Magnite (NASDAQ:MGNI) Reaches New 12-Month Low - What's Next?

Magnite, Inc. (NASDAQ:MGNI - Get Free Report) shares hit a new 52-week low during trading on Monday . The stock traded as low as $8.22 and last traded at $8.28, with a volume of 240989 shares traded. The stock had previously closed at $9.08.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on MGNI shares. Susquehanna increased their price target on Magnite from $16.00 to $22.00 and gave the stock a "positive" rating in a research report on Thursday, February 27th. Wells Fargo & Company increased their target price on Magnite from $13.00 to $15.00 and gave the stock an "equal weight" rating in a report on Thursday, January 16th. Needham & Company LLC reaffirmed a "buy" rating and issued a $20.00 price target on shares of Magnite in a report on Wednesday, April 2nd. Benchmark reissued a "buy" rating and set a $25.00 price objective on shares of Magnite in a report on Monday, March 10th. Finally, Royal Bank of Canada boosted their target price on shares of Magnite from $19.00 to $22.00 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 given a buy rating to the company's stock. According to MarketBeat, Magnite has an average rating of "Moderate Buy" and a consensus target price of $19.27.

Magnite Price Performance

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 company has a market capitalization of $1.38 billion, a price-to-earnings ratio of 161.33, a price-to-earnings-growth ratio of 1.00 and a beta of 2.69. The company has a 50-day moving average price of $14.43 and a 200-day moving average price of $14.91.

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Magnite (NASDAQ:MGNI - Get Free Report) last issued its earnings results on Wednesday, February 26th. The company reported $0.25 EPS for the quarter, missing the consensus estimate of $0.39 by ($0.14). The firm had revenue of $180.20 million during the quarter, compared to the consensus estimate of $183.90 million. Magnite had a net margin of 2.62% and a return on equity of 4.64%. On average, equities research analysts expect that Magnite, Inc. will post 0.33 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Paul Caine sold 5,000 shares of the company's stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $20.35, for a total value of $101,750.00. Following the completion of the transaction, the director now owns 182,837 shares in the company, valued at $3,720,732.95. This represents a 2.66 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Brian Gephart sold 6,250 shares of the firm's stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $16.00, for a total transaction of $100,000.00. Following the sale, the chief accounting officer now owns 132,909 shares in the company, valued at approximately $2,126,544. The trade was a 4.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 244,905 shares of company stock worth $4,718,855. Corporate insiders own 4.30% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Arizona State Retirement System raised its position in Magnite by 1.5% in the 4th quarter. Arizona State Retirement System now owns 36,846 shares of the company's stock valued at $587,000 after buying an additional 559 shares during the last quarter. Truist Financial Corp raised its holdings in shares of Magnite by 2.0% in the fourth quarter. Truist Financial Corp now owns 34,242 shares of the company's stock valued at $545,000 after purchasing an additional 674 shares during the last quarter. Summit Investment Advisors Inc. lifted its position in shares of Magnite by 6.8% in the fourth quarter. Summit Investment Advisors Inc. now owns 13,162 shares of the company's stock worth $210,000 after purchasing an additional 836 shares in the last quarter. ANTIPODES PARTNERS Ltd lifted its position in shares of Magnite by 13.4% in the fourth quarter. ANTIPODES PARTNERS Ltd now owns 8,072 shares of the company's stock worth $129,000 after purchasing an additional 956 shares in the last quarter. Finally, Jones Financial Companies Lllp boosted its holdings in Magnite by 20.6% during the fourth quarter. Jones Financial Companies Lllp now owns 5,853 shares of the company's stock worth $93,000 after purchasing an additional 1,000 shares during the last quarter. 73.40% of the stock is owned by institutional investors and hedge funds.

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.