Equities Analysts Issue Forecasts for Magnite Q4 Earnings

Magnite, Inc. (NASDAQ:MGNI) – Stock analysts at B. Riley lowered their Q4 2024 earnings per share (EPS) estimates for Magnite in a research note issued to investors on Monday, January 27th. B. Riley analyst Z. Cummins now anticipates 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) last announced its quarterly earnings data on Thursday, November 7th. The company reported $0.07 EPS for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.09). The company had revenue of $162.00 million for the quarter, compared to analyst estimates of $147.94 million. Magnite had a return on equity of 4.64% and a net margin of 2.62%. During the same period in the prior year, the firm posted $0.02 earnings per share.

A number of other brokerages also recently commented on MGNI. Macquarie reiterated an “outperform” rating and set a $18.00 target price on shares of Magnite in a research note on Friday, November 8th. Wolfe Research increased their price objective on Magnite from $14.00 to $19.00 and gave the company an “outperform” rating in a report on Friday, January 3rd. Wells Fargo & Company boosted their target price on Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a research note on Thursday, January 16th. Royal Bank of Canada increased their price target on shares of Magnite from $19.00 to $22.00 and gave the company an “outperform” rating in a research note on Friday, January 3rd. Finally, Scotiabank initiated coverage on shares of Magnite in a research report on Thursday, December 5th. They set a “sector outperform” rating and a $22.00 price objective for the company. One analyst has rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, Magnite has a consensus rating of “Moderate Buy” and an average price target of $18.35.

Magnite Trading Down 0.5 %

NASDAQ MGNI opened at $17.48 on Wednesday. Magnite has a 52 week low of $8.38 and a 52 week high of $18.38. The firm has a 50 day moving average of $16.52 and a two-hundred day moving average of $14.53. The stock has a market capitalization of $2.46 billion, a PE ratio of 291.33, a price-to-earnings-growth ratio of 0.84 and a beta of 2.51. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.76.

Institutional Investors Weigh In On Magnite

A number of hedge funds have recently added to or reduced their stakes in MGNI. Quarry LP raised its stake in shares of Magnite by 446.8% during the 3rd quarter. Quarry LP now owns 5,517 shares of the company’s stock worth $76,000 after buying an additional 4,508 shares in the last quarter. KBC Group NV lifted its holdings in Magnite by 66.5% in the fourth quarter. KBC Group NV now owns 5,943 shares of the company’s stock valued at $95,000 after acquiring an additional 2,374 shares during the period. Blue Trust Inc. boosted its position in shares of Magnite by 87.0% during the 3rd quarter. Blue Trust Inc. now owns 7,931 shares of the company’s stock worth $105,000 after purchasing an additional 3,689 shares in the last quarter. Lebenthal Global Advisors LLC acquired a new position in shares of Magnite during the 3rd quarter worth $141,000. Finally, Vicus Capital purchased a new position in shares of Magnite in the 3rd quarter valued at about $164,000. Institutional investors and hedge funds own 73.40% of the company’s stock.

Insider Buying and Selling at Magnite

In related news, insider Aaron Saltz sold 5,112 shares of the stock in a transaction 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 completion of the sale, the insider now directly owns 307,745 shares of the company’s stock, valued at $4,154,557.50. This trade 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, CTO David Buonasera sold 1,969 shares of the business’s stock in a transaction on Friday, December 13th. The shares were sold at an average price of $16.31, for a total transaction of $32,114.39. Following the completion of the transaction, the chief technology officer now directly owns 223,795 shares in the company, valued at $3,650,096.45. This represents a 0.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 366,097 shares of company stock worth $6,165,147. 4.30% of the stock is currently owned by insiders.

About Magnite

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.