Analysts Anticipate Magnite, Inc. (NASDAQ:MGNI) to Announce $0.08 EPS

Brokerages forecast that Magnite, Inc. (NASDAQ:MGNI) will report earnings of $0.08 per share for the current quarter, according to Zacks Investment Research. Zero analysts have issued estimates for Magnite’s earnings. Magnite reported earnings of ($0.10) per share in the same quarter last year, which indicates a positive year over year growth rate of 180%. The firm is scheduled to announce its next quarterly earnings results on Monday, August 9th.

On average, analysts expect that Magnite will report full-year earnings of $0.37 per share for the current fiscal year. For the next year, analysts forecast that the business will report earnings of $0.55 per share. Zacks Investment Research’s EPS calculations are a mean average based on a survey of research firms that cover Magnite.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings results on Monday, May 10th. The company reported $0.03 EPS for the quarter, topping the Zacks’ consensus estimate of ($0.05) by $0.08. Magnite had a negative return on equity of 9.19% and a negative net margin of 30.72%. The company had revenue of $60.70 million for the quarter, compared to analysts’ expectations of $60.22 million. During the same quarter last year, the business earned $0.06 earnings per share. Magnite’s revenue was up 67.2% on a year-over-year basis.

A number of brokerages recently issued reports on MGNI. Truist cut Magnite from a “buy” rating to a “hold” rating and increased their target price for the stock from $12.00 to $37.00 in a report on Monday, January 25th. Zacks Investment Research cut shares of Magnite from a “buy” rating to a “hold” rating in a research report on Friday, March 26th. Craig Hallum decreased their target price on Magnite from $72.00 to $60.00 in a report on Tuesday, May 11th. Susquehanna Bancshares reduced their price objective on shares of Magnite from $80.00 to $46.00 and set a “positive” rating on the stock in a research report on Tuesday, May 11th. Finally, Susquehanna decreased their price objective on shares of Magnite from $80.00 to $46.00 and set a “positive” rating for the company in a report on Tuesday, May 11th. Four analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $42.56.

MGNI stock traded up $0.24 during trading on Wednesday, reaching $25.23. 122,223 shares of the company were exchanged, compared to its average volume of 4,187,666. The company has a market capitalization of $3.25 billion, a price-to-earnings ratio of -41.13 and a beta of 2.45. Magnite has a twelve month low of $4.94 and a twelve month high of $64.39. The company has a 50-day moving average of $38.16 and a two-hundred day moving average of $33.65.

In other news, General Counsel Aaron Saltz sold 24,131 shares of the company’s stock in a transaction that occurred on Tuesday, February 16th. The stock was sold at an average price of $56.13, for a total transaction of $1,354,473.03. Following the transaction, the general counsel now owns 292,467 shares of the company’s stock, valued at $16,416,172.71. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Rachel Lam sold 5,000 shares of the company’s stock in a transaction on Monday, April 5th. The stock was sold at an average price of $43.50, for a total value of $217,500.00. Following the completion of the sale, the director now owns 181,327 shares of the company’s stock, valued at $7,887,724.50. The disclosure for this sale can be found here. Insiders have sold 427,207 shares of company stock worth $19,087,784 in the last quarter. Company insiders own 5.70% of the company’s stock.

Several hedge funds have recently bought and sold shares of the stock. Nuveen Asset Management LLC boosted its holdings in Magnite by 639.1% during the 1st quarter. Nuveen Asset Management LLC now owns 7,075,585 shares of the company’s stock valued at $294,416,000 after acquiring an additional 6,118,242 shares during the period. Allianz Asset Management GmbH grew its holdings in shares of Magnite by 46.0% in the first quarter. Allianz Asset Management GmbH now owns 6,982,548 shares of the company’s stock valued at $290,544,000 after purchasing an additional 2,201,574 shares in the last quarter. Renaissance Technologies LLC increased its stake in Magnite by 415.2% during the 1st quarter. Renaissance Technologies LLC now owns 2,023,313 shares of the company’s stock worth $84,190,000 after buying an additional 1,630,559 shares during the period. Russell Investments Group Ltd. lifted its holdings in Magnite by 12,327.3% during the 4th quarter. Russell Investments Group Ltd. now owns 1,453,875 shares of the company’s stock worth $44,667,000 after buying an additional 1,442,176 shares in the last quarter. Finally, Frontier Capital Management Co. LLC purchased a new position in Magnite in the 4th quarter valued at approximately $24,590,000. Hedge funds and other institutional investors own 74.34% of the company’s stock.

About Magnite

Magnite, Inc operates an independent sell-side advertising platform in the United States and internationally. The company's advertising platform enables publishers to monetize various screens and formats, including CTV, desktop display, video, audio, and mobile, as well as allows agencies and brands to access brand-safe ad inventory and execute advertising transactions.

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