Magnite (MGNI) Projected to Post Quarterly Earnings on Wednesday

Magnite (NASDAQ:MGNI) is expected to issue its quarterly earnings data after the market closes on Wednesday, February 26th. Analysts expect the company to announce earnings of $0.39 per share and revenue of $183.90 million for the quarter. Persons interested in registering for the company’s earnings conference call can do so using this link.

Magnite Stock Performance

Shares of MGNI opened at $17.68 on Monday. The company has a market capitalization 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 company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11. Magnite has a one year low of $8.38 and a one year high of $21.29. The company’s fifty day moving average price is $17.23 and its 200 day moving average price is $15.09.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the company. Royal Bank of Canada boosted their price objective on Magnite from $19.00 to $22.00 and gave the stock an “outperform” rating in a research report on Friday, January 3rd. Scotiabank assumed coverage on Magnite in a research report on Thursday, December 5th. They issued a “sector outperform” rating and a $22.00 price objective for the company. Wolfe Research boosted their target price on shares of Magnite from $14.00 to $19.00 and gave the stock an “outperform” rating in a research report on Friday, January 3rd. Macquarie reiterated an “outperform” rating and set a $18.00 target price on shares of Magnite in a research note on Friday, November 8th. Finally, Needham & Company LLC restated a “buy” rating and set a $20.00 price objective on shares of Magnite in a report on Friday, January 17th. One investment analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $18.35.

Insider Buying and Selling at Magnite

In related news, Director James Rossman sold 149,936 shares of the business’s stock in a transaction on Friday, February 7th. The stock was sold at an average price of $19.46, for a total value of $2,917,754.56. Following the sale, the director now owns 219,920 shares of the company’s stock, valued at $4,279,643.20. The trade was a 40.54 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Sean Patrick Buckley sold 18,693 shares of the company’s stock in a transaction on Friday, February 7th. The shares were sold at an average price of $20.00, for a total value of $373,860.00. Following the completion of the sale, the insider now owns 408,529 shares in the company, valued at $8,170,580. This trade represents a 4.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 398,541 shares of company stock valued at $7,425,275. 4.30% of the stock is currently owned by corporate insiders.

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.