Magnite (MGNI) Set to Announce Earnings on Wednesday

Magnite (NASDAQ:MGNI) is scheduled to announce its earnings results after the market closes on Wednesday, August 7th. Analysts expect the company to announce earnings of $0.14 per share for the quarter. Magnite has set its Q2 2024 guidance at EPS.Investors interested in listening to the company’s conference call can do so using this link.

Magnite (NASDAQ:MGNI) last announced its quarterly earnings results on Wednesday, May 8th. The company reported ($0.06) EPS for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.05. Magnite had a negative net margin of 12.24% and a positive return on equity of 3.23%. The business had revenue of $130.55 million during the quarter, compared to analyst estimates of $123.77 million. On average, analysts expect Magnite to post $0 EPS for the current fiscal year and $1 EPS for the next fiscal year.

Magnite Stock Down 0.5 %

Magnite stock opened at $13.10 on Tuesday. The firm has a market capitalization of $1.83 billion, a price-to-earnings ratio of -20.47, a price-to-earnings-growth ratio of 0.97 and a beta of 2.35. The firm’s fifty day moving average price is $13.69 and its two-hundred day moving average price is $11.31. Magnite has a 1-year low of $6.28 and a 1-year high of $15.92. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.79.

Insider Buying and Selling at Magnite

In other news, CEO Michael G. Barrett sold 100,000 shares of Magnite stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $15.00, for a total value of $1,500,000.00. Following the completion of the transaction, the chief executive officer now owns 1,052,493 shares in the company, valued at $15,787,395. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Adam Lee Soroca sold 10,597 shares of the stock in a transaction dated Friday, May 17th. The stock was sold at an average price of $12.30, for a total transaction of $130,343.10. Following the sale, the insider now owns 450,655 shares of the company’s stock, valued at approximately $5,543,056.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Michael G. Barrett sold 100,000 shares of the firm’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $15.00, for a total transaction of $1,500,000.00. Following the completion of the transaction, the chief executive officer now directly owns 1,052,493 shares of the company’s stock, valued at $15,787,395. The disclosure for this sale can be found here. Insiders have sold a total of 254,479 shares of company stock valued at $3,636,179 over the last three months. 4.30% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on MGNI. Evercore ISI lifted their price objective on shares of Magnite from $13.00 to $15.00 and gave the stock an “outperform” rating in a report on Monday, June 3rd. Bank of America increased their price objective on shares of Magnite from $15.00 to $17.00 and gave the company a “buy” rating in a research note on Monday, July 29th. B. Riley assumed coverage on shares of Magnite in a research report on Friday, April 19th. They set a “buy” rating and a $14.50 target price on the stock. Wolfe Research assumed coverage on Magnite in a report on Tuesday, July 16th. They issued an “outperform” rating and a $16.00 target price for the company. Finally, Royal Bank of Canada lifted their price target on Magnite from $17.00 to $19.00 and gave the stock an “outperform” rating in a report on Wednesday, June 5th. Twelve investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $16.29.

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.