Magnite (MGNI) Set to Announce Earnings on Wednesday

Magnite (NASDAQ:MGNI) will issue 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.Parties interested in participating in the company’s 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 EPS for the quarter, topping analysts’ consensus estimates of $0.03 by $0.13. The company had revenue of $165.28 million for the quarter, compared to the consensus estimate 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 Price Performance

MGNI stock opened at $9.25 on Monday. Magnite has a 52-week low of $6.28 and a 52-week high of $15.73. The business has a fifty day moving average of $10.19 and a two-hundred day moving average of $9.16. The stock has a market cap of $1.30 billion, a price-to-earnings ratio of -7.46, a price-to-earnings-growth ratio of 0.67 and a beta of 2.29. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.76.

Wall Street Analysts Forecast Growth

MGNI has been the topic of several recent analyst reports. Susquehanna increased their price target 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. Royal Bank of Canada reiterated an “outperform” rating and issued a $15.00 price objective on shares of Magnite in a research note on Thursday, March 7th. Bank of America boosted their target price on Magnite from $11.00 to $13.00 and gave the stock a “neutral” rating in a research report on Thursday, February 29th. B. Riley initiated coverage on shares of Magnite in a research report on Friday, April 19th. They issued a “buy” rating and a $14.50 price target on the stock. Finally, Needham & Company LLC reissued a “buy” rating and issued a $15.00 target price on shares of Magnite in a research note on Thursday, March 21st. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, Magnite has a consensus rating of “Moderate Buy” and an average target price of $14.39.

Insiders Place Their Bets

In other Magnite news, CEO Michael G. Barrett sold 75,000 shares of the business’s stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $11.21, for a total value of $840,750.00. Following the sale, the chief executive officer now owns 1,234,662 shares in the company, valued at approximately $13,840,561.02. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company 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.