Magnite (NASDAQ:MGNI) CTO Sells $26,075.00 in Stock

Magnite, Inc. (NASDAQ:MGNI) CTO David Buonasera sold 1,043 shares of the stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $25.00, for a total value of $26,075.00. Following the sale, the chief technology officer owned 246,320 shares of the company’s stock, valued at approximately $6,158,000. This represents a 0.42% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

David Buonasera also recently made the following trade(s):

• On Tuesday, September 1st, David Buonasera sold 5,371 shares of Magnite stock. The stock was sold at an average price of $23.42, for a total value of $125,788.82.
• On Thursday, August 6th, David Buonasera sold 7,649 shares of Magnite stock. The stock was sold at an average price of $23.46, for a total value of $179,445.54.
• On Tuesday, July 7th, David Buonasera sold 1,224 shares of Magnite stock. The shares were sold at an average price of $21.00, for a total value of $25,704.00.
• On Wednesday, July 1st, David Buonasera sold 9,376 shares of Magnite stock. The shares were sold at an average price of $20.00, for a total value of $187,520.00.
• On Wednesday, June 17th, David Buonasera sold 1,409 shares of Magnite stock. The stock was sold at an average price of $19.00, for a total value of $26,771.00.
• On Tuesday, June 16th, David Buonasera sold 11,233 shares of Magnite stock. The shares were sold at an average price of $18.00, for a total transaction of $202,194.00.
• On Monday, June 15th, David Buonasera sold 1,057 shares of Magnite stock. The shares were sold at an average price of $17.00, for a total transaction of $17,969.00.

Magnite Stock Performance

Shares of MGNI opened at $24.14 on Friday. The company’s fifty day moving average is $21.64 and its 200-day moving average is $16.42. Magnite, Inc. has a 12 month low of $10.82 and a 12 month high of $26.19. The firm has a market cap of $3.46 billion, a price-to-earnings ratio of 22.15, a price-to-earnings-growth ratio of 1.05 and a beta of 2.30. The company has a quick ratio of 1.03, a current ratio of 1.02 and a debt-to-equity ratio of 0.37.

Magnite (NASDAQ:MGNI) last released its quarterly earnings data on Wednesday, August 5th. The company reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.02. The business had revenue of $192.82 million during the quarter, compared to analyst estimates of $179.15 million. Magnite had a net margin of 22.49% and a return on equity of 9.33%. Magnite’s quarterly revenue was up 11.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.20 EPS. Equities analysts expect that Magnite, Inc. will post 0.61 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on MGNI shares. Wells Fargo & Company increased their price objective on Magnite from $21.00 to $22.00 and gave the company an “equal weight” rating in a report on Friday, August 7th. Royal Bank Of Canada upped their target price on Magnite from $20.00 to $27.00 and gave the stock an “outperform” rating in a research report on Thursday, August 6th. Evercore reissued an “outperform” rating and issued a $25.00 price target on shares of Magnite in a research report on Thursday, August 6th. Needham & Company LLC boosted their price objective on shares of Magnite from $25.00 to $30.00 and gave the stock a “buy” rating in a research note on Thursday. Finally, B. Riley Financial upped their price objective on shares of Magnite from $20.00 to $27.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. Nine research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, Magnite presently has an average rating of “Moderate Buy” and a consensus price target of $28.80.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Nykredit A S acquired a new stake in shares of Magnite in the second quarter worth $25,000. EFG International AG bought a new stake in Magnite in the 2nd quarter valued at $28,000. Allworth Financial LP bought a new stake in Magnite in the 2nd quarter valued at $30,000. US Bancorp DE grew its position in Magnite by 75.8% in the 3rd quarter. US Bancorp DE now owns 1,596 shares of the company’s stock worth $35,000 after purchasing an additional 688 shares during the last quarter. Finally, PNC Financial Services Group Inc. increased its holdings in shares of Magnite by 106.3% during the 1st quarter. PNC Financial Services Group Inc. now owns 3,783 shares of the company’s stock worth $45,000 after purchasing an additional 1,949 shares during the period. 73.40% of the stock is currently owned by institutional investors and hedge funds.

Magnite Company Profile

Magnite, Inc (NASDAQ: MGNI) operates as an independent sell-side advertising platform that enables publishers and digital media owners to monetize their inventory through programmatic advertising. Formed in 2020 through the merger of Rubicon Project and Telaria, Magnite combines technologies for desktop, mobile, connected television (CTV) and digital out-of-home (DOOH) ad exchanges. The company provides an end-to-end solution designed to help media owners optimize yield across open marketplaces, private marketplaces and programmatic guaranteed deals.

At the core of Magnite’s offering is its supply-side platform (SSP), which connects publishers’ ad impressions to demand-side platforms (DSPs) through real-time bidding (RTB).