On Tuesday, Magnite reached a key technical benchmark, seeing its Relative Strength (RS) Rating jump into the 90-plus percentile with an improvement to 94, up from 89 the day before.
This proprietary rating identifies market leadership by showing how a stock's price action over the last 52 weeks measures up against that of the other stocks in our database.
Over 100 years of market history shows that the best stocks typically have an 80 or higher RS Rating as they begin their largest runs.
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Magnite has climbed more than 5% past a 14.44 entry in a second-stage consolidation, meaning it's now out of a proper buy zone. Look for the stock to offer a new buying opportunity like a three-weeks tight or pullback to the 50-day or 10-week line.
While the company's bottom line growth decreased last quarter from 56% to 42%, the top line grew 8%, up from 7% in the previous report.
Magnite holds the No. 12 rank among its peers in the Computer Software-Enterprise industry group. Palantir Technologies, AudioEye and ServiceNow are among the top 5 highly rated stocks within the group.
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