Magnite (MGNI) Scheduled to Post Earnings on Wednesday

Magnite (NASDAQ:MGNI) is scheduled to announce its earnings results 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.Persons that are interested in participating in the company’s earnings conference call can do so using this link.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings data on Wednesday, February 28th. The company reported $0.16 earnings per share (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

NASDAQ MGNI opened at $9.25 on Monday. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.09 and a current ratio of 1.09. The business’s fifty day moving average is $10.19 and its 200 day moving average is $9.16. The company has a market capitalization of $1.30 billion, a PE ratio of -7.46, a price-to-earnings-growth ratio of 0.67 and a beta of 2.29. Magnite has a fifty-two week low of $6.28 and a fifty-two week high of $15.73.

Insiders Place Their Bets

In other Magnite 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 transaction, the chief executive officer now 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 is available through the SEC website. 4.30% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on MGNI shares. Royal Bank of Canada reissued an “outperform” rating and issued a $15.00 price objective on shares of Magnite in a research note on Thursday, March 7th. B. Riley initiated coverage on shares of Magnite in a research note on Friday, April 19th. They set a “buy” rating and a $14.50 target price for the company. Susquehanna upped their price objective on Magnite from $11.00 to $14.00 and gave the stock a “positive” rating in a report on Thursday, February 29th. Needham & Company LLC restated a “buy” rating and set a $15.00 price objective on shares of Magnite in a research report on Thursday, March 21st. Finally, Bank of America lifted their price target on shares of Magnite from $11.00 to $13.00 and gave the stock a “neutral” rating in a research note on Thursday, February 29th. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $14.39.

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.