Magnite Analysts Boost Their Forecasts Following Better-Than-Expected Q2 Earnings

Benzinga Earnings08-06

Magnite Inc (NASDAQ:MGNI) on Wednesday reported better-than-expected second-quarter financial results.

Magnite posted adjusted earnings of 26 cents per share, beating market estimates of 25 cents per share. The company’s sales came in at $192.823 million versus estimates of $179.209 million.

Magnite said it sees third-quarter sales of $188.000 million-$192.000 million, versus market estimates of $185.357 million.

“We significantly beat consensus expectations on both the top and bottom line in the second quarter, driven by outperformance in CTV—which grew 36% year-over-year—and a return to growth in DV+. Our CTV momentum continues to be broad-based across leading publisher partners and anchored by the strategic differentiation of SpringServe,” said Michael G. Barrett, CEO of Magnite.

Magnite shares surged 11.2% to $22.99 in pre-market trading.

These analysts made changes to their price targets on Magnite following earnings announcement.

BTIG analyst Tyler DiMatteo maintained the stock with a Buy and raised the price target from $20 to $27.
Rosenblatt analyst Barton Crockett maintained the stock with a Buy and raised the price target from $39 to $40.

Considering buying MGNI stock? Here’s what analysts think:

Photo via Shutterstock

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Analysts raise price targets, stock surges 11.2%","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4009":"广告","MGNI":"Magnite, Inc."},"translate_title":"Magnite 分析师在第二季度盈利好于预期后上调了预测","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"MGNI":1},"content_text":"Magnite Inc (NASDAQ:MGNI) on Wednesday reported better-than-expected second-quarter financial results.\nMagnite posted adjusted earnings of 26 cents per share, beating market estimates of 25 cents per share. The company’s sales came in at $192.823 million versus estimates of $179.209 million.\nMagnite said it sees third-quarter sales of $188.000 million-$192.000 million, versus market estimates of $185.357 million.\n“We significantly beat consensus expectations on both the top and bottom line in the second quarter, driven by outperformance in CTV—which grew 36% year-over-year—and a return to growth in DV+. 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