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 that wish to register for the company’s conference call can do so using this link.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings results on Wednesday, May 8th. The company reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.05. Magnite had a positive return on equity of 3.23% and a negative net margin of 12.24%. The business had revenue of $130.55 million during the quarter, compared to the consensus estimate 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 Performance

Shares of MGNI opened at $13.10 on Tuesday. The stock has a market capitalization of $1.83 billion, a PE ratio of -20.47, a price-to-earnings-growth ratio of 0.97 and a beta of 2.35. The business’s fifty day moving average price is $13.69 and its 200 day moving average price is $11.31. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.10 and a quick ratio of 1.10. Magnite has a 12-month low of $6.28 and a 12-month high of $15.92.

Insider Transactions at Magnite

In related news, insider Aaron Saltz sold 4,778 shares of the firm’s stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $13.65, for a total transaction of $65,219.70. Following the transaction, the insider now owns 317,010 shares in the company, valued at $4,327,186.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider Aaron Saltz sold 4,778 shares of Magnite stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $13.65, for a total transaction of $65,219.70. Following the transaction, the insider now directly owns 317,010 shares of the company’s stock, valued at $4,327,186.50. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Michael G. Barrett sold 100,000 shares of the company’s stock in a transaction dated 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 sale, 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. In the last three months, insiders sold 254,479 shares of company stock valued at $3,636,179. Company insiders own 4.30% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently weighed in on MGNI. Benchmark reaffirmed a “buy” rating and set a $18.00 price objective on shares of Magnite in a research report on Monday, June 17th. Royal Bank of Canada increased their price target on Magnite from $17.00 to $19.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 5th. Lake Street Capital initiated coverage on Magnite in a research report on Thursday, July 25th. They set a “buy” rating and a $21.00 price objective for the company. B. Riley began coverage on Magnite in a research report on Friday, April 19th. They issued a “buy” rating and a $14.50 target price on the stock. Finally, Craig Hallum raised their target price on Magnite from $18.00 to $20.00 and gave the company a “buy” rating in a research note on Thursday, May 16th. Twelve analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently 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.