Magnite (MGNI) Expected to Announce Earnings on Wednesday

Magnite (NASDAQ:MGNI) is expected to issue its quarterly earnings data after the market closes on Wednesday, February 26th. Analysts expect Magnite to post earnings of $0.39 per share and revenue of $183.90 million for the quarter. Individual that wish to register for the company’s earnings conference call can do so using this link.

Magnite Stock Performance

Shares of NASDAQ:MGNI opened at $17.68 on Monday. The business has a fifty day moving average of $17.23 and a 200-day moving average of $15.09. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.11 and a current ratio of 1.11. Magnite has a twelve month low of $8.38 and a twelve month high of $21.29. The firm has a market cap of $2.49 billion, a PE ratio of 294.67, a price-to-earnings-growth ratio of 1.00 and a beta of 2.52.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the stock. Scotiabank began coverage on shares of Magnite in a research report on Thursday, December 5th. They issued a “sector outperform” rating and a $22.00 price objective for the company. Wells Fargo & Company raised their price target on shares of Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a report on Thursday, January 16th. Macquarie reaffirmed an “outperform” rating and set a $18.00 price objective on shares of Magnite in a report on Friday, November 8th. Wolfe Research lifted their target price on Magnite from $14.00 to $19.00 and gave the company an “outperform” rating in a research note on Friday, January 3rd. Finally, Royal Bank of Canada upped their price target on Magnite from $19.00 to $22.00 and gave the company an “outperform” rating in a research note on Friday, January 3rd. One analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $18.35.

Insiders Place Their Bets

In other Magnite news, insider Sean Patrick Buckley sold 10,527 shares of the stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $19.13, for a total value of $201,381.51. Following the sale, the insider now directly owns 370,558 shares in the company, valued at approximately $7,088,774.54. This trade represents a 2.76 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CTO David Buonasera sold 1,969 shares of Magnite stock in a transaction on Friday, December 13th. The stock was sold at an average price of $16.31, for a total transaction of $32,114.39. Following the transaction, the chief technology officer now directly owns 223,795 shares in the company, valued at approximately $3,650,096.45. This represents a 0.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 398,541 shares of company stock worth $7,425,275. Insiders own 4.30% of the company’s stock.

About Magnite

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.