus estimate of $142.18 million. During the same period in the previous year, the firm posted $0.05 earnings per share. Magnite's revenue for the quarter was up 4.3% compared to the same quarter last year. Sell-side analysts expect that Magnite, Inc. will post 0.33 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO David Day sold 38,146 shares of the company's stock in a transaction dated Wednesday, June 18th. The stock was sold at an average price of $18.95, for a total value of $722,866.70. Following the completion of the sale, the chief financial officer owned 443,528 shares in the company, valued at approximately $8,404,855.60. This represents a 7.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Adam Lee Soroca sold 44,519 shares of the business's stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of $20.00, for a total value of $890,380.00. Following the transaction, the insider owned 400,927 shares of the company's stock, valued at $8,018,540. The trade was a 9.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 840,743 shares of company stock worth $16,021,928 over the last 90 days. 4.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Principal Financial Group Inc. boosted its position in shares of Magnite by 14.5% during the fourth quarter. Principal Financial Group Inc. now owns 123,073 shares of the company's stock worth $1,959,000 after purchasing an additional 15,558 shares in the last quarter. Sanctuary Advisors LLC bought a new position in Magnite during the fourth quarter worth about $335,000. Truist Financial Corp lifted its holdings in Magnite by 2.0% during the fourth quarter. Truist Financial Corp now owns 34,242 shares of the company's stock worth $545,000 after acquiring an additional 674 shares in the last quarter. Handelsbanken Fonder AB grew its stake in Magnite by 28.1% in the fourth quarter. Handelsbanken Fonder AB now owns 30,100 shares of the company's stock valued at $479,000 after acquiring an additional 6,600 shares during the period. Finally, Parkside Financial Bank & Trust increased its holdings in shares of Magnite by 42.9% in the fourth quarter. Parkside Financial Bank & Trust now owns 9,886 shares of the company's stock worth $157,000 after acquiring an additional 2,968 shares in the last quarter. Institutional investors and hedge funds own 73.40% of the company's stock.

Magnite Company Profile

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.