Magnite (MGNI) Expected to Announce Earnings on Wednesday

Magnite (NASDAQ:MGNI - Get Free Report) is expected to announce its earnings results after the market closes on Wednesday, February 26th. Analysts expect the company to announce earnings of $0.39 per share and revenue of $183.89 million for the quarter. Investors interested in registering for the company's conference call can do so using this link.

Magnite Trading Down 3.2 %

Magnite stock traded down $0.58 during midday trading on Friday, reaching $17.68. The stock had a trading volume of 3,039,890 shares, compared to its average volume of 2,348,664. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.76. Magnite has a 52-week low of $8.38 and a 52-week high of $21.29. The firm has a market cap of $2.49 billion, a price-to-earnings ratio of 294.67, a price-to-earnings-growth ratio of 1.05 and a beta of 2.52. The company has a fifty day moving average of $17.21 and a 200 day moving average of $15.03.

Analysts Set New Price Targets

A number of brokerages have recently commented on MGNI. Royal Bank of Canada raised their target price on shares of Magnite from $19.00 to $22.00 and gave the stock an "outperform" rating in a research report on Friday, January 3rd. Macquarie reaffirmed an "outperform" rating and set a $18.00 target price on shares of Magnite in a research report on Friday, November 8th. Scotiabank began coverage on shares of Magnite in a research report on Thursday, December 5th. They set a "sector outperform" rating and a $22.00 target price on the stock. Wolfe Research raised 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. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $20.00 target price on shares of Magnite in a research report on Friday, January 17th. One equities research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $18.35.

Insider Activity

In other Magnite news, insider Sean Patrick Buckley sold 18,693 shares of the firm's stock in a transaction that occurred 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 directly 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Aaron Saltz sold 6,110 shares of the firm's stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $17.50, for a total transaction of $106,925.00. Following the completion of the sale, the insider now owns 297,482 shares of the company's stock, valued at approximately $5,205,935. This trade represents a 2.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 431,655 shares of company stock worth $8,008,280. Corporate insiders own 4.30% of the company's stock.

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.