New Big Money Means Magnite Inc (MGNI) Investors Could Reap Benefit

Magnite Inc (NASDAQ: MGNI) is -0.21% lower on its value in year-to-date trading and has touched a low of $6.28 and a high of $15.73 in the current 52-week trading range. The question becomes, what are the chances the stock will make a comeback and enjoy potential growth. Why not look at analysts view on what the future holds for the stock. The MGNI stock was last observed hovering at around $9.21 in the last trading session, with the day’s gains setting it 0.11%.

Currently trading at $9.32, the stock is 2.04% and 3.43% above its SMA20 and SMA50 respectively. However, with a daily trading volume of 0.9 million and changing 1.19% at the moment leaves the stock -5.61% off its SMA200. MGNI registered -27.24% loss for a year compared to 6-month loss of -24.47%. The firm has a 50-day simple moving average (SMA 50) of $2.72 and a 200-day simple moving average (SMA200) of $15.77.

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The stock witnessed a -0.64% gain in the last 1 month and extending the period to 3 months gives it a 29.26%, and is 2.87% up 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 4.85% over the week and 4.21% over the month.

Magnite Inc (MGNI) has around 947 employees, a market worth around $1.28B and $608.18M in sales. Fwd P/E is 13.18. Profit margin for the company is -37.24%. Distance from 52-week low is 48.41% and -40.75% from its 52-week high. The company has generated returns on investments over the last 12 months (-17.32%).

Magnite Inc quarterly earnings per share for the current quarter are estimated at $0.27 with sales reaching $160.32M over the same period.The EPS is expected to shrink by -17.68% this year, but quarterly earnings will post 5.80% year-over-year. Quarterly sales are estimated to grow 2.40% in year-over-year returns.

302 institutions hold shares in Magnite Inc (MGNI), with institutional investors hold 86.81% of the company’s shares. The shares outstanding are 134.01M, and float is at 119.83M with Short Float at 5.81%. Institutions hold 76.67% of the Float.

The top institutional shareholder in the company is Vanguard Group Inc with over 12.43 million shares valued at $169.63 million. The investor’s holdings represent 9.07% of the MGNI Shares outstanding. As of Jun 29, 2023, the second largest holder is Blackrock Inc. with 9.07 million shares valued at $123.8 million to account for 6.62% of the shares outstanding. The other top investors are Granahan Investment Management LLC which holds 7.55 million shares representing 5.51% and valued at over $103.1 million, while FMR, LLC holds 5.35% of the shares totaling 7.32 million with a market value of $99.93 million.

Magnite Inc (MGNI) Insider Activity

A total of 20 insider transactions have happened at Magnite Inc (MGNI) in the last six months, with sales accounting for 20 and purchases happening 0 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 75,000 shares of the company’s common stock on Nov 15 at a price of $7.80 per share for a total of $0.58 million. Following the sale, the insider now owns 1.22 million shares.

Magnite Inc disclosed in a document filed with the SEC on Sep 06 that Buonasera David (Chief Technology Officer) sold a total of 5,444 shares of the company’s common stock. The trade occurred on Sep 06 and was made at $8.58 per share for $46710.0. Following the transaction, the insider now directly holds 0.21 million shares of the MGNI stock.

Still, SEC filings show that on Aug 22, Spillane Robert F (Director) disposed off 25,000 shares at an average price of $8.05 for $0.2 million. The insider now directly holds 94,090 shares of Magnite Inc (MGNI).