Magnite (NASDAQ:MGNI) CTO Sells $25,259.00 in Stock

Magnite, Inc. (NASDAQ:MGNI) CTO David Buonasera sold 871 shares of the company’s stock in a transaction on Monday, November 9th. The stock was sold at an average price of $29.00, for a total value of $25,259.00. Following the sale, the chief technology officer owned 238,578 shares of the company’s stock, valued at $6,918,762. The trade was a 0.36% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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 Thursday, November 5th, David Buonasera sold 5,706 shares of Magnite stock. The shares were sold at an average price of $27.25, for a total value of $155,488.50.
• On Monday, September 14th, David Buonasera sold 1,165 shares of Magnite stock. The shares were sold at an average price of $24.00, for a total value of $27,960.00.
• On Wednesday, September 2nd, David Buonasera sold 1,043 shares of Magnite stock. The stock was sold at an average price of $25.00, for a total value of $26,075.00.
• 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.

Magnite Price Performance

Shares of MGNI stock traded down $0.05 on Friday, hitting $29.29. 2,292,291 shares of the company’s stock were exchanged, compared to its average volume of 2,683,232. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.04 and a quick ratio of 1.04. Magnite, Inc. has a 12 month low of $10.82 and a 12 month high of $29.78. The stock has a market cap of $4.20 billion, a P/E ratio of 24.61, a price-to-earnings-growth ratio of 0.89 and a beta of 2.44. The company has a 50 day moving average of $24.58 and a 200 day moving average of $18.20.

Magnite (NASDAQ:MGNI) last released its earnings results on Wednesday, November 4th. The company reported $0.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.29 by $0.04. The firm had revenue of $204.20 million for the quarter, compared to analysts’ expectations of $190.19 million. Magnite had a return on equity of 10.94% and a net margin of 23.58%. The business’s revenue for the quarter was up 22.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.20 earnings per share. On average, equities research analysts predict that Magnite, Inc. will post 0.68 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. Scotiabank upped their price objective on shares of Magnite from $27.00 to $30.00 and gave the stock a “sector outperform” rating in a research report on Thursday, November 5th. B. Riley Financial increased their price objective on shares of Magnite from $27.00 to $30.00 and gave the company a “buy” rating in a research note on Friday, September 18th. Susquehanna raised their target price on shares of Magnite from $30.00 to $35.00 and gave the company a “positive” rating in a research report on Thursday, November 5th. Needham & Company LLC boosted their target price on shares of Magnite from $25.00 to $30.00 and gave the stock a “buy” rating in a research note on Thursday, September 3rd. Finally, Wall Street Zen raised shares of Magnite from a “hold” rating to a “buy” rating in a research note on Saturday. Ten equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, Magnite currently has a consensus rating of “Moderate Buy” and a consensus price target of $31.00.

Hedge Funds Weigh In On Magnite

Several large investors have recently bought and sold shares of MGNI. Meros Investment Management LP bought a new stake in shares of Magnite in the second quarter worth $18,815,538. Jupiter Topco LLC acquired a new stake in Magnite in the second quarter valued at $1,109,000. Legal & General Group Plc bought a new position in Magnite during the 2nd quarter worth $2,221,000. Manatuck Hill Partners LLC bought a new position in Magnite during the 2nd quarter worth $8,541,000. Finally, WINTON GROUP Ltd acquired a new position in Magnite during the 2nd quarter worth about $2,314,000. 73.40% of the stock is currently owned by institutional investors.

Latest Magnite News

Here’s some of the latest news about MGNI:

• Positive Sentiment: An analysis describes Magnite’s CTV growth as solid, while coverage of its expanded Gracenote deal sees potential value in the company’s streaming-TV opportunity. These themes add to the backdrop of a recent quarter in which Magnite beat earnings and revenue estimates. Gracenote deal analysis
• Neutral Sentiment: Analyst commentary is not uniformly bullish on upside: one valuation assessment says MGNI may be near fair value despite a raised outlook. Magnite fair-value analysis
• Negative Sentiment: Several Magnite executives and a director reported selling shares in transactions dated November 9 and 11, totaling roughly 92,000 shares, or about $2.7 million. The CTO’s sale was under a pre-arranged trading plan, and sellers retained substantial holdings, but the cluster of sales may still temper investor sentiment. Magnite insider sales report

About Magnite

Magnite, Inc. operates a sell-side advertising platform that helps publishers, streaming services and app developers sell digital advertising inventory through programmatic auctions. Its technology connects those sellers with advertisers and their agencies seeking to buy ad placements. The company supports advertising across connected TV, online video, mobile applications and desktop formats. Its offerings include tools for managing and monetizing ad inventory, including streaming-focused ad-serving technology.