Magnite Inc. (MGNI) Is A Stock You Should Watch

As of Friday close, Magnite Inc.’s (NASDAQ:MGNI) stock was up $0.28, moving up 3.27 percent to $8.83. The average number of shares traded per day over the past five days has been 2,079,600 shares. 4 times new highs have been achieved over the past 5 days, with a $1.19 gain in that time frame. In the last twenty days, the average volume was 1,850,715, while in the previous 50 days, it was 1,961,846.

Since last month, MGNI stock retreated -1.67%. Shares of the company fell to $7.06 on 07/14/22, the lowest level in the past month. A 52-week high of $36.59 was reached on 01/03/22 after having rallying from a 52-week low of $7.06. Since the beginning of this year, MGNI’s stock price has dropped by -49.54% or -$8.67, and marked a new high 1 time. However, the stock has declined by -75.87% since its 52-week high.

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Magnite Inc. (MGNI) last reported insider trading activity 87 days ago on May 11. Lam Rachel, the Director of the company, purchased of 2,500 shares for $9.00 on May 11. It resulted in a $22,500 investment by the insider. Evans Katie Seitz sold 15,805 shares at an average price of $13.13 on Apr 06. The insider now owns 393,276 shares following the transaction. On Mar 03, Director Lam Rachel bought 2,500 shares at $12.81 apiece. The transaction was valued at $32,025.

Valuation Metrics

The stock’s beta is 2.13. Besides these, the trailing price-to-sales (P/S) ratio of 2.33, the price-to-book (PB) ratio of 1.39, and the price-to-cash flow ratio of 9.76 may also be considered.

Financial Health

In the three months ended March 30, Magnite Inc.’s quick ratio stood at 1.10, while its current ratio was 1.10, showing that the company is able to pay off its debt. According to company report, the long-term debt-to-equity ratio for the quarter ending March 30 was 0.86, and the total debt-to-equity ratio was 0.86. On the profitability front, the trailing twelve-month gross margin is 54.30% percent. In the year ended March 30, operating margins totaled -20.40%. Based on annual data, MGNI earned $266.75 million in gross profit and brought in $468.41 million in revenue.

A company’s management is another factor that investors consider when determining the profitability of an investment. In the past year, return on investment (ROI) was 0.90%. Return on equity (ROE) for the past 12 months was -3.60%.

In Magnite Inc.’s quarter-end financial report for March 30, it reported total debt of $720.71 million. According to the earnings report, the company had a lower net income in the recent quarter than it did in the previous quarter. MGNI’s revenue rose 48.58% to $161.29 million during the quarter, while net income inched up to $118.08 million. While analysts expected Magnite Inc. to report $0.08 quarterly earnings, the actual figure was $0.08 per share. During the quarter, the company generated $11.06 million in EBITDA. The liabilities of Magnite Inc. were 1.68 billion at the end of its most recent quarter ended March 30, and its total debt was $805.72 million. The value of shareholders’ equity is $131.91 million.

Technical Picture

This quick technical analysis looks at Magnite Inc.’s (MGNI) price momentum. With a historical volatility rate of 77.36%, the RSI 9-day stood at 57.52% on 05 August.

With respect to its five-day moving average, the current Magnite Inc. price is up by +15.58% percent or $1.19. At present, MGNI shares trade +0.80% above its 20-day simple moving average and -16.14% percent below its 100-day simple moving average. However, the stock is currently trading approximately -4.54% below its SMA50 and -71.12% below its SMA200.

Stochastic coefficient K was 83.30% and Stochastic coefficient D was 75.59%, while ATR was 0.62. Given the Stochastic reading of 83.51% for the 14-day period, the RSI (14) reading has been calculated as 52.59%. As of today, the MACD Oscillator reading stands at 0.58, while the 14-day reading stands at 0.51.

Analyst Ratings

The Benchmark Company launched its rating on Magnite Inc. (NASDAQ: MGNI) to a Buy in a note to investors on July 14, 2022. Magnite Inc. (MGNI) has been rated Buy by analysts. According to 0 brokerage firms, MGNI is a sell, and 1 firms recommend it is a Hold. There are 0 analysts who say the stock is underweight. A total of 0 analysts rate Magnite Inc. stock as buy, with 9 recommending it as overweight.

With a median target price of $18.00, the current consensus forecast for the stock is $13.00 – $24.00. Based on these forecasts, analysts predict Magnite Inc. (MGNI) will achieve an average price target of $17.70.


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