Magnite (MGNI) Scheduled to Post Earnings on Tuesday

Magnite (NASDAQ:MGNIGet Rating) will post its quarterly earnings results after the market closes on Tuesday, August 9th. Analysts expect Magnite to post earnings of $0.18 per share for the quarter. Parties that wish to listen to the company’s conference call can do so using this link.

Magnite (NASDAQ:MGNIGet Rating) last released its quarterly earnings data on Wednesday, May 4th. The company reported ($0.02) EPS for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.01). Magnite had a positive return on equity of 5.17% and a negative net margin of 6.02%. The firm had revenue of $107.10 million during the quarter, compared to analyst estimates of $107.08 million. During the same quarter in the prior year, the company posted ($0.03) EPS. The company’s quarterly revenue was up 76.4% on a year-over-year basis. On average, analysts expect Magnite to post $0 EPS for the current fiscal year and $1 EPS for the next fiscal year.

Magnite Trading Up 0.8 %

NASDAQ:MGNI opened at $7.70 on Tuesday. The stock’s 50 day moving average price is $9.41 and its 200 day moving average price is $11.26. Magnite has a 52 week low of $7.06 and a 52 week high of $36.59. The company has a market capitalization of $1.02 billion, a P/E ratio of -29.62 and a beta of 2.07. The company has a debt-to-equity ratio of 0.86, a quick ratio of 1.14 and a current ratio of 1.14.

Analyst Ratings Changes

MGNI has been the topic of a number of research reports. Needham & Company LLC dropped their price objective on Magnite from $25.00 to $13.00 and set a “buy” rating on the stock in a report on Wednesday, July 6th. Truist Financial dropped their price objective on Magnite from $18.00 to $15.00 in a report on Monday, May 2nd. Benchmark initiated coverage on Magnite in a research report on Wednesday, July 13th. They set a “buy” rating and a $18.00 target price for the company. Craig Hallum decreased their target price on Magnite from $25.00 to $16.00 in a research report on Thursday, July 14th. Finally, TheStreet cut Magnite from a “c-” rating to a “d+” rating in a research report on Thursday, June 2nd. Nine investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Magnite has an average rating of “Buy” and an average price target of $23.11.

Institutional Trading of Magnite

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Captrust Financial Advisors increased its stake in shares of Magnite by 48.5% in the first quarter. Captrust Financial Advisors now owns 3,767 shares of the company’s stock valued at $50,000 after buying an additional 1,230 shares in the last quarter. Raymond James & Associates increased its position in Magnite by 13.9% in the first quarter. Raymond James & Associates now owns 16,682 shares of the company’s stock worth $220,000 after purchasing an additional 2,038 shares during the period. Point72 Hong Kong Ltd increased its position in Magnite by 22.8% in the first quarter. Point72 Hong Kong Ltd now owns 11,596 shares of the company’s stock worth $153,000 after purchasing an additional 2,156 shares during the period. Covestor Ltd increased its position in Magnite by 7,927.8% in the first quarter. Covestor Ltd now owns 2,890 shares of the company’s stock worth $38,000 after purchasing an additional 2,854 shares during the period. Finally, Cambridge Investment Research Advisors Inc. increased its position in Magnite by 27.8% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 25,361 shares of the company’s stock worth $335,000 after purchasing an additional 5,512 shares during the period. 67.92% of the stock is currently owned by institutional investors and hedge funds.

About Magnite

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Magnite, Inc operates an independent 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 provides applications and services for buyers, including advertisers, agencies, agency trading desks, and demand side platforms to buy digital advertising inventory.

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Earnings History for Magnite (NASDAQ:MGNI)

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