Granahan Investment Management, I.. recently announced the acquisition of new stake in Magnite Inc. (NASDAQ:MGNI). The institutional investor has increased its shareholding in the Communication Services company by 137.06% to 7.86 million shares with purchase of 4.54 million shares. This fresh investment now brings its stake to 7.32% valued currently at $47.19 million. In addition, BlackRock Fund Advisors raised its holdings by 0.52 million to 6.38 million shares. And The Vanguard Group, Inc. has lifted its position by 2.90% or 0.15 million shares – to 5.28 million shares.
With over 1.86 million Magnite Inc. (MGNI) shares trading Tuesday and a closing price of $7.49 on the day, the dollar volume was approximately $13.92 million. The shares have shown a negative weekly performance of -4.89% and its price on 09/01/20 gained nearly 1.97%. Currently, there are 108.53M common shares owned by the public and among those 105.41M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 5 analysts who have offered their price forecasts for MGNI have a consensus price objective of $10.90. The analysts have set the share’s price value over the next 12 months at a high of $12.00 and a low of $9.00 should the stock experience a downside. Incidentally, analysts’ outlook for the Magnite Inc. stock is 1.60 for the next 12 months. The average price target is 31.28% above its last price level and an upside to the estimated low will see the stock gain 16.78% over that period. But an upside of 37.58% will see the stock hit the forecast high price target while mean target price for the stock is $11.00.
Insiders at the company have transacted a total of 90 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 30 of these insider trades were purchases, accounting for 2,722,944 shares. Insider sales of the common stock occurred on 60 occasions, with total insider shares sold totaling 1,005,392 shares.
The top 3 mutual fund holders in Magnite Inc. are Vanguard Total Stock Market Index, iShares Russell 2000 ETF, and USAA Small Cap Stock Fund. Vanguard Total Stock Market Index owns 2.74 million shares of the company’s stock, all valued at over $16.48 million. The company bought an additional 881.0 shares recently to bring their total holdings to about 2.56% of the shares outstanding. iShares Russell 2000 ETF sold 99246.0 shares to see its total holdings shrink to 2.12 million shares valued at over $12.76 million and representing 1.98% of the shares outstanding. USAA Small Cap Stock Fund bought 0.43 million shares to bring its total holdings to over 1.41 million shares at a value of $8.47 million. USAA Small Cap Stock Fund now owns shares totaling to 1.31% of the shares outstanding.
Shares of Magnite Inc. (NASDAQ: MGNI) opened at $7.36, up $0.01 from a prior closing price of $7.35. However, the script later closed the day at $7.49, up 1.97%. The company’s stock has a 5-day price change of -4.89% and -2.03% over the past three months. MGNI shares are trading -8.15% year to date (YTD), with the 12-month market performance down to -22.89% lower. It has a 12-month low price of $4.09 and touched a high of $13.11 over the same period. Currently, 1.86 million shares have been traded, compared to an average intraday trading volume of 2.21 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 3.22%, 10.44%, and -0.69% respectively.
Institutional ownership of Magnite Inc. (NASDAQ: MGNI) shares accounts for 73.20% of the company’s 108.53M shares outstanding. Mutual fund holders own 27.20%, while other institutional holders and individual stakeholders account for 42.25% and 0.92% respectively.
It has a market capitalization of $849.33M and a beta (3y monthly) value of 1.55. The earnings-per-share (ttm) stands at -$0.63. Price movements for the stock have been influenced by the stock’s volatility, which stands at 4.79% over the week and 6.40% over the month.
Analysts forecast that Magnite Inc. (MGNI) will achieve an EPS of -$0.04 for the current quarter, $0.06 for the next quarter and $0.02 for 2021. The lowest estimate earnings-per-share for the quarter is -$0.05 while analysts give the company a high EPS estimate of -$0.02. Comparatively, EPS for the current quarter was -$0.02 a year ago. Earnings per share for the fiscal year are expected to increase by 60.60%, and 100.00% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 5 brokerage firm advisors rate Magnite Inc. (MGNI) as a “Strong Buy” at a consensus score of 1.60. Specifically, 5 Wall Street analysts polled rate the stock as a buy, while 0 of the 5 advise that investors “hold,” and 0 rated it as a “Sell.”