Magnite (NASDAQ:MGNI) CTO Sells $17,969.00 in Stock

Magnite, Inc. (NASDAQ:MGNI) CTO David Buonasera sold 1,057 shares of the firm’s stock in a transaction on Monday, June 15th. The stock was sold at an average price of $17.00, for a total value of $17,969.00. Following the completion of the transaction, the chief technology officer owned 291,727 shares in the company, valued at approximately $4,959,359. This trade represents 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 the SEC website.

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

• 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 value of $202,194.00.
• On Monday, June 1st, David Buonasera sold 1,409 shares of Magnite stock. The shares were sold at an average price of $15.00, for a total value of $21,135.00.

Magnite Stock Performance

Shares of NASDAQ:MGNI opened at $17.89 on Friday. The stock has a market capitalization of $2.56 billion, a price-to-earnings ratio of 17.20, a PEG ratio of 0.91 and a beta of 2.32. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.02 and a current ratio of 1.02. The stock’s 50-day simple moving average is $14.08 and its two-hundred day simple moving average is $13.99. Magnite, Inc. has a 52-week low of $10.82 and a 52-week high of $26.65.

Magnite (NASDAQ:MGNI) last released its quarterly earnings results on Wednesday, May 6th. The company reported $0.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.11 by $0.02. Magnite had a return on equity of 8.40% and a net margin of 21.96%.The business had revenue of $164.37 million during the quarter, compared to the consensus estimate of $159.24 million. During the same period in the previous year, the company posted $0.12 EPS. The business’s quarterly revenue was up 5.5% compared to the same quarter last year. Analysts expect that Magnite, Inc. will post 0.55 EPS for the current year.

Hedge Funds Weigh In On Magnite

A number of hedge funds have recently modified their holdings of MGNI. Capital Research Global Investors lifted its stake in shares of Magnite by 85.0% during the 4th quarter. Capital Research Global Investors now owns 12,920,289 shares of the company’s stock valued at $209,696,000 after buying an additional 5,937,428 shares in the last quarter. Wellington Management Group LLP increased its stake in Magnite by 67.7% in the 4th quarter. Wellington Management Group LLP now owns 8,629,238 shares of the company’s stock worth $140,053,000 after buying an additional 3,484,689 shares in the last quarter. Ophir Asset Management Pty Ltd purchased a new stake in Magnite in the 4th quarter worth $38,695,000. 325 Capital LLC raised its holdings in Magnite by 208.5% during the fourth quarter. 325 Capital LLC now owns 2,005,387 shares of the company’s stock valued at $32,547,000 after acquiring an additional 1,355,326 shares during the period. Finally, Blue Grotto Capital LLC raised its holdings in Magnite by 443.8% during the third quarter. Blue Grotto Capital LLC now owns 1,548,796 shares of the company’s stock valued at $33,733,000 after acquiring an additional 1,263,992 shares during the period. 73.40% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

MGNI has been the subject of several recent research reports. Benchmark cut their target price on shares of Magnite from $31.00 to $30.00 and set a “buy” rating for the company in a research report on Thursday, February 26th. Rosenblatt Securities reiterated a “buy” rating and set a $39.00 price target on shares of Magnite in a research note on Thursday, February 26th. Wells Fargo & Company boosted their price objective on shares of Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a research report on Friday, May 8th. BTIG Research initiated coverage on Magnite in a research note on Tuesday, June 9th. They issued a “buy” rating and a $20.00 price objective for the company. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $25.00 target price on shares of Magnite in a report on Thursday, April 16th. Eight 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.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $23.89.

About Magnite

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).