David Buonasera Sells 9,376 Shares of Magnite (NASDAQ:MGNI) Stock

Magnite, Inc. (NASDAQ:MGNI) CTO David Buonasera sold 9,376 shares of the stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $20.00, for a total transaction of $187,520.00. Following the completion of the transaction, the chief technology officer directly owned 269,709 shares of the company’s stock, valued at approximately $5,394,180. The trade was a 3.36% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through 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 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.
• 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 value of $21,135.00.

Magnite Stock Performance

MGNI opened at $20.38 on Friday. The stock has a market cap of $2.92 billion, a PE ratio of 19.60, a PEG ratio of 1.04 and a beta of 2.25. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.38. The business has a 50 day moving average of $15.27 and a 200-day moving average of $14.25. Magnite, Inc. has a 52 week low of $10.82 and a 52 week high of $26.65.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings results on Wednesday, May 6th. The company reported $0.13 earnings per share for the quarter, topping the consensus estimate of $0.11 by $0.02. The company had revenue of $164.37 million for the quarter, compared to analysts’ expectations of $159.24 million. Magnite had a return on equity of 8.40% and a net margin of 21.96%.The firm’s revenue for the quarter was up 5.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.12 earnings per share. Equities research analysts predict that Magnite, Inc. will post 0.55 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts have recently weighed in on MGNI shares. Needham & Company LLC reiterated a “buy” rating and issued a $25.00 price target on shares of Magnite in a research note on Thursday, April 16th. Weiss Ratings raised shares of Magnite from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, May 11th. Royal Bank Of Canada reissued an “outperform” rating on shares of Magnite in a research note on Thursday, May 28th. Scotiabank upped their price objective on shares of Magnite from $16.00 to $17.00 and gave the stock a “sector outperform” rating in a report on Thursday, May 7th. Finally, Evercore reaffirmed an “outperform” rating and set a $21.00 target price on shares of Magnite in a research note on Thursday, May 7th. Eight 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 has a consensus rating of “Moderate Buy” and a consensus price target of $23.89.

Institutional Investors Weigh In On Magnite

Several hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its holdings in shares of Magnite by 1.0% during the fourth quarter. Vanguard Group Inc. now owns 14,802,630 shares of the company’s stock valued at $240,247,000 after acquiring an additional 148,198 shares in the last quarter. Capital Research Global Investors boosted its stake 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 purchasing an additional 5,937,428 shares in the last quarter. Wellington Management Group LLP boosted 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 purchasing an additional 3,484,689 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Magnite by 10.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,983,674 shares of the company’s stock valued at $47,322,000 after purchasing an additional 367,854 shares during the last quarter. Finally, Granahan Investment Management LLC increased its stake in Magnite by 6.3% during the 3rd quarter. Granahan Investment Management LLC now owns 3,873,179 shares of the company’s stock valued at $84,358,000 after purchasing an additional 230,393 shares in the last quarter. 73.40% of the stock is owned by institutional investors.

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).