Magnite Inc. (NASDAQ: MGNI) is 8.40% higher on its value in year-to-date trading and has touched a low of $5.59 and a high of $14.20 in the current 52-week trading range. The question becomes, what are the chances the stock will continue to grow shareholders’ wealth in the market. Here’s what analysts think will happen to its price in the coming time. The MGNI stock was last observed hovering at around $11.81 in the last trading session, with the day’s loss setting it -0.33% off its average median price target of $15.00 for the next 12 months. It is also 36.22% off the consensus price target high of $18.00 offered by 12 analysts, but current levels are -4.36% lower than the price target low of $11.00 for the same period.
Currently trading at $11.48, the stock is 11.61% and 19.75% above its SMA20 and SMA50 respectively. However, with a daily trading volume of 0.95 million and changing -2.79% at the moment leaves the stock 21.11% off its SMA200. MGNI registered 24.11% gain for a year compared to 6-month loss of 8.82%. The firm has a 50-day simple moving average (SMA 50) of $3.55 and a 200-day simple moving average (SMA200) of $19.14.
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The stock witnessed a 28.70% gain in the last 1 month and extending the period to 3 months gives it a 4.17%, and is -1.96% down over the last 5 days. If we measure the stock’s price variations over the week and the month, we find that the volatility rates stand at 6.36% over the week and 6.31% over the month.
Magnite Inc. (MGNI) has around 947 employees, a market worth around $1.60B and $589.10M in sales. Fwd P/E is 13.51. Profit margin for the company is -31.30%. Distance from 52-week low is 105.55% and -19.18% from its 52-week high. The company has generated returns on investments over the last 12 months (-7.10%).
Magnite Inc. (MGNI) Analyst Forecasts
Analyst recommendations provided by FactSet shows that the consensus forecast for Magnite Inc. (MGNI) is a “Buy”. 12 analysts offering their recommendations for the stock have an average rating of 2.00, where 1 rate it as a Hold and 1 think it is a “Overweight”. 10 of the analysts rate the stock as a “Buy”. 0 analysts have rated the stock as a Sell or Underperform.
Magnite Inc. is expected to release its quarterly report on 08/02/2023.The EPS is expected to shrink by -12.50% this year
Magnite Inc. (MGNI) Top Institutional Holders
The shares outstanding are 134.67M, and float is at 117.93M with Short Float at 7.66%.
Magnite Inc. (MGNI) Insider Activity
A total of 22 insider transactions have happened at Magnite Inc. (MGNI) in the last six months, with sales accounting for 13 and purchases happening 9 times. The most recent transaction is an insider sale by BARRETT MICHAEL G., the company’s CEO. SEC filings show that BARRETT MICHAEL G. sold 24,679 shares of the company’s common stock on May 16 at a price of $10.88 per share for a total of $0.27 million. Following the sale, the insider now owns 1.51 million shares.
Magnite Inc. disclosed in a document filed with the SEC on May 16 that Day David (Chief Financial Officer) sold a total of 16,066 shares of the company’s common stock. The trade occurred on May 16 and was made at $10.88 per share for $0.17 million. Following the transaction, the insider now directly holds 0.46 million shares of the MGNI stock.
Still, SEC filings show that on May 16, Soroca Adam Lee (Chief Product Officer) disposed off 12,390 shares at an average price of $10.88 for $0.13 million. The insider now directly holds 432,277 shares of Magnite Inc. (MGNI).