Zacks: Brokerages Expect Magnite, Inc. (NASDAQ:MGNI) Will Post Earnings of $0.02 Per Share


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Brokerages predict that Magnite, Inc. (NASDAQ:MGNI) will announce earnings of $0.02 per share for the current quarter, Zacks reports. Zero analysts have issued estimates for Magnite’s earnings. Magnite posted earnings per share of ($0.06) in the same quarter last year, which would indicate a positive year-over-year growth rate of 133.3%. The company is scheduled to report its next quarterly earnings results on Wednesday, May 5th.

On average, analysts expect that Magnite will report full-year earnings of $0.37 per share for the current year. For the next fiscal year, analysts forecast that the business will report earnings of $0.55 per share. Zacks Investment Research’s EPS averages are a mean average based on a survey of sell-side research firms that follow Magnite.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings results on Wednesday, February 24th. The company reported $0.19 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.11 by $0.08. Magnite had a negative return on equity of 9.19% and a negative net margin of 30.72%.

Several brokerages recently issued reports on MGNI. Zacks Investment Research cut Magnite from a “buy” rating to a “hold” rating in a research report on Friday, March 26th. Evercore ISI started coverage on Magnite in a research report on Monday, April 5th. They set an “in-line” rating and a $44.00 target price on the stock. Craig Hallum boosted their target price on Magnite from $63.00 to $72.00 and gave the stock a “buy” rating in a research report on Thursday, February 25th. Susquehanna Bancshares began coverage on Magnite in a report on Friday, December 18th. They issued a “positive” rating and a $30.00 price target on the stock. Finally, Needham & Company LLC upped their target price on Magnite from $30.00 to $70.00 and gave the company a “buy” rating in a research note on Tuesday, February 9th. Four research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Magnite has an average rating of “Buy” and a consensus target price of $41.63.

In other Magnite news, CTO Thomas Kershaw sold 50,000 shares of the firm’s stock in a transaction dated Tuesday, February 16th. The shares were sold at an average price of $59.20, for a total value of $2,960,000.00. Following the transaction, the chief technology officer now owns 633,216 shares of the company’s stock, valued at $37,486,387.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO David Day sold 7,372 shares of Magnite stock in a transaction that occurred on Tuesday, February 16th. The shares were sold at an average price of $60.69, for a total value of $447,406.68. Following the sale, the chief financial officer now directly owns 284,707 shares in the company, valued at approximately $17,278,867.83. The disclosure for this sale can be found here. Insiders have sold 334,207 shares of company stock worth $15,563,124 in the last ninety days. Corporate insiders own 5.70% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Amalgamated Bank increased its stake in shares of Magnite by 1.7% during the fourth quarter. Amalgamated Bank now owns 13,483 shares of the company’s stock valued at $414,000 after acquiring an additional 225 shares during the period. Steward Partners Investment Advisory LLC acquired a new position in Magnite in the fourth quarter worth approximately $25,000. AdvisorNet Financial Inc acquired a new position in Magnite in the fourth quarter worth approximately $31,000. Parkside Financial Bank & Trust acquired a new position in Magnite in the fourth quarter worth approximately $31,000. Finally, Pittenger & Anderson Inc. acquired a new position in Magnite in the 4th quarter worth approximately $31,000. 74.34% of the stock is currently owned by institutional investors.

MGNI stock traded up $0.29 during trading on Wednesday, hitting $40.47. The company had a trading volume of 24,140 shares, compared to its average volume of 4,711,865. The firm has a market cap of $4.68 billion, a PE ratio of -65.87 and a beta of 2.45. Magnite has a 1-year low of $4.60 and a 1-year high of $64.39. The firm has a 50-day moving average price of $46.27 and a 200-day moving average price of $28.60.

About Magnite

Magnite, Inc provides a technology solution to automate the purchase and sale of digital advertising inventory for buyers and sellers. It features applications and services for digital advertising sellers including websites, mobile applications, and other digital media properties. The company was founded by Frank Addante, Duc Chau, Craig Roah, Julie Mattern and Brian D.

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