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

Magnite, Inc. (NASDAQ:MGNI - Get Free Report) shares hit a new 52-week high on Thursday . The company traded as high as $18.80 and last traded at $18.88, with a volume of 701948 shares. The stock had previously closed at $17.97.

Analyst Upgrades and Downgrades

MGNI has been the topic of several recent research reports. Wells Fargo & Company raised their price target on Magnite from $13.00 to $15.00 and gave the stock an "equal weight" rating in a research report on Thursday, January 16th. Needham & Company LLC reissued a "buy" rating and issued a $20.00 target price on shares of Magnite in a report on Friday, January 17th. Macquarie reiterated an "outperform" rating and set a $18.00 target price on shares of Magnite in a research note on Friday, November 8th. Royal Bank of Canada boosted their price objective on shares of Magnite from $19.00 to $22.00 and gave the company an "outperform" rating in a research report on Friday, January 3rd. Finally, Wolfe Research increased their price objective on shares of Magnite from $14.00 to $19.00 and gave the stock an "outperform" rating in a research note on Friday, January 3rd. One research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $18.35.

Magnite Trading Down 2.6 %

The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.11 and a current ratio of 1.11. The stock has a market cap of $2.90 billion, a PE ratio of 343.67, a PEG ratio of 1.05 and a beta of 2.52. The stock has a fifty day moving average price of $16.74 and a 200 day moving average price of $14.69.

Magnite (NASDAQ:MGNI - Get Free Report) last issued its quarterly earnings results on Thursday, November 7th. The company reported $0.07 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.16 by ($0.09). Magnite had a return on equity of 4.64% and a net margin of 2.62%. The business had revenue of $162.00 million for the quarter, compared to the consensus estimate of $147.94 million. During the same period in the prior year, the business posted $0.02 earnings per share. Equities analysts expect that Magnite, Inc. will post 0.33 EPS for the current year.

Insider Buying and Selling at Magnite

In other news, insider Adam Lee Soroca sold 7,849 shares of the business's stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $15.60, for a total value of $122,444.40. Following the completion of the sale, the insider now owns 421,347 shares in the company, valued at approximately $6,573,013.20. The trade was a 1.83 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Brian Gephart sold 2,156 shares of the stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $15.60, for a total transaction of $33,633.60. Following the transaction, the chief accounting officer now owns 112,795 shares in the company, valued at approximately $1,759,602. This represents a 1.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 566,458 shares of company stock valued at $10,135,410 in the last ninety days. Corporate insiders own 4.30% of the company's stock.

Institutional Trading of Magnite

A number of hedge funds have recently bought and sold shares of MGNI. Truist Financial Corp lifted its stake in shares of Magnite by 42.9% during the 2nd quarter. Truist Financial Corp now owns 68,307 shares of the company's stock worth $908,000 after purchasing an additional 20,517 shares during the last quarter. Wedge Capital Management L L P NC raised its holdings in Magnite by 29.6% in the third quarter. Wedge Capital Management L L P NC now owns 123,138 shares of the company's stock worth $1,705,000 after purchasing an additional 28,108 shares in the last quarter. Blue Trust Inc. lifted its position in shares of Magnite by 87.0% during the third quarter. Blue Trust Inc. now owns 7,931 shares of the company's stock valued at $105,000 after buying an additional 3,689 shares during the last quarter. Vicus Capital bought a new stake in shares of Magnite in the 3rd quarter valued at about $164,000. Finally, Riverwater Partners LLC purchased a new position in shares of Magnite in the 3rd quarter worth approximately $1,164,000. 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.