Magnite (NASDAQ:MGNI) CTO Sells 5,371 Shares of Stock

Magnite, Inc. (NASDAQ:MGNI) CTO David Buonasera sold 5,371 shares of the company’s stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $23.42, for a total transaction of $125,788.82. Following the completion of the transaction, the chief technology officer directly owned 247,363 shares of the company’s stock, valued at $5,793,241.46. This represents a 2.13% decrease in their position. The sale was disclosed in a document filed 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 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 Thursday, August 6th, David Buonasera sold 7,649 shares of Magnite stock. The shares were 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 stock was 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 value of $202,194.00.
• On Monday, June 15th, David Buonasera sold 1,057 shares of Magnite stock. The stock was sold at an average price of $17.00, for a total value of $17,969.00.

Magnite Price Performance

MGNI stock traded down $0.25 during midday trading on Thursday, hitting $24.63. The company’s stock had a trading volume of 2,921,365 shares, compared to its average volume of 2,581,751. Magnite, Inc. has a 12 month low of $10.82 and a 12 month high of $26.19. The company has a quick ratio of 1.03, a current ratio of 1.02 and a debt-to-equity ratio of 0.37. The firm has a market capitalization of $3.53 billion, a price-to-earnings ratio of 22.60, a price-to-earnings-growth ratio of 1.00 and a beta of 2.30. The company has a 50 day moving average of $21.39 and a two-hundred day moving average of $16.28.

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

Institutional Investors Weigh In On Magnite

Several large investors have recently bought and sold shares of MGNI. Nykredit A S bought a new position in Magnite during the second quarter valued at $25,000. EFG International AG bought a new stake in shares of Magnite in the 2nd quarter worth about $28,000. Allworth Financial LP bought a new stake in shares of Magnite in the 2nd quarter worth about $30,000. US Bancorp DE raised its position in shares of Magnite by 75.8% during the 3rd quarter. US Bancorp DE now owns 1,596 shares of the company’s stock valued at $35,000 after buying an additional 688 shares in the last quarter. Finally, PNC Financial Services Group Inc. raised its position in shares of Magnite by 45.1% during the 3rd quarter. PNC Financial Services Group Inc. now owns 2,428 shares of the company’s stock valued at $53,000 after buying an additional 755 shares in the last quarter. Institutional investors own 73.40% of the company’s stock.

Analyst Ratings Changes

MGNI has been the topic of a number of research reports. Scotiabank reiterated an “outperform” rating and issued a $27.00 price target on shares of Magnite in a report on Thursday, August 6th. Evercore restated an “outperform” rating and set a $25.00 price objective on shares of Magnite in a research report on Thursday, August 6th. B. Riley Financial raised their price objective on Magnite from $20.00 to $27.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Wells Fargo & Company boosted their target price on Magnite from $21.00 to $22.00 and gave the stock an “equal weight” rating in a research report on Friday, August 7th. Finally, Susquehanna boosted their target price on Magnite from $22.00 to $30.00 and gave the stock a “positive” rating in a research report on Thursday, August 6th. Nine analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, Magnite has an average rating of “Moderate Buy” and an average price target of $28.80.

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).