As of Wednesday close, Magnite Inc.’s (NASDAQ:MGNI) stock was up $0.24, moving up 2.97 percent to $8.31. The average number of shares traded per day over the past five days has been 1,380,920 shares. 3 times new highs have been achieved over the past 5 days, with a $0.11 gain in that time frame. In the last twenty days, the average volume was 2,880,550, while in the previous 50 days, it was 1,860,704.
Since last month, MGNI stock retreated -44.00%. Shares of the company fell to $7.41 on 08/10/23, the lowest level in the past month. A 52-week high of $15.73 was reached on 07/13/23 after having rallying from a 52-week low of $5.59. Since the beginning of this year, MGNI’s stock price has dropped by -21.53% or -$2.28, and marked a new high 10 times. However, the stock has declined by -47.17% since its 52-week high.
MGNI stock investors should be aware that Magnite Inc. (MGNI) stock had its last reported insider trading activity 9 days ago on Aug 22. Spillane Robert F, the Director of the company, disposed of 25,000 shares for $8.05 on Aug 22. It resulted in a $201,250 divestment by the insider. BARRETT MICHAEL G. sold 35,869 shares at an average price of $8.31 on Aug 16. The insider now owns 1,294,203 shares following the transaction. On Aug 16, Chief Financial Officer Day David sold 9,078 shares at $8.31 apiece. The transaction was valued at $75,438.
Valuation Metrics
The stock’s beta is 2.19. Besides these, the trailing price-to-sales (P/S) ratio of 1.91, the price-to-book (PB) ratio of 1.73, and the price-to-cash flow ratio of 9.24 may also be considered.
Financial Health
In the three months ended June 29, 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 June 29 was 0.97, and the total debt-to-equity ratio was 0.98. On the profitability front, the trailing twelve-month gross margin is 27.50% percent. In the year ended June 29, EBITDA margin amounted to 19.45%, whereas operating margins totaled -34.40%. Based on annual data, MGNI earned $269.9 million in gross profit and brought in $577.07 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 -7.10%. Return on equity (ROE) for the past 12 months was -31.50%.
In Magnite Inc.’s quarter-end financial report for June 29, it reported total debt of $635.04 million. According to the earnings report, the company had a higher net income in the recent quarter than it did in the previous quarter. MGNI’s revenue rose 9.68% to $130.15 million during the quarter, while net income inched up to $152.54 million. While analysts expected Magnite Inc. to report $0.03 quarterly earnings, the actual figure was $0.09 per share. During the quarter, the company generated $18.74 million in EBITDA. The liabilities of Magnite Inc. were 1.76 billion at the end of its most recent quarter ended June 29, and its total debt was $719.05 million. The value of shareholders’ equity is $136.96 million.
Technical Picture
This quick technical analysis looks at Magnite Inc.’s (MGNI) price momentum. With a historical volatility rate of 34.89%, the RSI 9-day stood at 32.87% on 30 August.
With respect to its five-day moving average, the current Magnite Inc. price is up by +1.34% percent or $0.11. At present, MGNI shares trade -43.43% below its 20-day simple moving average and -8.58% percent below its 100-day simple moving average. However, the stock is currently trading approximately -38.08% below its SMA50 and -13.17% below its SMA200.
Stochastic coefficient K was 23.59% and Stochastic coefficient D was 13.62%, while ATR was 0.54. Given the Stochastic reading of 40.26% for the 14-day period, the RSI (14) reading has been calculated as 29.90%. As of today, the MACD Oscillator reading stands at 0.02, while the 14-day reading stands at -0.09.
Analyst Ratings
Evercore ISI upgraded its rating on Magnite Inc. (NASDAQ: MGNI) to an Outperform in a note to investors on August 16, 2023. The analysts firm previously had an In-line rating on the stock.Magnite Inc. (MGNI) has been rated Buy by analysts. According to 0 brokerage firms, MGNI is a sell, and 2 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 10 recommending it as overweight.
With a median target price of $15.00, the current consensus forecast for the stock is $12.00 – $18.00. Based on these forecasts, analysts predict Magnite Inc. (MGNI) will achieve an average price target of $14.68.
