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Why Has Magnite Inc. (NASDAQ: MGNI) Inclined So Much?

Magnite Inc. (NASDAQ:MGNI) traded at $10.81 at close of the session on Monday, 01/23/23, made an upward move of 8.92% on its previous day’s price.

Looking at the stock we see that its previous close was $9.93 and the beta (5Y monthly) reads 2.18 with the day’s price range being $9.90 – $10.825. In terms of its 52-week price range, MGNI has a high of $14.96 and a low of $5.59. The company’s stock has lost about -0.73% over that past 30 days.

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Magnite Inc. has a market cap of $1.36 billion and is expected to release its quarterly earnings report on Feb 22, 2023. Estimates by analysts give the company expected earnings per share (EPS) of $0.32, with the EPS growth for the year raised at $0.72 for 2022 and $0.75 for next year. These figures represent 30.90% and 4.20% growth in EPS for the two years respectively.

Analysts tracking the company’s growth have also given it a consensus growth in revenue estimated at $153.79 million, with a low of $152 million and a high of $155.5 million. The median projection represents growth squeezing down to 8.20% compared to sales growth for the corresponding quarter a year ago. According to analyst consensus estimates figures, the company’s yearly revenue forecast for 2022 is expected to hit $511.8 million, or 22.90% up from figures reported last year.

There have been no upward and no downward revisions for the stock’s EPS in last 7 days, something that reflects the nature of company’s price movement in short term. On the other hand, looking at the outlook for the MGNI stock, short term indicators assign the stock an average of 50% Buy, while medium term indicators assign it an average of 100% Buy. Long term indicators on average place the stock in the category of 50% Buy.

Looking further, we note the current price level is 6.12% off its SMA20 and 3.30% from its 50-day simple moving average. The RSI (14) is pointing at 56.33 while the volatility over the past week is 6.40% and jumps to 6.09% over the past one month. The beta value is 2.16, while the average true range (ATR) is currently pointing at 0.66.

Coming back to Magnite Inc. (NASDAQ:MGNI), we note that the average 3-month trading volume was 1.94 million, while that of the preceding 10-day period stands at 1.42 million. Current shares outstanding are 133.14 million.

The insiders hold 2.40% of the company’s shares while institutions hold 67.40%. The data shows that short shares as of Dec 29, 2022, stood at 8.05 million at a short ratio of 4.85. This represents a 6.03% short interest in shares outstanding on Dec 29, 2022. Shares short rose in December from the previous month at 7.16 million. Investors should be excited about this stock as its upside potential is great, with current price pushing the stock 2.08% up in year-to-date price movement.

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