Magnite (NASDAQ:MGNI) Hits New 1-Year High - Still a Buy?

Magnite, Inc. (NASDAQ:MGNI - Get Free Report)'s stock price reached a new 52-week high during trading on Monday . The company traded as high as $25.27 and last traded at $24.31, with a volume of 3274899 shares traded. The stock had previously closed at $24.67.

Analyst Ratings Changes

MGNI has been the topic of a number of research reports. Wells Fargo & Company upped their price target on Magnite from $13.00 to $24.00 and gave the stock an "equal weight" rating in a research note on Tuesday. Needham & Company LLC upped their price objective on Magnite from $14.00 to $18.00 and gave the stock a "buy" rating in a research report on Monday, May 12th. Lake Street Capital cut their price objective on Magnite from $21.00 to $19.00 and set a "buy" rating on the stock in a research report on Thursday, May 8th. Royal Bank Of Canada cut 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. Finally, Rosenblatt Securities reaffirmed a "buy" rating and set a $18.00 price objective on shares of Magnite in a research report on Thursday, May 8th. Two research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $20.33.

Magnite Stock Down 1.0%

The company has a debt-to-equity ratio of 0.47, a current ratio of 0.98 and a quick ratio of 0.98. The company has a market cap of $3.31 billion, a price-to-earnings ratio of 117.26, a P/E/G ratio of 1.92 and a beta of 2.96. The firm's 50 day simple moving average is $17.81 and its 200-day simple moving average is $15.77.

Magnite (NASDAQ:MGNI - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The company reported $0.12 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to the consensus estimate of $142.18 million. During the same quarter in the prior year, the firm posted $0.05 earnings per share. Magnite's revenue for the quarter was up 4.3% on a year-over-year basis. As a group, sell-side analysts anticipate that Magnite, Inc. will post 0.33 earnings per share for the current year.

Insider Buying and Selling

In other news, Director James Rossman sold 137,007 shares of the stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $18.78, for a total transaction of $2,572,991.46. Following the completion of the sale, the director owned 93,679 shares in the company, valued at approximately $1,759,291.62. This represents a 59.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Katie Seitz Evans sold 35,000 shares of the firm's stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $17.36, for a total transaction of $607,600.00. Following the transaction, the insider directly owned 442,788 shares of the company's stock, valued at approximately $7,686,799.68. This trade represents a 7.33% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 883,327 shares of company stock valued at $17,086,528 over the last ninety days. Company insiders own 3.80% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Vanguard Group Inc. lifted its position in Magnite by 1.0% during the first quarter. Vanguard Group Inc. now owns 13,743,521 shares of the company's stock valued at $156,814,000 after buying an additional 138,417 shares in the last quarter. Capital Research Global Investors acquired a new position in shares of Magnite during the 4th quarter valued at $122,986,000. Wellington Management Group LLP lifted its holdings in shares of Magnite by 6.8% during the 4th quarter. Wellington Management Group LLP now owns 7,030,011 shares of the company's stock valued at $111,918,000 after acquiring an additional 450,341 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Magnite by 3.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 5,524,643 shares of the company's stock valued at $87,957,000 after acquiring an additional 170,532 shares in the last quarter. Finally, Boston Partners lifted its holdings in shares of Magnite by 10.9% during the 1st quarter. Boston Partners now owns 5,276,356 shares of the company's stock valued at $60,187,000 after acquiring an additional 520,033 shares in the last quarter. 73.40% of the stock is owned by hedge funds and other institutional investors.

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.