Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Magnite Inc. shares valued at $22,500 were purchased by Lam Rachel on May 11. At $9.00 per share, Lam Rachel acquired 2,500 shares. The insider’s holdings grew to 186,763 shares worth approximately $1.31 million following the completion of this transaction.
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Also, Evans Katie Seitz sold 15,805 shares, netting a total of over 207,520 in proceeds. Following the sale of shares at $13.13 each, the insider now holds 393,276 shares.
Before that, Lam Rachel had added 2,500 shares to its account. In a trade valued at $32,025, the Director bought Magnite Inc. shares for $12.81 each. Upon closing the transaction, the insider’s holdings increased to 2,500 shares, worth approximately $1.3 million.
As published in their initiating research note from The Benchmark Company on July 14, 2022, Magnite Inc. [MGNI] has been a Buy and the price target has been revised to $18. This represents a 60.94% premium over Wednesday’s closing price. Analysts at Berenberg started covering the stock with ‘”a Buy”‘ outlook in a report released in late September. As of August 31, 2021, Macquarie has initiated its “an Outperform” rating for MGNI. Earlier on August 09, 2021, RBC Capital Mkts initiated its rating. Their recommendation was “an Outperform” for MGNI stock.
Analyzing MGNI’s Price Performance
On Wednesday, Magnite Inc. [NASDAQ: MGNI] plunged -0.85% to $7.03. The stock’s lowest price that day was $7.015, but it reached a high of $7.355 in the same session. During the last five days, there has been a drop of approximately -6.52%. Over the course of the year, Magnite Inc. shares have dropped approximately -59.83%. Shares of the company reached a 52-week high of $18.22 on 01/03/22 and a 52-week low of $7.01 on 09/21/22. A 50-day SMA is recorded $8.16, while a 200-day SMA reached $11.53. Nevertheless, trading volume fell to 1.1 million shares from 0.88 million shares the previous day.
Support And Resistance Levels for Magnite Inc. (MGNI)
According to the 24-hour chart, there is a support level at 6.91, which, if violated, would cause prices to drop to 6.79. In the upper region, resistance lies at 7.25. The next price resistance is at 7.47. RSI (Relative Strength Index) is 36.43 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.22, which suggests the price will decrease in the coming days. Percent R is at 98.41%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.
Is Magnite Inc. subject to short interest?
Stocks of Magnite Inc. saw a sharp steep in short interest on Jul 14, 2022 dropping by -0.88 million shares to 9.06 million. Data from Yahoo Finance shows that the short interest on Jun 14, 2022 was 9.94 million shares. A decline of -9.71% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 3.6 of the overall float, the days-to-cover ratio (short ratio) decline to 3.6.
Which companies own the most shares of Magnite Inc. (MGNI)?
According to The Vanguard Group, Inc. filings, the company currently owns 11,549,856 shares, which is about 8.69% of the total MGNI shares outstanding. The investor’s shares have plunged by -1,753 from its previous 13-F filing of 11551609.0 shares. With the completion of the buy transaction, Granahan Investment Management, L’s stake is now worth $71,529,413. BlackRock Fund Advisors acquire a 5.97% interest valued at $58.11 million while Fidelity Management & Research Co sold a -3,319,333 stake. A total of 1,052,335 shares of Magnite Inc. were sold by Edenbrook Capital LLC during the quarter, and 2,240,356 were bought by Newton Investment Management Nort. In its current portfolio, SSgA Funds Management, Inc. holds 2,711,352 shares valued at $20.42 million.
In terms of Magnite Inc. share price expectations, FactSet research, analysts set an average price target of $14.75 in the next 12 months, up nearly 100.99% from the previous closing price of $7.09. Analysts anticipate Magnite Inc. stock to reach $19.00 by 2022, with the lowest price target being $10.00. In spite of this, 10 analysts ranked Magnite Inc. stock as a Buy at the end of 2022. On June 07, 2021, Truist assigned a price target of “a Buy” to the stock and upgraded coverage with a $37.