Equities Analysts Offer Predictions for Magnite Q4 Earnings

Magnite, Inc. (NASDAQ:MGNI - Free Report) - Equities researchers at B. Riley reduced their Q4 2024 earnings per share (EPS) estimates for shares of Magnite in a research note issued on Monday, January 27th. B. Riley analyst Z. Cummins now forecasts that the company will post earnings per share of $0.22 for the quarter, down from their previous estimate of $0.23. The consensus estimate for Magnite's current full-year earnings is $0.33 per share. B. Riley also issued estimates for Magnite's Q1 2025 earnings at ($0.08) EPS, Q2 2025 earnings at $0.07 EPS, Q4 2025 earnings at $0.35 EPS, FY2025 earnings at $0.43 EPS and FY2026 earnings at $0.64 EPS.

Magnite (NASDAQ:MGNI - Get Free Report) last announced its quarterly earnings results on Thursday, November 7th. The company reported $0.07 earnings per share for the quarter, missing the consensus estimate of $0.16 by ($0.09). The business had revenue of $162.00 million during the quarter, compared to analysts' expectations of $147.94 million. Magnite had a net margin of 2.62% and a return on equity of 4.64%. During the same quarter in the prior year, the firm earned $0.02 EPS.

Other analysts have also recently issued research reports about the stock. Wolfe Research raised their price objective on shares of Magnite from $14.00 to $19.00 and gave the stock an "outperform" rating in a report on Friday, January 3rd. Benchmark reaffirmed a "buy" rating and set a $21.00 price objective on shares of Magnite in a report on Wednesday, October 2nd. Royal Bank of Canada raised their price target on shares of Magnite from $19.00 to $22.00 and gave the stock an "outperform" rating in a research note on Friday, January 3rd. Wells Fargo & Company boosted their price objective on shares of Magnite from $13.00 to $15.00 and gave the company an "equal weight" rating in a research note on Thursday, January 16th. Finally, Needham & Company LLC reissued a "buy" rating and set a $20.00 price target on shares of Magnite in a research 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 stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $18.35.

Magnite Trading Down 0.5 %

Shares of MGNI traded down $0.09 during midday trading on Wednesday, hitting $17.56. 1,368,882 shares of the stock were exchanged, compared to its average volume of 1,727,055. The stock has a fifty day simple moving average of $16.49 and a 200 day simple moving average of $14.51. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.11 and a current ratio of 1.11. Magnite has a 52-week low of $8.38 and a 52-week high of $18.38. The firm has a market cap of $2.47 billion, a P/E ratio of 292.67, a P/E/G ratio of 0.84 and a beta of 2.51.

Institutional Trading of Magnite

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Envestnet Asset Management Inc. increased its position in Magnite by 1,070.3% during the second quarter. Envestnet Asset Management Inc. now owns 213,576 shares of the company's stock valued at $2,838,000 after acquiring an additional 195,327 shares during the last quarter. Thrivent Financial for Lutherans purchased a new stake in Magnite during the second quarter valued at approximately $1,920,000. Susquehanna Fundamental Investments LLC bought a new stake in shares of Magnite in the 2nd quarter worth about $1,820,000. Algert Global LLC boosted its position in shares of Magnite by 6.6% during the second quarter. Algert Global LLC now owns 142,155 shares of the company's stock valued at $1,889,000 after buying an additional 8,807 shares during the period. Finally, Truist Financial Corp increased its stake in Magnite by 42.9% in the second quarter. Truist Financial Corp now owns 68,307 shares of the company's stock worth $908,000 after purchasing an additional 20,517 shares during the period. Institutional investors own 73.40% of the company's stock.

Insider Activity at Magnite

In other news, insider Aaron Saltz sold 5,112 shares of the company's stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $13.50, for a total transaction of $69,012.00. Following the transaction, the insider now directly owns 307,745 shares of the company's stock, valued at $4,154,557.50. This represents a 1.63 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Adam Lee Soroca sold 7,849 shares of the firm's stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $15.60, for a total transaction of $122,444.40. Following the transaction, the insider now directly owns 421,347 shares in the company, valued at $6,573,013.20. The trade was a 1.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 366,097 shares of company stock valued at $6,165,147. 4.30% of the stock is owned by insiders.

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.