Magnite (MGNI) Set to Announce Quarterly Earnings on Wednesday

Magnite (NASDAQ:MGNI - Get Free Report) is set to issue its quarterly earnings data after the market closes on Wednesday, May 8th. Analysts expect the company to announce earnings of ($0.02) per share for the quarter. Magnite has set its Q1 2024 guidance at EPS.Parties that wish to register for the company's conference call can do so using this link.

Magnite (NASDAQ:MGNI - Get Free Report) last released its quarterly earnings results on Wednesday, February 28th. The company reported $0.16 earnings per share for the quarter, topping the consensus estimate of $0.03 by $0.13. Magnite had a negative net margin of 25.69% and a positive return on equity of 2.52%. The business had revenue of $165.28 million for the quarter, compared to the consensus estimate of $160.24 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

MGNI traded up $0.17 during trading on Wednesday, hitting $9.00. The company's stock had a trading volume of 1,526,073 shares, compared to its average volume of 1,128,622. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.76. Magnite has a one year low of $6.28 and a one year high of $15.73. The firm has a market cap of $1.26 billion, a PE ratio of -7.26, a P/E/G ratio of 0.67 and a beta of 2.25. The business's 50 day simple moving average is $10.20 and its 200-day simple moving average is $9.12.

Insider Buying and Selling

In related news, CEO Michael G. Barrett sold 75,000 shares of Magnite stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $11.21, for a total transaction of $840,750.00. Following the completion of the sale, the chief executive officer now owns 1,234,662 shares in the company, valued at approximately $13,840,561.02. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 4.30% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

MGNI has been the topic of several recent analyst reports. B. Riley initiated coverage on shares of Magnite in a research report on Friday, April 19th. They set a "buy" rating and a $14.50 price objective on the stock. Susquehanna raised their price objective on shares of Magnite from $11.00 to $14.00 and gave the company a "positive" rating in a research report on Thursday, February 29th. Bank of America raised their price objective on shares of Magnite from $11.00 to $13.00 and gave the company a "neutral" rating in a research report on Thursday, February 29th. Needham & Company LLC restated a "buy" rating and set a $15.00 price objective on shares of Magnite in a research report on Thursday, March 21st. Finally, Benchmark restated a "buy" rating and set a $18.00 price objective on shares of Magnite in a research report on Monday, March 25th. Two equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, Magnite has an average rating of "Moderate Buy" and a consensus target price of $14.39.

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.