Magnite (MGNI) to Release Quarterly Earnings on Wednesday

Magnite (NASDAQ:MGNI) is scheduled to be issuing its quarterly earnings data after the market closes on Wednesday, May 8th. Analysts expect the company to announce earnings of ($0.02) per share for the quarter. Magnite has set its Q1 2024 guidance at EPS.Individual interested in listening to 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 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 positive return on equity of 2.52% and a negative net margin of 25.69%. On average, analysts expect Magnite to post $0 EPS for the current fiscal year and $1 EPS for the next fiscal year.

Magnite Trading Down 3.8 %

Shares of MGNI opened at $8.83 on Wednesday. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.76. The firm has a market capitalization of $1.20 billion, a P/E ratio of -7.12, a price-to-earnings-growth ratio of 0.67 and a beta of 2.25. The stock’s fifty day simple moving average is $10.21 and its 200 day simple moving average is $9.12. Magnite has a twelve month low of $6.28 and a twelve month high of $15.73.

Insider Buying and Selling

In related news, CEO Michael G. Barrett sold 75,000 shares of Magnite stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $11.21, for a total value of $840,750.00. Following the completion of the transaction, the chief executive officer now directly owns 1,234,662 shares in the company, 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. Insiders own 4.30% of the company’s stock.

Analyst Ratings Changes

Several analysts recently issued reports on MGNI shares. B. Riley started coverage on Magnite in a report on Friday, April 19th. They issued a “buy” rating and a $14.50 price target for the company. Bank of America increased their price target on Magnite from $11.00 to $13.00 and gave the company a “neutral” rating in a report on Thursday, February 29th. Needham & Company LLC restated 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 restated an “outperform” rating and set a $15.00 target price on shares of Magnite in a research note on Thursday, March 7th. Finally, Susquehanna raised their target price on Magnite from $11.00 to $14.00 and gave the company a “positive” rating in a research note on Thursday, February 29th. Two investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus 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.