In the latest trading session, Magnite (MGNI) closed at $9.97, marking a +1.22% move from the previous day. The stock exceeded the S&P 500, which registered a gain of 0.15% for the day. Meanwhile, the Dow experienced a drop of 0.02%, and the technology-dominated Nasdaq saw an increase of 0.32%.

Shares of the digital ad exchange operator have depreciated by 13.22% over the course of the past month, underperforming the Computer and Technology sector's gain of 1.32% and the S&P 500's gain of 1.65%.

Market participants will be closely following the financial results of Magnite in its upcoming release. The company plans to announce its earnings on May 8, 2024. It is anticipated that the company will report an EPS of $0.01, marking a 75% fall compared to the same quarter of the previous year.

Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Magnite. These latest adjustments often mirror the shifting dynamics of short-term business patterns. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.

Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.

The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. The Zacks Consensus EPS estimate has moved 88% higher within the past month. Magnite presently features a Zacks Rank of #3 (Hold).

In terms of valuation, Magnite is currently trading at a Forward P/E ratio of 11.87. Its industry sports an average Forward P/E of 28.72, so one might conclude that Magnite is trading at a discount comparatively.

Meanwhile, MGNI's PEG ratio is currently 0.35. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. By the end of yesterday's trading, the Internet - Software industry had an average PEG ratio of 1.86.

The Internet - Software industry is part of the Computer and Technology sector. Currently, this industry holds a Zacks Industry Rank of 38, positioning it in the top 16% of all 250+ industries.

The Zacks Industry Rank gauges the strength of our individual 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.

Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Magnite, Inc. (MGNI) : Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research