Magnite (MGNI) Scheduled to Post Earnings on Thursday

Magnite (NASDAQ:MGNI) will be releasing its earnings data after the market closes on Thursday, November 7th. Analysts expect Magnite to post earnings of $0.16 per share for the quarter. Magnite has set its Q3 2024 guidance at EPS.Individual that wish to register for the company’s earnings conference call can do so using this link.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings results on Wednesday, August 7th. The company reported $0.14 EPS for the quarter, missing the consensus estimate of $0.15 by ($0.01). Magnite had a negative net margin of 0.83% and a positive return on equity of 3.74%. The company had revenue of $162.88 million during the quarter, compared to analyst estimates of $144.04 million. During the same period in the prior year, the business posted ($0.04) EPS. Magnite’s revenue for the quarter was up 6.8% compared to the same quarter last year. 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

NASDAQ MGNI opened at $12.20 on Tuesday. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.10 and a current ratio of 1.10. The stock’s fifty day moving average is $12.84 and its two-hundred day moving average is $12.59. The firm has a market capitalization of $1.72 billion, a P/E ratio of -110.91, a price-to-earnings-growth ratio of 1.09 and a beta of 2.43. Magnite has a fifty-two week low of $6.55 and a fifty-two week high of $15.92.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on MGNI shares. Wolfe Research initiated coverage on shares of Magnite in a report on Tuesday, July 16th. They issued an “outperform” rating and a $16.00 price objective for the company. Bank of America increased their price target 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. Needham & Company LLC restated a “buy” rating and set a $15.00 price target on shares of Magnite in a report on Wednesday, October 2nd. Lake Street Capital assumed coverage on Magnite in a report on Thursday, July 25th. They issued a “buy” rating and a $21.00 price objective on the stock. Finally, Craig Hallum reissued a “buy” rating and set a $20.00 target price on shares of Magnite in a research note on Wednesday, August 21st. One equities research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $16.86.

Insiders Place Their Bets

In other news, CRO Sean Patrick Buckley sold 2,623 shares of Magnite stock in a transaction on Monday, August 19th. The stock was sold at an average price of $12.53, for a total value of $32,866.19. Following the completion of the sale, the executive now directly owns 331,742 shares of the company’s stock, valued at approximately $4,156,727.26. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, CRO Sean Patrick Buckley sold 2,623 shares of the firm’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $12.53, for a total value of $32,866.19. Following the completion of the transaction, the executive now owns 331,742 shares of the company’s stock, valued at approximately $4,156,727.26. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CTO David Buonasera sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $12.65, for a total transaction of $126,500.00. Following the sale, the chief technology officer now directly owns 258,102 shares in the company, valued at approximately $3,264,990.30. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 95,533 shares of company stock worth $1,206,203 over the last ninety days. Corporate 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.