Home Analyst Ratings Truist Securities cuts Magnite ’s rating to Hold; PT at $37

Truist Securities cuts Magnite [MGNI]’s rating to Hold; PT at $37

Truist Securities took its Magnite [MGNI] rating to the equivalent of Hold from Buy, and the price target to $37.0 from $12, in a research note dated 2021-01-25. That figure represents around a -7.68% discount from where the company’s shares closed on Friday. 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 on 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.

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<h2>Is Magnite Inc. [NASDAQ: MGNI] a Good Buy Right Now?</h2>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 Strongest. The stock current average is 7.31 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 6.1 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 4.34 million shares.

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<h3>MGNI Price Performance</h3>On Wall Street, Magnite Inc. [NASDAQ:MGNI] finished Friday’s session up 10.47% at $40.08. The stock went up to $40.20 at the same session while its lowest single-day price was $35.35. In the last five days, it saw a rise of about 28.71%, Magnite Inc. shares gained by almost 30.51% since the beginning of the year. However, the share price has dropped to as low as 8.03% below its one-year high. On 01/22/21, the company shares recorded $40.20, the highest single-day price it has got to in the last 52-weeks, and a 52-week low was seen on 01/07/21, the same year at $22.65. The company’s shares have inclined by 319.25% in the past year. The 50-day SMA achieved is $22.68 while the 200-day SMA is $10.93. Volume gained to 7.5 million from 4.18 million in the previous session.

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