In the latest trading session, 1,387,188 Magnite, Inc. (NASDAQ:MGNI) shares changed hands as the company’s beta touched 2.4. With the company’s most recent per share price at $31.39 changing hands around -$1.8 or -0.05% at last look, the market valuation stands at $3.59 Billion. MGNI’s current price is a discount, trading about -105.13% off its 52-week high of $64.39. The share price had its 52-week low at $5.57, which suggests the last value was 82.26% up since then. When we look at Magnite, Inc.’s average trading volume, we note the 10-day average is 1.78 Million shares, with the 3-month average coming to 2.66 Million.
Analysts gave the Magnite, Inc. (MGNI) stock a consensus recommendation rating of Buy, calculated at a mean rating of 1.9. If we narrow down to specifics, the data shows that none out of 7 analysts rate the stock as a Sell, with a further none assigning it an Overweight rating. Of the remaining, 1 recommended MGNI as a Hold, 6 felt it is a Buy and none rated the stock as Underweight. Magnite, Inc.’s EPS for the current quarter is expected to be $0.12.
Although MGNI has turned red as seen in intraday trades today. With action -5.42%, the performance over the past five days has been red. The jump to weekly highs of $35.77 on Wednesday, Jul 07 added 12.8% to the stock’s daily price. The company’s shares are showing year-to-date upside of 0.02%, with the 5-day performance at -0.07% in the red. However, in the 30-day time frame, Magnite, Inc. (NASDAQ:MGNI) is -0.05% down. Looking at the short shares, we see there were 13.18 Million shares sold at short interest cover period of 4.95 days.
The consensus price target for the stock as assigned by Wall Street analysts is $50, meaning bulls need an upside of 59.29% from its recent market value. According to analyst projections, MGNI’s forecast low is $34 with $70 as the target high. To hit the forecast high, the stock’s price needs a +123% upsurge from its latest level, while the stock would need to tank 8.31% for it to hit the projected low.
Magnite, Inc. (MGNI) estimates and forecasts
Data shows that the Magnite, Inc. share is performing relatively much better than most of its peers within the same industry. As can be gleaned from the statistics, the company’s share value shot +29.6% over the past 6 months, a 235.29% in annual growth rate that is considerably higher than the industry average of 2.4%. Moreover, analysts have looked to higher expectations by upgrading its fiscal year 2021 revenue estimates. The rating firms predict current quarter revenue for Magnite, Inc. will rise +220%, while the growth in revenue is estimated to hit 133.3% for the next quarter. Year-over-year growth is forecast to reach 78.6% up from the last financial year.
Consensus estimates given by 7 financial analysts project the company’s revenue in the current quarter to hit an average of $94.1 Million. 7 analysts are of the opinion that Magnite, Inc.’s revenue for the quarter ending September 01, 2021 will be $107.07 Million. The company’s revenue for the corresponding quarters a year ago was $42.35 Million and $60.98 Million respectively. According to analysts, the company will likely register a growth in its current quarter sales, forecast at 122.2%. The estimates for the next quarter sales put growth at 75.6%.
Looking at the company’s year-on-year earnings, data shows that the past 5-year has an earnings growth rate of -1.02%. The 2021 estimates are for Magnite, Inc. earnings to decrease by -14.1%, but the outlook for the next 5-year period is at 0% per year.
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Magnite, Inc. (NASDAQ:MGNI)’s Major holders
If we look at who the major shareholders are, we find that insiders hold 13.38% of Magnite, Inc. shares while 67.16% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 77.54%. There are 372 institutions holding the Magnite, Inc. stock share, with Blackrock Inc. the top institutional holder. As of Mar 30, 2021, the company held 6.73% of the shares, roughly 8.67 Million MGNI shares worth $360.93 Million.
Vanguard Group, Inc. (The) holds the second largest percentage of outstanding shares, with 6.05% or 7.79 Million shares worth $324.2 Million as of Mar 30, 2021.
Among Mutual Funds, the top two as of Apr 29, 2021 were Fidelity Advisor Growth Opportunities Fund and Vanguard Total Stock Market Index Fund. With 3389100 shares estimated at $135.73 Million under it, the former controlled 2.63% of total outstanding shares. On the other hand, Vanguard Total Stock Market Index Fund held about 2.41% of the shares, roughly 3.1 Million shares worth around $129.01 Million.