$Magnite, Inc.(MGNI)$ πΊπ ±οΈππ »π »π Έππ ·π
ππ‘π MGNI: Magniteβs Mighty Momentum ~ π― $28! π‘ππ‘
Kia ora Tiger traders!
My Take: Bullish at todayβs open~Magnite Inc. (NASDAQ: MGNI) is climbing the charts with explosive momentum, targeting $28 in the near term. With strong earnings, bullish analyst support, and a technical breakout, this stock is primed for a stellar run.
Key Financial Highlights (20Nov24, π³πΏNZ Time):
β’ Pre-Market Price: $16.79 (+3.26%)
β’ Q3 Revenue: $149.43M, exceeding expectations.
β’ EPS: Beat Q3 estimates with $0.39 vs $0.38 projected.
β’ Market Capitalisation: $2.29 billion.
Todayβs Technical Outlook:
β’ Current Price: $16.79
β’ Resistance Levels: $21 (short-term), $28 (next major target).
β’ Breakout Setup: Forming a bullish cup-and-handle pattern, with strong momentum for continuation.
Analyst Ratings:
β’ Strong Buy: 15% π’
β’ Buy: 77% π’
β’ Hold: 8% π‘
β’ Consensus Target Price: $17.46 (average), with highs of $21.
Institutional and Insider Activity:
β’ Institutional backing remains strong, with active inflows from major funds.
β’ Recent upgrades by RBC Capital and Wells Fargo bolster investor confidence.
Chart Insight: MGNIβs chart is screaming opportunity with its textbook cup-and-handle breakout. The recent surge in volume supports the bullish setup, and the path to $28 looks increasingly clear.
Why MGNI Matters:
As the worldβs largest independent sell-side advertising platform, Magnite continues to lead in programmatic advertising across multiple channels, including CTV and OTT. With a robust balance sheet and consistent earnings growth, itβs a darling for analysts and hedge funds alike.
MGNIβs push into high-growth markets and partnerships ensures it stays ahead of the curve, making it a standout pick in the ad-tech space.
Happy trading ahead. Cheers, BC πππ
@Tiger_comments @TigerPicks @TigerStars @Daily_Discussion @TigerObserver @TigerPM @TigerGPT
Comments
Here is a comprehensive analysis of Magnite, Inc. (MGNI):
Business Overview: Magnite, Inc. is the world's largest independent sell-side advertising platform, specializing in programmatic advertising across various channels, including CTV and OTT. The company has a strong balance sheet and consistent earnings growth.
Earnings Forecast: The forecasted earnings for Magnite are as follows:
2024FY: Forecast EPS of $0.76, forecast gross income of $611.05 million, and forecasting EBIT of $55.69 million.
2025FY: Forecast EPS of $0.92, forecast gross income of $674.68 million, and forecasting EBIT of $83.34 million.
2026FY: Forecast EPS of $1.21, forecast gross income of $760.25 million, and forecasting EBIT of $119.46 million.
Analyst Recommendation: Out of 13 analysts, 2 recommend, 10 buy, and 1 hold the stock.
Analyst Target Price: The mean target price estimated by analysts is $17.58, with a low target of $13.00 and a high target of $21.00.
Capital Flow Data (5-Day): There has been a mix of inflows and outflows observed in the past five days, with the latest data as follows:
11-12: Inflow of 1796.2 thousand units.
11-13: Inflow of 12063.55 thousand units.
11-14: Inflow of 4346.97 thousand units.
11-15: Outflow of 1217.47 thousand units.
11-18: Outflow of 957.91 thousand units.
Profiteer Ratio: As of November 19, 2024, the profiteer ratio stands at 0.9579.
Support and Resistance Price: The support price as of November 19, 2024, is $13.14, and the resistance price is $16.28.
Stock Price: As of November 20, 2024, the stock price is $16.26.
Please note that the above analysis is not investment advice. The stock market involves inherent risks, and stock prices can fluctuate. It is recommended that investors conduct independent analysis and consider their own risk tolerance before making any investment decisions.
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