Magnite (MGNI) Expected to Announce Quarterly Earnings on Wednesday

Magnite (NASDAQ:MGNI - Get Free Report) is expected to be releasing its earnings data after the market closes on Wednesday, February 26th. Analysts expect Magnite to post earnings of $0.39 per share and revenue of $183.89 million for the quarter. Individual interested in participating in the company's earnings conference call can do so using this link.

Magnite Trading Down 3.2 %

Shares of Magnite stock traded down $0.58 during midday trading on Friday, reaching $17.68. 3,039,890 shares of the company's stock traded hands, compared to its average volume of 2,619,560. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.11 and a current ratio of 1.11. The company has a market cap of $2.49 billion, a PE ratio of 294.67, a price-to-earnings-growth ratio of 1.00 and a beta of 2.52. The stock has a 50 day moving average of $17.23 and a 200-day moving average of $15.08. Magnite has a 12 month low of $8.38 and a 12 month high of $21.29.

Insider Activity at Magnite

In other Magnite news, CEO Michael G. Barrett sold 27,004 shares of the stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $17.63, for a total value of $476,080.52. Following the transaction, the chief executive officer now owns 782,910 shares of the company's stock, valued at approximately $13,802,703.30. This represents a 3.33 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director James Rossman sold 149,936 shares of the stock in a transaction dated Friday, February 7th. The shares were sold at an average price of $19.46, for a total value of $2,917,754.56. Following the completion of the transaction, the director now directly owns 219,920 shares in the company, valued at approximately $4,279,643.20. This represents a 40.54 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 431,655 shares of company stock valued at $8,008,280 over the last ninety days. Insiders own 4.30% of the company's stock.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. Scotiabank assumed coverage on Magnite in a report on Thursday, December 5th. They set a "sector outperform" rating and a $22.00 target price for the company. Royal Bank of Canada upped their target price on Magnite from $19.00 to $22.00 and gave the company an "outperform" rating in a report on Friday, January 3rd. Macquarie restated an "outperform" rating and set a $18.00 target price on shares of Magnite in a report on Friday, November 8th. Wells Fargo & Company upped their price target on Magnite from $13.00 to $15.00 and gave the stock an "equal weight" rating in a research note on Thursday, January 16th. Finally, Needham & Company LLC reissued a "buy" rating and issued a $20.00 target price on shares of Magnite in a research note on Friday, January 17th. One equities research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. According to data from MarketBeat, Magnite currently has a consensus rating of "Moderate Buy" and an average target price of $18.35.

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.