David Buonasera Sells 11,233 Shares of Magnite (NASDAQ:MGNI) Stock

Magnite, Inc. (NASDAQ:MGNI) CTO David Buonasera sold 11,233 shares of the stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $18.00, for a total transaction of $202,194.00. Following the transaction, the chief technology officer owned 280,494 shares in the company, valued at approximately $5,048,892. The trade was a 3.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

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

• On Wednesday, June 17th, David Buonasera sold 1,409 shares of Magnite stock. The shares were sold at an average price of $19.00, for a total transaction of $26,771.00.
• 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 transaction of $17,969.00.
• On Monday, June 1st, David Buonasera sold 1,409 shares of Magnite stock. The stock was sold at an average price of $15.00, for a total transaction of $21,135.00.

Magnite Stock Down 1.9%

Shares of MGNI opened at $17.89 on Friday. Magnite, Inc. has a fifty-two week low of $10.82 and a fifty-two week high of $26.65. The company’s fifty day moving average is $13.97 and its two-hundred day moving average is $13.96. The firm has a market cap of $2.56 billion, a PE ratio of 17.20, a price-to-earnings-growth ratio of 0.86 and a beta of 2.32. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.38.

Magnite (NASDAQ:MGNI) last released its quarterly earnings data on Wednesday, May 6th. The company reported $0.13 EPS for the quarter, topping 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 prior year, the firm posted $0.12 EPS. The business’s revenue for the quarter was up 5.5% on a year-over-year basis. Analysts forecast that Magnite, Inc. will post 0.6 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on MGNI. Rosenblatt Securities reissued a “buy” rating and issued a $39.00 price objective on shares of Magnite in a research report on Thursday, February 26th. Wells Fargo & Company increased their price target on Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a report on Friday, May 8th. BTIG Research initiated coverage on Magnite in a research report on Tuesday, June 9th. They issued a “buy” rating and a $20.00 price objective on the stock. Weiss Ratings raised Magnite from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, May 11th. Finally, Evercore reiterated an “outperform” rating and issued a $21.00 target price on shares of Magnite in a research note on Thursday, May 7th. Eight investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $23.89.

Institutional Investors Weigh In On Magnite

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

Key Magnite News

Here are the key news stories impacting Magnite this week:

• Positive Sentiment: Magnite announced a partnership with Viasat Aviation to bring programmatic ads to in-flight Wi‑Fi and entertainment screens, which could expand its connected advertising reach and open a new revenue stream. Magnite and Viasat Aviation Partner to Bring Programmatic Advertising to In-Flight Screens
• Positive Sentiment: Unusually high call-option activity suggests traders are betting on further upside in MGNI, reinforcing the recent bullish momentum. Investors Purchase High Volume of Magnite Call Options (NASDAQ:MGNI)
• Positive Sentiment: Recent coverage says MGNI has been on a multi-week winning streak, showing that momentum buyers remain active even as insiders sell shares. MGNI stock eyes fifth week of gains: Magnite executives file plans to sell shares, but retail is unfazed
• Neutral Sentiment: Magnite’s recent strong trading has been accompanied by analyst caution that earnings estimate revisions may limit near-term upside. Magnite (MGNI) Moves 10.8% Higher: Will This Strength Last?
• Negative Sentiment: CEO Michael Barrett, CTO David Buonasera, and Director Douglas Knopper all disclosed sizable share sales, which can pressure sentiment even if the transactions were preplanned.

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).