On Jan. 04, Soroca Adam Lee divested U.S. $197,101 in shares of Magnite Inc.. The Head of Global Buyer Team sold 6,695 shares at a price per share of $29.44. The transaction decreased this specific insider’s holdings to 341,111 shares worth around $9.32 million at present.
Needham maintained its Magnite Inc. [MGNI] rating to the equivalent of a Buy but changed the price target to $30 from $18, in a research note dated December 21, 2020. That figure represents around a 8.97% premium from where the company’s shares closed on Wednesday. Other analysts also revised their coverage, with Needham’s analysts reiterating the shares to “a Buy” rating in a research note to investors issued in late December. Meanwhile, Susquehanna had launched its coverage on MGNI with “Positive”, in a research note produced for clients December 18, 2020. In addition, there was no change from Needham on November 10, 2020. The rater maintained MGNI to “a Buy” but assigned new target price of $15.
Is Magnite Inc. [NASDAQ:MGNI] a Good Buy Right Now?
It should be noted that MGNI technical indicators for short, intermediate as well as long term progress have placed an overall average of 100% as Buy. The average signal changed from 100% Buy in the last week and compares with 100% Buy in the past month. Data from Magnite Inc.’s Trend Spotter indicated that the signals were Weakest. The stock current average is 6.61 million shares in the past 20 days and the short term average signal indicates a 100% Buy. In the last 50 days, the average trading volume was 5.1 million shares while the medium term average advocated for 100% Buy. The average long-term signal stands at 100% Buy and the 100-day average volume stands at 3.68 million shares.
MGNI Price Performance
On Wall Street, Magnite Inc. [NASDAQ:MGNI] finished Wednesday’s session down -4.41% at $27.31. The stock went up to $28.65 at the same session while its lowest single day price was $27.12. In the last five days, it saw a fall of about -9.36%, Magnite Inc. shares dropped by almost -11.07% since the beginning of the year. However, the share price has dropped to as low as -17.24% below its one year high. On 01/04/21, the company shares recorded $30.81, the highest single-day price it has got to in the last 52-weeks and a 52-week low was seen on 01/05/21, the same year at $26.26. The company’s shares have inclined by 159.85% in the past year. The 50-day SMA achieved is $18.10 while the 200-day SMA is $9.54. Volume gained to 5.7 million from 4.68 million in the previous session.
MGNI Stock Support And Resistance Levels
On the 24-hour scale, the immediate backing is perceived around 26.74 level, and in case of violation of this particular level, it will cause more drop to 26.16 level. On the upper level, 29.22 is still the key resistance. The stock may increase to the subsequent resistance at 28.27. The Relative Strength Index (RSI) pinned on the 14-day chart is 59.71, implying a neutral technical stance while the MACD stands at 0.20, meaning price will decrease in the next trading period. Percent R indicator moved to 37.78%, implying low price movement. Stochastic %K at 65.67% suggest holding the stock.
What is the short interest in Magnite Inc.?
Short interest in the Magnite Inc. stock has surged, increasing by 1.11 million shares to total 12.9 million shares on Dec 14, 2020. The interest had seen shares on Nov 12, 2020 stand at 14.01 million, data from Yahoo Finance shows. The decrease of -8.6% suggests the stock saw some decreased bullish sentiment. The stock’s days to cover (short ratio) moved to while the shorted shares account for just 11.79% of the overall float for the stock.
Magnite Inc.’s Biggest Shareholders: Who Owns Magnite Inc. [MGNI]?
Filings by Granahan Investment Management, I showed that the firm now holds a total of 10,023,076 shares or roughly 8.95% of the outstanding MGNI shares. This means their shares have increased by 2,164,960 from the 10,023,076 the investor reportedly held in its prior 13-F filing. With the conclusion of the purchase, BlackRock Fund Advisors updated stake is worth $126,749,760. Details in the latest 13F filings reveal that Nine Ten Capital Management LLC disposed off their 0.00% stake valued at $94,333,746 while The Vanguard Group, Inc. cut theirs at $92,252,752. During the last quarter, Nine Ten Capital Management LLC liquidated 0 of its shares in Magnite Inc. while The Vanguard Group, Inc. sold -428,726 shares. The Edenbrook Capital LLC’s holdings currently number 4,599,708 shares at $125618025.48. According to the firm’s last 13F report, Wellington Management Co. LLP shares in the company at filing stood at 4,326,109 shares, roughly $82,196,071.
MGNI Earnings Forecast For The Current Quarter
Magnite Inc. [MGNI] is expected to report weak earnings results for the quarter ending on Dec 2020. Consensus estimates give the company expected revenues of $73.85M and an earnings per share of $0.11 for Dec 2020. Looking further ahead, the company is expected to report revenue of $55.77M at an EPS of -$0.06 for Mar 2021. The estimates represent upside of 25.70% and 740.00% in the company’s revenue and earnings per share, respectively, on a year-on-year basis.
MGNI Earnings Estimates For The Current Year
For the financial year, Magnite Inc. [NASDAQ:MGNI] is expected to bring in revenue of $213.43M. The returns are nearly $57.02 million higher than the company’s actual revenue recorded in the fiscal year 2019. In terms of EPS for the 2020, estimate put it at 0.01, higher than that of FY19 by $0.03. Estimates put this year’s earnings growth at 150.00%, 700.00% for the next, and at an annual -32.20% over the next 5-year period. As for sales, forecasts are for an increase of 36.50% in the current fiscal year and a further 25.70% over the following year.
What are analyst thoughts on Magnite Inc.?
Looking forward to the Magnite Inc. share price prediction, we can see that analysts, surveyed by FactSet, offer the mean price target for Magnite Inc. stock at $20.50 within the next 12 months, which represents almost -33.22 per cent growth from its previous closing price of $27.31. The highest analysts’ target for Magnite Inc. stock projections is $30.00 and the lowest one is $12.00. Still, 8 analysts sharing their consensus rating for MGNI stock in 2021 agree that it is a Buy.