Magnite (NASDAQ:MGNI) Hits New 52-Week High - What's Next?

Magnite, Inc. (NASDAQ:MGNI - Get Free Report)'s share price 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. The stock had previously closed at $21.10.

Analysts Set New Price Targets

Several analysts have issued reports on MGNI shares. Wall Street Zen raised Magnite from a "hold" rating to a "buy" rating in a report on Saturday, June 21st. Benchmark decreased their price objective on shares of Magnite from $25.00 to $24.00 and set a "buy" rating on the stock in a research report on Thursday, May 8th. Needham & Company LLC increased their price target on Magnite from $14.00 to $18.00 and gave the stock a "buy" rating in a research note on Monday, May 12th. Craig Hallum set a $24.00 price target on Magnite and gave the company a "buy" rating in a report on Tuesday, May 20th. Finally, Lake Street Capital decreased their target price on Magnite from $21.00 to $19.00 and set a "buy" rating on the stock 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 stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $19.58.

Magnite Trading Down 0.7%

The firm has a market cap of $3.46 billion, a PE ratio of 122.46, a P/E/G ratio of 2.01 and a beta of 2.96. The company's 50 day moving average price is $16.62 and its two-hundred day moving average price is $15.49. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.47.

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

Insider Activity at Magnite

In other news, CFO David Day sold 36,000 shares of Magnite stock in a transaction that occurred on Thursday, June 26th. The shares were sold at an average price of $20.95, for a total value of $754,200.00. Following the transaction, the chief financial officer owned 443,528 shares of the company's stock, valued at $9,291,911.60. The trade was a 7.51% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Adam Lee Soroca sold 44,519 shares of the company's stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $20.00, for a total value of $890,380.00. Following the transaction, the insider directly owned 400,927 shares in the company, valued at $8,018,540. This represents a 9.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 840,743 shares of company stock valued at $16,021,928 over the last 90 days. Company insiders own 3.80% of the company's stock.

Hedge Funds Weigh In On Magnite

A number of institutional investors have recently modified their holdings of the stock. Rhumbline Advisers grew its position in shares of Magnite by 4.4% during the 1st quarter. Rhumbline Advisers now owns 192,502 shares of the company's stock valued at $2,196,000 after acquiring an additional 8,171 shares during the period. Strs Ohio purchased a new position in shares of Magnite during the 1st quarter valued at approximately $544,000. Intech Investment Management LLC grew its stake in Magnite by 103.6% in the 1st quarter. Intech Investment Management LLC now owns 109,992 shares of the company's stock valued at $1,255,000 after acquiring an additional 55,971 shares during the period. Bayforest Capital Ltd boosted its holdings in Magnite by 608.6% in the 1st quarter. Bayforest Capital Ltd now owns 17,835 shares of the company's stock worth $203,000 after buying an additional 15,318 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Magnite by 9.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 404,717 shares of the company's stock worth $4,618,000 after acquiring an additional 36,097 shares during the last quarter. Hedge funds and other 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.