The stock of Magnite, Inc. (NASDAQ:MGNI) is now priced at $7.35 and the shares are 0.16 points up or 2.23% higher compared to its previous closing price of $7.19. The stock had 1.797 million contracts set over the past session. MGNI shares’ daily volume is compared to its average trading volume at 2.216 million shares. However, it has a float of 105 million and although its performance was -3.61% over the week, it’s one to watch. Analysts have given the MGNI stock a yearly average price target of $10.9 per share. It means the stock’s upside potential is 48.3% with the MGNI share price recently placing at $7.14 to $7.44.
The shorts are climbing into the Magnite, Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the MGNI shares have risen. Short interest in the stock represents just 12% of its float, but the volume has raised by 587065. The volume of shorted shares rised to 12.65 million from 12.063 million shares over the last two weeks. The average intraday trading volume has been 2.274 million shares, which means that days to cover moved to roughly 5.5621.
In the last trading session, Magnite, Inc. (NASDAQ:MGNI) dropped by -$0.28 over the week and gained $1.07 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $13.11. The stock recorded its established 52-week high on 02/20/20.
Since 04/03/20, the stock has traded to a low of $4.09 at 79.71%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 1.55. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Magnite, Inc.’s two-week RSI is 53.32. This suggests that the stock is neutral at the moment and that MGNI shares’ price movement remains stable. The stochastic readings are equally revealing at 24.11% meaning the MGNI share price is currently in overbought territory.
The technical chart shows that the MGNI stock will likely settle at between $7.48 and $7.61 per share. However, if the stock dips below $7.18, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $7.01.
Currently, the stock is trading in the red of MACD, with a reading of -0.19. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
The average rating for the MGNI equity is 1.6 and is currently gathering a bullish momentum. Of 5 analysts tracking Magnite, Inc. polled by Reuters, 0 rated MGNI as a hold. The remaining 5 analysts were split evenly. However, the split wasn’t equal as a majority (5) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the MGNI stock price is 1470X ahead of its 12-month Consensus earnings per share estimates.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Magnite, Inc. (NASDAQ:MGNI) will decrease by about -99.88%, which will see them reach $51.74 million. The company’s full-year revenues are, however, expected to increase by about 26.63%, up from $156 million to $198 million. MGNI’s expected adjusted earnings should surge almost 100% to end up at -$0.04 per share, while for the fiscal year, analysts project the company’s earnings to grow by about 400% to record -$0.1/share.