In the latest trading session, Magnite (MGNI) closed at $30.98, marking a -0.1% move from the previous day. This move was narrower than the S&P 500's daily loss of 0.54%.
Prior to today's trading, shares of the digital ad exchange operator had gained 18.36% over the past month. This has outpaced the Computer and Technology sector's gain of 6.51% and the S&P 500's gain of 1.91% in that time.
Wall Street will be looking for positivity from MGNI as it approaches its next earnings report date. On that day, MGNI is projected to report earnings of $0.11 per share, which would represent year-over-year growth of 210%. Our most recent consensus estimate is calling for quarterly revenue of $95 million, up 124.32% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $0.57 per share and revenue of $404.4 million, which would represent changes of +235.29% and +82.47%, respectively, from the prior year.
Any recent changes to analyst estimates for MGNI should also be noted by investors. These revisions typically reflect the latest short-term business trends, which can change frequently. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 230% higher within the past month. MGNI is currently sporting a Zacks Rank of #2 (Buy).
Digging into valuation, MGNI currently has a Forward P/E ratio of 54.4. This valuation marks a discount compared to its industry's average Forward P/E of 72.77.
The Internet - Software industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 202, putting it in the bottom 21% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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