Magnite (MGNI) to Release Earnings on Wednesday

Magnite (NASDAQ:MGNI) is scheduled to release its earnings data after the market closes on Wednesday, May 8th. Analysts expect Magnite to post earnings of ($0.02) per share for the quarter. Magnite has set its Q1 2024 guidance at EPS.Persons that are interested in participating in the company’s earnings conference call can do so using this link.

Magnite (NASDAQ:MGNI) last issued its earnings results on Wednesday, February 28th. The company reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.03 by $0.13. The business had revenue of $165.28 million for the quarter, compared to analyst estimates of $160.24 million. Magnite had a negative net margin of 25.69% and a positive return on equity of 2.52%. On average, analysts expect Magnite to post $0 EPS for the current fiscal year and $1 EPS for the next fiscal year.

Magnite Stock Up 1.3 %

Shares of NASDAQ MGNI opened at $9.37 on Tuesday. The firm has a market cap of $1.31 billion, a PE ratio of -7.56, a P/E/G ratio of 0.67 and a beta of 2.29. Magnite has a 12-month low of $6.28 and a 12-month high of $15.73. The company’s fifty day simple moving average is $10.18 and its 200 day simple moving average is $9.17. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.76.

Insider Activity at Magnite

In related news, CEO Michael G. Barrett sold 75,000 shares of the firm’s stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $11.21, for a total transaction of $840,750.00. Following the transaction, the chief executive officer now directly owns 1,234,662 shares of the company’s stock, valued at $13,840,561.02. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.30% of the stock is owned by insiders.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. Needham & Company LLC reissued a “buy” rating and set a $15.00 target price on shares of Magnite in a research note on Thursday, March 21st. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $15.00 price objective on shares of Magnite in a research note on Thursday, March 7th. Benchmark reaffirmed a “buy” rating and issued a $18.00 price objective on shares of Magnite in a research note on Monday, March 25th. Bank of America raised their price objective on shares of Magnite from $11.00 to $13.00 and gave the company a “neutral” rating in a research note on Thursday, February 29th. Finally, Susquehanna raised their price objective on shares of Magnite from $11.00 to $14.00 and gave the company a “positive” rating in a research note on Thursday, February 29th. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $14.39.

Magnite Company Profile

Magnite, Inc, together with its subsidiaries, operates an independent omni-channel sell-side advertising platform in the United States and internationally. The company's platform offers applications and services for sellers of digital advertising inventory or publishers that own and operate CTV channels, applications, websites, and other digital media properties to manage and monetize their inventory; and applications and services for buyers, including advertisers, agencies, agency trading desks, and demand side platforms to buy digital advertising inventory, as well as an independent marketplace that connects buyers and sellers.