Magnite (NASDAQ:MGNI) Updates Q2 2021 Earnings Guidance

Magnite (NASDAQ:MGNI) updated its second quarter 2021 earnings guidance on Tuesday. 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 equities research analysts have recently weighed in on the stock. Truist upgraded shares of Magnite from a hold rating to a buy rating and set a $37.00 price objective on the stock in a report on Monday. They noted that the move was a valuation call. Zacks Investment Research lowered shares of Magnite from a buy rating to a hold rating in a report on Friday, March 26th. Susquehanna Bancshares reduced their price objective on shares of Magnite from $80.00 to $46.00 and set a positive rating on the stock in a report on Tuesday, May 11th. Evercore ISI began coverage on shares of Magnite in a report on Monday, April 5th. They issued an in-line rating and a $44.00 price objective on the stock. Finally, Susquehanna dropped their target price on shares of Magnite from $80.00 to $46.00 and set a positive rating on the stock 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 has a consensus rating of Buy and a consensus target price of $42.00.

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

Magnite (NASDAQ:MGNI) last issued its quarterly earnings data on Monday, May 10th. The company reported $0.03 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ 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 the consensus estimate of $60.22 million. During the same period last year, the firm posted $0.06 EPS. Magnite’s revenue for the quarter was up 67.2% on a year-over-year basis. Research analysts anticipate that Magnite will post 0.05 earnings per share for the current fiscal year.

In other Magnite news, CAO Shawna Hughes sold 1,890 shares of the firm’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 $49,102.20. Following the transaction, the chief accounting officer now directly owns 178,129 shares of the company’s stock, valued at approximately $4,627,791.42. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO David Day sold 10,454 shares of the firm’s stock in a transaction on Thursday, March 25th. The stock was sold at an average price of $39.74, for a total transaction of $415,441.96. Following the transaction, the chief financial officer now directly owns 287,789 shares in the company, valued at $11,436,734.86. The disclosure for this sale can be found here. Insiders have sold a total of 504,267 shares of company stock worth $17,113,884 over the last three months. 4.10% of the stock is currently owned by insiders.

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.

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