Magnite Inc. [MGNI] stock Initiated by Berenberg analyst, price target now $37



Magnite Inc. [NASDAQ: MGNI] loss -2.54% or -0.21 points to close at $8.07 with a heavy trading volume of 2989904 shares. The company report on July 12, 2022 that Magnite Finds Live Streamers More Receptive to Advertising Than Traditional TV Viewers, Reveals Opportunity For Asia.

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Magnite’s “Live and Kicking: An In-Depth Look at Live Streaming” study explores the evolving consumer attitudes and consumption trends around live streaming TV across Australia and New Zealand.

Magnite (Nasdaq: MGNI), the world’s largest independent omnichannel sell-side advertising platform, has released new research, “Live and Kicking: An In-Depth Look At Live Streaming” that found broad adoption of live streaming TV among OTT and CTV viewers across all age groups in Australia and New Zealand along with high receptivity to advertising. With streaming on the rise across Asia, the research highlights the potential opportunity for advertisers to reach highly engaged viewers on OTT platforms.

It opened the trading session at $8.04, the shares rose to $8.36 and dropped to $7.72, the range by which the price of stock traded the whole day. The daily chart for MGNI points out that the company has recorded -47.60% loss over the past six months. However, it is still -3.86% lower than its most recent low trading price.

If we look at the average trading volume of 2.09M shares, MGNI reached to a volume of 2989904 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 $19.11 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 2.00. 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.

Berenberg have made an estimate for Magnite Inc. shares, keeping their opinion on the stock as Buy, with their previous recommendation back on September 22, 2021. While these analysts kept the previous recommendation, Macquarie raised their target price to Outperform. The new note on the price target was released on August 31, 2021, representing the official price target for Magnite Inc. stock. Previously, the target price had yet another raise to $40, while RBC Capital Mkts analysts kept a Outperform rating on MGNI stock.

The Average True Range (ATR) for Magnite Inc. is set at 0.75, with the Price to Sales ratio for MGNI stock in the period of the last 12 months amounting to 2.08. The Price to Book ratio for the last quarter was 1.27, with the Price to Cash per share for the same quarter was set at 1.51. Price to Free Cash Flow for MGNI in the course of the last twelve months was 8.67 with Quick ratio for the last quarter at 1.10.

Trading performance analysis for MGNI stock

Magnite Inc. [MGNI] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -4.95. With this latest performance, MGNI shares dropped by -20.80% in over the last four-week period, additionally sinking by -47.60% over the last 6 months – not to mention a drop of -74.00% 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 38.22, with the RSI for the last a single of trading hit 35.32, and the three-weeks RSI is set at 40.33 for Magnite Inc. [MGNI]. The present Moving Average for the last 50 days of trading for this stock 9.98, while it was recorded at 8.41 for the last single week of trading, and 15.64 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 -9.16 and a Gross Margin at +42.27. Magnite Inc.’s Net Margin is presently recorded at +0.01.

Return on Equity for this stock inclined to 0.01, with Return on Assets sitting at 0.00.

Magnite Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.10 and a Current Ratio set at 1.10.

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

There are presently around $739 million, or 68.50% of MGNI stock, in the hands of institutional investors. The top three institutional holders of MGNI stocks are: VANGUARD GROUP INC with ownership of 11,882,938, which is approximately 0.512% of the company’s market cap and around 3.90% of the total institutional ownership; FMR LLC, holding 9,977,453 shares of the stock with an approximate value of $82.61 million in MGNI stocks shares; and GRANAHAN INVESTMENT MANAGEMENT, LLC, currently with $75.59 million in MGNI stock with ownership of nearly 7.62% of the company’s market capitalization.

Positions in Magnite Inc. stocks held by institutional investors increased at the end of August and at the time of the August reporting period, where 132 institutional holders increased their position in Magnite Inc. [NASDAQ:MGNI] by around 12,325,316 shares. Additionally, 103 investors decreased positions by around 12,894,255 shares, while 44 investors held positions by with 63,986,589 shares. The mentioned changes placed institutional holdings at 89,206,160 shares, according to the latest SEC report filing. MGNI stock had 36 new institutional investments in for a total of 1,898,396 shares, while 46 institutional investors sold positions of 5,868,277 shares during the same period.