Magnite Inc. (NASDAQ:MGNI) finished Wednesday with a subtraction of -$1.85 to close at $12.34, a downside of -13.04 percent. An average of 1,691,780 shares of common stock have been traded in the last five days. There was a fall of -$2.35 in the past week, and it reached a new high 14 times over the past 12 months. The last 20 days have seen an average of 1,293,050 shares traded, while the 50-day average volume stands at 1,336,944.
MGNI stock has decreased by -18.22% in the last month. The company shares reached their 1-month lowest point of $12.22 on 08/09/23. With the stock rallying to its 52-week high on 07/13/23, shares of the company touched a low of $5.59 and a high of $15.73 in 52 weeks. It has reached a new high 10 times so far this year and achieved 16.53% or $1.75 in price. In spite of this, the price is down -21.55% from the 52-week high.
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Insider Transactions
MGNI stock investors should be aware that Magnite Inc. (MGNI) stock had its last reported insider trading activity 30 days ago on Jul 11. In this transaction, the insider spent $375,500. Chief Operating Officer, Evans Katie Seitz, disposed of 17,774 shares at a price of $15.00 on Jul 11. The insider now owns more than $266,610 worth of shares. Prior to that, Chief Financial Officer Day David went on to Sale 9,584 shares at $15.00 each on Jul 11. An amount of $143,760 was transacted.
Valuation Metrics
Magnite Inc. (MGNI) stock’s beta is 2.12. Other valuation ratios to consider include the trailing price-to-sales (P/S) ratio at 2.82, the price-to-book (PB) ratio at 2.35, and the price-to-cash flow ratio at 16.86.
Financial Health
The quick ratio of Magnite Inc. for the three months ended March 30 was 1.20, and the current ratio was 1.20, indicating that the company is able to meet its debt obligations. Further, the company has a long term debt to equity ratio of 0.96 and a total debt to equity ratio of 0.96 for the quarter ending March 30. Magnite Inc.’s EBITDA margin for the year ending March 30 is 19.45%, while its operating margin for the same period stands at -28.00%. Its gross profit as reported stood at $269.9 million compared to revenue of $577.07 million.
For investors, determining the potential profitability of the investment also depends on the performance of the company’s management. In the past 12 months, Magnite Inc.’s return on assets was -7.20%.
Earnings Surprise
For the three-month period that ended March 30, Magnite Inc. had $674.04 million in total debt. In the quarter under review, the net income was down than the previous quarter. The company posted a net income of -$98.73 million in the quarter, while revenues of -$36.39 million were grew 54.84%. The analyst consensus anticipated Magnite Inc.’s latest quarter earnings to come in at -$0.04 per share, but it turned out to be $0.04, a 200.00% surprise. For the quarter, EBITDA amounted to -$3.03 million. Shareholders own equity worth $135.57 million.
Technical Picture
From a technical analysis perspective, let’s take a brief look at Magnite Inc. (MGNI) price momentum. RSI 9-day as of the close on 09 August was 21.80%, suggesting the stock is oversold, with historical volatility in this time frame at 81.31%.
As of today, MGNI’s price is $14.20 -16.00% or -$2.35 from its 5-day moving average. MGNI is currently trading -19.40% lower than its 20-day SMA and +42.66% higher than its 100-day SMA. However, the stock’s current price level is +4.75% above the SMA50 and +78.58% above the SMA200.
The stochastic %K and %D were 24.74% and 41.86%, respectively, and the average true range (ATR) was 0.73. With the 14-day stochastic at 4.15% and the average true range at 0.67, the RSI (14) stands at 30.96%. The stock has reached -0.75 on the 9-day MACD Oscillator while the 14-day reading was at -0.69.
Analyst Ratings
B. Riley Securities launched coverage on Magnite Inc. (NASDAQ: MGNI) in its analyst report released on April 13, 2023. The firm assigned the stock a Buy rating. The consensus rating for Magnite Inc. (MGNI) among analysts is Buy. According to current brokerage recommendations, 0 brokerage firms advise that investors sell MGNI, while 2 suggest investors hold. There are 0 analysts who rate the stock as underweight. The stock is rated overweight by 1 analysts, while 9 others rate it as a “buy”.
What is MGNI’s price target for the next 12 months?
Analysts predict a range of price targets between $11.00 and $20.00, with a median target of $16.00. Taking a look at these predictions, the average price target given by analysts for Magnite Inc. (MGNI) stock is $16.14.
