Stock Upgrades: Magnite Shows Rising Relative Strength
Magnite had its Relative Strength (RS) Rating upgraded from 87 to 91 Friday.
When looking for the best stocks to buy and watch, be sure to pay attention to relative price strength. IBD's unique rating identifies market leadership with a 1 (worst) to 99 (best) score. The score shows how a stock's price performance over the trailing 52 weeks compares to all the other stocks in our database.
History shows that the top-performing stocks typically have an 80 or better RS Rating at the beginning of a new climb.
Magnite has climbed more than 5% past a 9.00 entry in a first-stage consolidation, meaning it's now out of a proper buy range. Look for the stock to create a new chance to get in like a three-weeks tight or pullback to the 50-day or 10-week line.
Earnings grew 210% last quarter, up from 0% in the prior report. Revenue also increased, from 67% to 170%.
The company earns the No. 19 rank among its peers in the Computer Software-Enterprise industry group. Concentrix Corp, Techtarget and Digital Turbine are among the top 5 highly rated stocks within the group.