During the last session, Magnite, Inc. (NASDAQ:MGNI)’s traded shares were 1,385,785, with the beta value of the company hitting 2.42. At the end of the trading day, the stock’s price was $39.76, reflecting an intraday loss of -1.34% or -$0.54. The 52-week high for the MGNI share is $64.39, that puts it down -61.95% from that peak though still a striking +88.43% gain since the share price plummeted to a 52-week low of $4.6. The company’s market capitalization is $4.66 Billion, and the average intraday trading volume over the past 10 days was 2.07 Million shares, and the average trade volume was 4.96 Million shares over the past three months.
Magnite, Inc. (MGNI) received a consensus recommendation of Overweight from analysts. That translates to a mean rating of 1.9. MGNI has a Sell rating from none of the analyst(s) out of 7 analysts who have looked at this stock. 2 analyst(s) recommend to Hold the stock while none of them suggest Overweight, and 5 recommend a Buy rating for it. None of the analyst(s) has rated the stock Underweight. Company’s earnings per share (EPS) for the current quarter are expected to be -$0.01.
Magnite, Inc. (NASDAQ:MGNI): Trading Information
Magnite, Inc. (MGNI) registered a -1.34% downside in the last session and has traded in the red over the past 5 sessions. The stock spiked 10.91% in intraday trading to $44.63 this Thursday, Apr 01, hitting a weekly high. The stock’s 5-day price performance is -2.21%, and it has moved by 1.69% in 30 days. Based on these gigs, the overall price performance for the year is 29.47%. The short interest in Magnite, Inc. (NASDAQ:MGNI) is 9.46 Million shares and it means that shorts have 1.91 day(s) to cover.
The consensus price target of analysts on Wall Street is $62, which implies an increase of 55.94% to the stock’s current value. The extremes of the forecast give a target low and a target high price of $37 and $80 respectively. As a result, MGNI is trading at a discount of 101.21% off the target high and -6.94% off the low.
Magnite, Inc. (MGNI) projections and forecasts
Statistics show that Magnite, Inc. has outperformed its competitors in share price, compared to the industry in which it operates. Magnite, Inc. (MGNI) shares have gone up +378.46% during the last six months, with a year-to-date growth rate more than the industry average at 117.65% against -1.3%. Yet analysts are ramping up their growth forecast for the fiscal year 2021. Revenue is predicted to grow 83.3% this quarter and then jump 100% in the quarter after that. In the rating firms’ projections, revenue will increase 29.5% compared to the previous financial year.
Revenue for the current quarter is expected to be $59.99 Million as predicted by 6 analyst(s). Meanwhile, a consensus of 6 analyst(s) estimates revenue growth to $59.3 Million by the end of June 2021. As per earnings report from last fiscal year’s results, sales for the corresponding quarters totaled $36.3 Million and $42.35 Million respectively. In this case, analysts expect current quarter sales to grow by 65.3% and then jump by 40% in the coming quarter.
An analysis of the company’s performance over the past 5 years shows that the company’s earnings fell an estimated -1.02%. While earnings are projected to return -14.1% in 2021, the next five years will return 0% per annum.
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Magnite, Inc. (NASDAQ:MGNI)’s Biggest Investors
Magnite, Inc. insiders own 4.43% of total outstanding shares while institutional holders control 67.55%, with the float percentage being 70.68%. Blackrock Inc. is the largest shareholder of the company, while 325 institutions own stock in it. As of Dec 30, 2020, the company held over 8.03 Million shares (or 6.95% of all shares), a total value of $246.6 Million in shares.
The next largest institutional holding, with 6.72 Million shares, is of Granahan Investment Management Inc.’s that is approximately 5.81% of outstanding shares. At the market price on Dec 30, 2020, these shares were valued at $206.22 Million.
Also, the Mutual Funds coming in first place with the largest holdings of Magnite, Inc. (MGNI) shares are Vanguard Total Stock Market Index Fund and iShares Russell 2000 ETF. Data provided on Dec 30, 2020 indicates that Vanguard Total Stock Market Index Fund owns about 2,963,581 shares. This amounts to just over 2.56 percent of the company’s overall shares, with a $91.01 Million market value. The same data shows that the other fund manager holds slightly less at 2.63 Million, or about 2.28% of the stock, which is worth about $128.6 Million.