Magnite Inc. [MGNI] Is Currently 3.88 below its 200 Period Moving Avg: What Dose This Mean?

Magnite Inc. [NASDAQ: MGNI] gained 3.88% or 0.55 points to close at $14.72 with a heavy trading volume of 5871389 shares. The company report on November 18, 2020 that Magnite CTV Business Sees Strong Growth Year-Over-Year, Driven By Increasing CTV Viewership, Addressable Advertising and Strong Marketplace Demand.

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Magnite’s addressable capabilities and direct integrations with leading CTV publishers fuels interest from tech (+176% YOY for Q3), DTC (+159% YOY for Q3), and CPG (+86% YOY for Q3) advertising verticals.

Number of advertisers that used Magnite’s audience targeting features grew 2.5X between Q3 2019 and Q3 2020.

It opened the trading session at $15.00, the shares rose to $15.07 and dropped to $13.63, the range by which the price of stock traded the whole day. The daily chart for MGNI points out that the company has recorded 140.13% gains over the past six months. However, it is still -259.9% lower than its most recent low trading price.

If we look at the average trading volume of 2.69M shares, MGNI reached to a volume of 5871389 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here is what top equities market gurus are saying about Magnite Inc. [MGNI]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for MGNI shares is $14.07 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on MGNI stock is a recommendation set at 1.70. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Needham have made an estimate for Magnite Inc. shares, keeping their opinion on the stock as Buy, with their previous recommendation back on November 10, 2020. While these analysts kept the previous recommendation, RBC Capital Mkts raised their target price to Outperform. The new note on the price target was released on September 29, 2020, representing the official price target for Magnite Inc. stock. Previously, the target price had yet another raise to $10, while Needham analysts kept a Buy rating on MGNI stock.

The Average True Range (ATR) for Magnite Inc. is set at 0.98, with the Price to Sales ratio for MGNI stock in the period of the last 12 months amounting to 8.43. The Price to Book ratio for the last quarter was 4.56.

Trading performance analysis for MGNI stock

Magnite Inc. [MGNI] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 39.26. With this latest performance, MGNI shares gained by 53.17% in over the last four-week period, additionally plugging by 140.13% over the last 6 months – not to mention a rise of 83.54% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for MGNI stock in for the last two-week period is set at 78.19, with the RSI for the last a single of trading hit 81.50, and the three-weeks RSI is set at 74.49 for Magnite Inc. [MGNI]. The present Moving Average for the last 50 days of trading for this stock 8.83, while it was recorded at 12.62 for the last single week of trading, and 7.46 for the last 200 days.

Magnite Inc. [MGNI]: A deeper dive into fundamental analysis

Operating Margin for any stock indicates how profitable investing would be, and Magnite Inc. [MGNI] shares currently have an operating margin of -17.63 and a Gross Margin at +62.17. Magnite Inc.’s Net Margin is presently recorded at -16.29.

Return on Total Capital for MGNI is now -21.85, given the latest momentum, and Return on Invested Capital for the company is -20.78. Return on Equity for this stock declined to -22.16, with Return on Assets sitting at -6.75. When it comes to the capital structure of this company, Magnite Inc. [MGNI] has a Total Debt to Total Equity ratio set at 20.11. Additionally, MGNI Total Debt to Total Capital is recorded at 16.74, with Total Debt to Total Assets ending up at 5.70. Long-Term Debt to Equity for the company is recorded at 13.61, with the Long-Term Debt to Total Capital now at 11.33.

Reflecting on the efficiency of the workforce at the company, Magnite Inc. [MGNI] managed to generate an average of -$57,383 per employee. Receivables Turnover for the company is 0.74 with a Total Asset Turnover recorded at a value of 0.41.Magnite Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.10 and a Current Ratio set at 1.10.

Magnite Inc. [MGNI]: An earnings per share (EPS) analysis

With the latest financial reports released by the company, Magnite Inc. posted 0.17/share EPS, while the average EPS was predicted by analysts to be reported at 0.12/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 41.70%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for MGNI.

An analysis of insider ownership at Magnite Inc. [MGNI]

There are presently around $1,231 million, or 76.70% of MGNI stock, in the hands of institutional investors. The top three institutional holders of MGNI stocks are: GRANAHAN INVESTMENT MANAGEMENT INC/MA with ownership of 10,023,076, which is approximately 27.551% of the company’s market cap and around 5.30% of the total institutional ownership; BLACKROCK INC., holding 7,454,864 shares of the stock with an approximate value of $109.74 million in MGNI stocks shares; and VANGUARD GROUP INC, currently with $75.01 million in MGNI stock with ownership of nearly -7.897% of the company’s market capitalization.

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Positions in Magnite Inc. stocks held by institutional investors increased at the end of November and at the time of the November reporting period, where 102 institutional holders increased their position in Magnite Inc. [NASDAQ:MGNI] by around 21,714,997 shares. Additionally, 74 investors decreased positions by around 12,146,489 shares, while 31 investors held positions by with 49,774,826 shares. The mentioned changes placed institutional holdings at 83,636,312 shares, according to the latest SEC report filing. MGNI stock had 48 new institutional investments in for a total of 8,886,325 shares, while 31 institutional investors sold positions of 5,477,649 shares during the same period.

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