Magnite (NASDAQ:MGNI) Updates Q2 2021 Earnings Guidance

Magnite (NASDAQ:MGNI) updated its second quarter 2021 earnings guidance on Monday. The company provided earnings per share guidance of – for the period. The company issued revenue guidance of $92 million-$96 million, compared to the consensus revenue estimate of $63.52 million.

A number of research firms have recently issued reports on MGNI. Needham & Company LLC raised their target price on shares of Magnite from $30.00 to $70.00 and gave the stock a buy rating in a research note on Tuesday, February 9th. Evercore ISI started coverage on shares of Magnite in a research note on Tuesday, April 13th. They issued an in-line rating and a $44.00 price objective for the company. Zacks Investment Research cut shares of Magnite from a buy rating to a hold rating in a research note on Friday, March 26th. Truist cut shares of Magnite from a buy rating to a hold rating and lifted their price objective for the stock from $12.00 to $37.00 in a research note on Monday, January 25th. Finally, Susquehanna dropped their price objective on shares of Magnite from $80.00 to $46.00 and set a positive rating for the company in a research note on Tuesday, May 11th. Four research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Magnite currently has an average rating of Buy and a consensus price target of $42.56.

MGNI opened at $28.56 on Monday. Magnite has a fifty-two week low of $5.03 and a fifty-two week high of $64.39. The company has a debt-to-equity ratio of 1.14, a current ratio of 1.98 and a quick ratio of 1.98. The firm has a market capitalization of $3.68 billion, a price-to-earnings ratio of -54.92 and a beta of 2.35. The company’s 50 day moving average price is $36.12 and its two-hundred day moving average price is $34.24.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings data on Monday, May 10th. The company reported $0.03 EPS for the quarter, beating the Zacks’ consensus estimate of ($0.05) by $0.08. Magnite had a negative net margin of 23.02% and a negative return on equity of 1.56%. The company had revenue of $60.70 million for the quarter, compared to analyst estimates of $60.22 million. During the same period in the prior year, the firm posted $0.06 EPS. The company’s quarterly revenue was up 67.2% on a year-over-year basis. As a group, equities research analysts predict that Magnite will post 0.1 EPS for the current year.

In other news, insider Adam Lee Soroca sold 26,235 shares of the company’s stock in a transaction on Monday, May 17th. The shares were sold at an average price of $25.98, for a total value of $681,585.30. Following the sale, the insider now directly owns 338,696 shares of the company’s stock, valued at approximately $8,799,322.08. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Michael G. Barrett sold 105,138 shares of the company’s stock in a transaction on Monday, May 17th. The shares were sold at an average price of $25.98, for a total transaction of $2,731,485.24. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 524,392 shares of company stock worth $18,059,558. Insiders own 5.70% 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.

Further Reading: Equal Weight Rating

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