Magnite Inc (NASDAQ:MGNI) price on current trading day, fall -2.88% below its previous day’s close as a downside momentum from buyers pushed the stock’s value to $16.86.
A look at the stock’s price movement, the close in the last trading session was $17.36. The PE ratio in trailing twelve months stood at 146.74. Turning to its 52-week performance, $21.29 and $8.38 were the 52-week high and 52-week low respectively. Overall, MGNI moved 0.42% over the past month.
Magnite Inc’s market cap currently stands at around $2.37 billion, with investors looking forward to this quarter’s earnings report slated for in March.
Analysts have a consensus estimate of 141.46M for the company’s revenue for the quarter, with a low and high estimate of 139.82M and 143.28M respectively. The average forecast suggests up to a 8.35% growth in sales growth compared to quarterly growth in the same period last fiscal year. Wall Street analysts have also projected the company’s year-on-year revenue to grow to 673.64M, representing a 0.82% jump on that reported in the last financial year.
Turning to the stock’s technical picture we see that short term indicators suggest on average that MGNI is a 50% Buy. On the other hand, the stock is on average a 50% Buy as suggested by medium term indicators while long term indicators are putting the stock in 100% Buy category.
10 analyst(s) have given their forecast ratings for the stock on a scale of 1.00-5.00 for a strong buy to strong sell recommendation. A total of 0 analyst(s) rate the stock as a Hold, 10 recommend MGNI as a Buy and 0 give it an Overweight rating. Meanwhile, 0 analyst(s) rate the stock as Underweight and 0 say it is a Sell. As such, the average rating for the stock is Buy which could provide an opportunity for investors keen on increasing their holdings of the company’s stock.
MGNI’s current price about -9.51% and -2.22% off the 20-day and 50-day simple moving averages respectively. The Relative Strength Index (RSI, 14) currently prints 40.82, while 7-day volatility ratio is 5.34% and 5.74% in the 30-day chart. Further, Magnite Inc (MGNI) has a beta value of 2.78, and an average true range (ATR) of 1.01. Analysts have given the company’s stock an average 52-week price target of $20, forecast between a low of $19 and high of $22. Looking at the price targets, the low is -12.69% off current price level while to achieve the yearly target high, price needs to move -30.49%. Nonetheless, investors will most likely welcome a -18.62% jump to $20 which is the analysts’ median price.
If we refocus on Magnite Inc (NASDAQ:MGNI), historical trading data shows that trading volumes averaged 1.98 million over the past 3 months. The company’s latest data on shares outstanding shows there are 141.15 million shares.
The 3.28% of Magnite Inc’s shares are in the hands of company insiders while institutional holders own 88.80% of the company’s shares. Current price change has pushed the stock 5.90% YTD, which shows the potential for further growth is there. It is this reason that could see investor optimism for the MGNI stock continues to rise going into the next quarter.
