Magnite Inc (NASDAQ: MGNI) stock jumped 3.27% on Friday to $7.89 against a previous-day closing price of $7.64. With 1.06 million shares changed hands, the volume of the stock remained lighter than its average volume of 1.22 million shares. During the session, the Advertising Agencies company that operates in wider Communication Services sector, reached to the highest price of $7.93 whereas the lowest price it dropped to was $7.61. The 52-week range on MGNI shows that it touched its highest point at $15.73 and its lowest point at $6.28 during that stretch. It currently has a 1-year price target of $12.65. Beta for the stock currently stands at 2.20.

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Price Performance and Earnings:

Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of MGNI was up-trending over the past week, with a rise of 7.64%, but this was up by 9.58% over a month. Three-month performance dropped to -2.23% while six-month performance fell -30.79%. The stock lost -29.68% in the past year, while it has lost -25.50% so far this year. A look at the trailing 12-month EPS for MGNI yields -1.68 with Next year EPS estimates of 0.70. For the next quarter, that number is 0.27. This implies an EPS growth rate of -17.76% for this year and 33.95% for next year.

Float and Shares Shorts:

At present, 134.01 million MGNI shares are outstanding with a float of 120.40 million shares on hand for trading. On Oct 30, 2023, short shares totaled 7.47 million, which was 5.42% higher than short shares on Sep 28, 2023. In addition to Mr. Michael G. Barrett as the firm’s President, CEO & Director, Mr. David L. Day serves as its Chief Financial Officer.

Institutional Ownership:

Through their ownership of 71.58% of MGNI’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 40.42% of MGNI, in contrast to 4.47% held by mutual funds. Shares owned by individuals account for 37.65%. As the largest shareholder in MGNI with 8.87% of the stake, The Vanguard Group, Inc. holds 12,143,093 shares worth 12,143,093. A second-largest stockholder of MGNI, BlackRock Fund Advisors, holds 8,127,262 shares, controlling over 5.93% of the firm’s shares. Granahan Investment Management, L is the third largest shareholder in MGNI, holding 7,203,803 shares or 5.26% stake. With a 2.97% stake in MGNI, the Vanguard Total Stock Market ETF is the largest stakeholder. A total of 4,064,385 shares are owned by the mutual fund manager. The Fidelity Advisor Series I -Growth, which owns about 2.52% of MGNI stock, is the second-largest Mutual Fund holder. It holds 3,446,831 shares valued at 22.89 million. Vanguard Small Cap Index Fund holds 2.46% of the stake in MGNI, owning 3,363,876 shares worth 22.34 million.

Analysts Ratings:

Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for MGNI since 0 analysts follow the stock currently. In the same way, a target price assigned to a stock can also reveal much about its potential. With MGNI analysts setting a high price target of $16.00 and a low target of $8.50, the average target price over the next 12 months is $12.65. Based on these targets, MGNI could surge 102.79% to reach the target high and rise by 7.73% to reach the target low. Reaching the average price target will result in a growth of 60.33% from current levels.

Summary of Insider Activity:

Insiders traded MGNI stock several times over the past three months with 0 Buys and 2 Sells. In these transactions, 0 shares were bought while 30,444 shares were sold. The number of buy transactions has increased to 19 while that of sell transactions has risen to 43 over the past year. The total number of shares bought during that period was 1,079,043 while 790,706 shares were sold.

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