Magnite (NASDAQ:MGNI) Sets New 12-Month High - Still a Buy?

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

Wall Street Analysts Forecast Growth

MGNI has been the subject of several recent analyst reports. Lake Street Capital lowered their target price on shares of Magnite from $21.00 to $19.00 and set a "buy" rating for the company in a research note on Thursday, May 8th. Needham & Company LLC raised 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. Rosenblatt Securities reissued a "buy" rating and issued a $18.00 price objective on shares of Magnite in a research report on Thursday, May 8th. Wall Street Zen downgraded Magnite from a "buy" rating to a "hold" rating in a report on Saturday. Finally, Benchmark lowered their price target on Magnite from $25.00 to $24.00 and set a "buy" rating for the company in a report on Thursday, May 8th. Two equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $19.58.

Magnite Stock Down 1.2%

The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.47. The business's 50-day moving average is $17.11 and its 200-day moving average is $15.60. The company has a market capitalization of $3.42 billion, a price-to-earnings ratio of 121.37, a P/E/G ratio of 2.00 and a beta of 2.96.

Magnite (NASDAQ:MGNI - Get Free Report) last announced its earnings results on Wednesday, May 7th. The company reported $0.12 EPS for the quarter, beating analysts' consensus estimates of $0.06 by $0.06. Magnite had a return on equity of 6.71% and a net margin of 4.58%. The business had revenue of $145.85 million during the quarter, compared to analysts' expectations of $142.18 million. During the same quarter in the prior year, the firm earned $0.05 earnings per share. The business's revenue was up 4.3% compared to the same quarter last year. As a group, equities analysts predict that Magnite, Inc. will post 0.33 earnings per share for the current year.

Insiders Place Their Bets

In other Magnite news, CFO David Day sold 36,000 shares of the business's stock in a transaction that occurred on Thursday, June 26th. The shares were sold at an average price of $20.95, for a total transaction of $754,200.00. Following the completion of the transaction, the chief financial officer owned 443,528 shares in the company, valued at $9,291,911.60. The trade was a 7.51% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Michael G. Barrett sold 300,000 shares of the stock in a transaction that occurred on Tuesday, June 24th. The shares were sold at an average price of $20.01, for a total value of $6,003,000.00. Following the completion of the sale, the chief executive officer directly owned 356,708 shares of the company's stock, valued at $7,137,727.08. The trade was a 45.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 840,743 shares of company stock valued at $16,021,928. Insiders own 4.30% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in MGNI. Jones Financial Companies Lllp grew its position in Magnite by 20.6% in the fourth quarter. Jones Financial Companies Lllp now owns 5,853 shares of the company's stock valued at $93,000 after acquiring an additional 1,000 shares in the last quarter. SBI Securities Co. Ltd. acquired a new stake in Magnite during the 4th quarter valued at approximately $25,000. Charles Schwab Investment Management Inc. grew its position in shares of Magnite by 1.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,049,412 shares of the company's stock worth $16,707,000 after buying an additional 16,308 shares in the last quarter. M&T Bank Corp acquired a new stake in shares of Magnite during the fourth quarter worth approximately $230,000. Finally, Arizona State Retirement System grew its position in shares of Magnite by 1.5% during the fourth quarter. Arizona State Retirement System now owns 36,846 shares of the company's stock worth $587,000 after buying an additional 559 shares in 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.

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