Equities Analysts Issue Forecasts for Magnite Q4 Earnings

Magnite, Inc. (NASDAQ:MGNI) – Equities researchers at B. Riley dropped their Q4 2024 earnings per share (EPS) estimates for Magnite in a research report issued to clients and investors on Monday, January 27th. B. Riley analyst Z. Cummins now forecasts that the company will post earnings per share of $0.22 for the quarter, down from their previous forecast of $0.23. The consensus estimate for Magnite’s current full-year earnings is $0.33 per share. B. Riley also issued estimates for Magnite’s Q1 2025 earnings at ($0.08) EPS, Q2 2025 earnings at $0.07 EPS, Q4 2025 earnings at $0.35 EPS, FY2025 earnings at $0.43 EPS and FY2026 earnings at $0.64 EPS.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings data on Thursday, November 7th. The company reported $0.07 EPS for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.09). Magnite had a net margin of 2.62% and a return on equity of 4.64%. The company had revenue of $162.00 million for the quarter, compared to analyst estimates of $147.94 million. During the same period in the prior year, the company posted $0.02 EPS.

A number of other research analysts have also commented on MGNI. Scotiabank started coverage on shares of Magnite in a research report on Thursday, December 5th. They set a “sector outperform” rating and a $22.00 price target for the company. Wells Fargo & Company increased their price target on Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a research note on Thursday, January 16th. Macquarie reaffirmed an “outperform” rating and set a $18.00 price objective on shares of Magnite in a research note on Friday, November 8th. Needham & Company LLC reiterated a “buy” rating and issued a $20.00 price objective on shares of Magnite in a report on Friday, January 17th. Finally, Wolfe Research raised their target price on Magnite from $14.00 to $19.00 and gave the stock an “outperform” rating in a report on Friday, January 3rd. One investment analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $18.35.

Magnite Stock Up 5.1 %

Shares of NASDAQ:MGNI opened at $17.65 on Wednesday. The company has a market capitalization of $2.48 billion, a PE ratio of 294.17, a P/E/G ratio of 0.84 and a beta of 2.51. 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 52 week low of $8.38 and a 52 week high of $18.38. The company’s fifty day moving average is $16.46 and its 200-day moving average is $14.49.

Hedge Funds Weigh In On Magnite

Large investors have recently modified their holdings of the company. Wellington Management Group LLP increased its stake in shares of Magnite by 125.3% in the third quarter. Wellington Management Group LLP now owns 6,579,670 shares of the company’s stock worth $91,128,000 after buying an additional 3,659,759 shares during the period. Nomura Asset Management Co. Ltd. bought a new stake in Magnite during the third quarter worth about $23,917,000. Stephens Investment Management Group LLC increased its position in Magnite by 146.8% during the 4th quarter. Stephens Investment Management Group LLC now owns 996,644 shares of the company’s stock valued at $15,867,000 after buying an additional 592,853 shares in the last quarter. Harbor Capital Advisors Inc. grew its position in Magnite by 136.0% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 921,531 shares of the company’s stock valued at $12,763,000 after purchasing an additional 531,069 shares during the last quarter. Finally, Dana Investment Advisors Inc. purchased a new stake in Magnite during the 2nd quarter valued at $6,556,000. 73.40% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Magnite

In related news, CEO Michael G. Barrett sold 27,004 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $17.63, for a total value of $476,080.52. Following the completion of the transaction, the chief executive officer now directly owns 782,910 shares of the company’s stock, valued at approximately $13,802,703.30. This trade represents a 3.33 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Aaron Saltz sold 5,112 shares of the company’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $13.50, for a total value of $69,012.00. Following the sale, the insider now owns 307,745 shares in the company, valued at approximately $4,154,557.50. This represents a 1.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 366,097 shares of company stock valued at $6,165,147. 4.30% of the stock is currently owned by insiders.

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.