Magnite (NASDAQ:MGNI) Hits New 1-Year High - Time to Buy?

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

Analysts Set New Price Targets

MGNI has been the topic of several analyst reports. Rosenblatt Securities reaffirmed a "buy" rating and issued a $18.00 target price on shares of Magnite in a report on Thursday, May 8th. Benchmark cut their target price on shares of Magnite from $25.00 to $24.00 and set a "buy" rating on the stock in a report on Thursday, May 8th. Wall Street Zen lowered shares of Magnite from a "buy" rating to a "hold" rating in a research report on Saturday. Lake Street Capital dropped their price target 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. Finally, Needham & Company LLC boosted their price target on shares of Magnite from $14.00 to $18.00 and gave the stock a "buy" rating in a research note on Monday, May 12th. Two analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $19.58.

Magnite Stock Down 1.0%

The company has a market capitalization of $3.43 billion, a PE ratio of 121.46, a price-to-earnings-growth ratio of 2.00 and a beta of 2.96. The firm's 50-day simple moving average is $17.11 and its 200 day simple moving average is $15.60. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.98 and a current ratio of 0.98.

Magnite (NASDAQ:MGNI - Get Free Report) last issued its 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. The company had revenue of $145.85 million for the quarter, compared to analyst estimates of $142.18 million. Magnite had a net margin of 4.58% and a return on equity of 6.71%. The business's revenue was up 4.3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.05 EPS. As a group, equities research analysts forecast that Magnite, Inc. will post 0.33 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Michael G. Barrett sold 300,000 shares of the business's stock in a transaction dated 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 sale, the chief executive officer directly owned 356,708 shares in the company, valued at $7,137,727.08. The trade was a 45.68% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO David Day sold 36,000 shares of the business's stock in a transaction dated Thursday, June 26th. The stock was sold at an average price of $20.95, for a total transaction of $754,200.00. Following the completion of the sale, the chief financial officer owned 443,528 shares in the company, valued at $9,291,911.60. This represents a 7.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 840,743 shares of company stock worth $16,021,928. 4.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On Magnite

Several institutional investors and hedge funds have recently made changes to their positions in MGNI. SBI Securities Co. Ltd. purchased a new position in Magnite in the 4th quarter valued at about $25,000. MCF Advisors LLC lifted its holdings in Magnite by 2,100.0% in the 1st quarter. MCF Advisors LLC now owns 2,200 shares of the company's stock valued at $25,000 after purchasing an additional 2,100 shares in the last quarter. Smartleaf Asset Management LLC lifted its holdings in Magnite by 74.9% in the 1st quarter. Smartleaf Asset Management LLC now owns 2,810 shares of the company's stock valued at $33,000 after purchasing an additional 1,203 shares in the last quarter. AllSquare Wealth Management LLC lifted its holdings in Magnite by 76.8% in the 1st quarter. AllSquare Wealth Management LLC now owns 3,580 shares of the company's stock valued at $41,000 after purchasing an additional 1,555 shares in the last quarter. Finally, Larson Financial Group LLC lifted its holdings in Magnite by 179.2% in the 4th quarter. Larson Financial Group LLC now owns 3,647 shares of the company's stock valued at $58,000 after purchasing an additional 2,341 shares in the last quarter. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

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.