Magnite (NASDAQ:MGNI) Releases Q2 2021 Earnings Guidance

Magnite (NASDAQ:MGNI) issued an update on its second quarter 2021 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) 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.

Magnite stock traded up $0.55 during trading on Friday, reaching $33.09. The company had a trading volume of 31,131 shares, compared to its average volume of 3,957,345. The company has a quick ratio of 1.98, a current ratio of 1.98 and a debt-to-equity ratio of 1.14. Magnite has a 12-month low of $5.57 and a 12-month high of $64.39. The business’s 50 day moving average price is $34.05. The stock has a market capitalization of $4.26 billion, a price-to-earnings ratio of -62.58 and a beta of 2.38.

Magnite (NASDAQ:MGNI) last released its quarterly earnings data on Monday, May 10th. The company reported $0.03 earnings per share (EPS) for the quarter, topping the 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 during the quarter, compared to the consensus estimate of $60.22 million. During the same period in the previous year, the firm earned $0.06 earnings per share. Magnite’s revenue for the quarter was up 67.2% on a year-over-year basis. Equities analysts expect that Magnite will post 0.05 earnings per share for the current year.

Several research firms have issued reports on MGNI. Susquehanna decreased 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. Susquehanna Bancshares decreased 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. Truist Securities raised shares of Magnite from a hold rating to a buy rating and set a $37.00 target price on the stock in a research report on Monday. Evercore ISI started coverage on shares of Magnite in a research report on Monday, April 5th. They set an in-line rating and a $44.00 target price on the stock. Finally, Craig Hallum reduced their target price on shares of Magnite from $72.00 to $60.00 in a research report on Tuesday, May 11th. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The stock currently has a consensus rating of Buy and a consensus target price of $42.00.

In related news, CFO David Day sold 10,454 shares of the company’s stock in a transaction on Thursday, March 25th. The shares were sold at an average price of $39.74, for a total value of $415,441.96. Following the sale, the chief financial officer now directly owns 287,789 shares of the company’s stock, valued at $11,436,734.86. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CTO Thomas Kershaw sold 50,000 shares of the company’s stock in a transaction on Monday, April 5th. The shares were sold at an average price of $40.54, for a total transaction of $2,027,000.00. Following the completion of the sale, the chief technology officer now directly owns 597,109 shares in the company, valued at $24,206,798.86. The disclosure for this sale can be found here. Insiders sold 504,267 shares of company stock worth $17,113,884 over the last ninety days. 4.10% of the stock is currently owned by corporate insiders.

Magnite Company Profile

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.

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