Magnite (NASDAQ:MGNI) CTO David Buonasera Sells 1,057 Shares

Magnite, Inc. (NASDAQ:MGNI) CTO David Buonasera sold 1,057 shares of the firm’s stock in a transaction on Monday, June 15th. The shares were sold at an average price of $17.00, for a total transaction of $17,969.00. Following the completion of the transaction, the chief technology officer directly owned 291,727 shares in the company, valued at approximately $4,959,359. This represents a 0.36% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through 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 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 stock was 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 stock was sold at an average price of $15.00, for a total value of $21,135.00.

Magnite Stock Down 1.7%

Shares of MGNI stock traded down $0.31 during trading hours on Wednesday, reaching $18.24. The company had a trading volume of 6,567,789 shares, compared to its average volume of 2,498,963. The stock’s fifty day simple moving average is $13.73 and its 200 day simple moving average is $13.91. The company has a market capitalization of $2.61 billion, a P/E ratio of 17.54, a price-to-earnings-growth ratio of 0.79 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. Magnite, Inc. has a twelve month low of $10.82 and a twelve month 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 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 firm had revenue of $164.37 million during the quarter, compared to analysts’ expectations of $159.24 million. During the same quarter in the prior year, the business earned $0.12 EPS. Magnite’s quarterly revenue was up 5.5% compared to the same quarter last year. As a group, sell-side analysts expect that Magnite, Inc. will post 0.6 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on MGNI. Royal Bank Of Canada reiterated an “outperform” rating on shares of Magnite in a report on Thursday, May 28th. Rosenblatt Securities reaffirmed a “buy” rating and set a $39.00 target price on shares of Magnite in a research report on Thursday, February 26th. Weiss Ratings upgraded Magnite from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, May 11th. Needham & Company LLC reissued a “buy” rating and issued a $25.00 price target on shares of Magnite in a report on Thursday, April 16th. Finally, Scotiabank lifted their price objective on Magnite from $16.00 to $17.00 and gave the stock a “sector outperform” rating in a report on Thursday, May 7th. Eight research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $23.89.

Institutional Investors Weigh In On Magnite

Hedge funds and other institutional investors have recently modified their holdings of the stock. Capital Research Global Investors boosted its holdings in Magnite by 85.0% in the fourth 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 during the period. Wellington Management Group LLP increased its stake in Magnite by 67.7% during the fourth quarter. Wellington Management Group LLP now owns 8,629,238 shares of the company’s stock valued at $140,053,000 after purchasing an additional 3,484,689 shares during the last quarter. Ophir Asset Management Pty Ltd bought a new position in shares of Magnite in the 4th quarter worth about $38,695,000. 325 Capital LLC boosted its holdings in shares of Magnite by 208.5% in the 4th quarter. 325 Capital LLC now owns 2,005,387 shares of the company’s stock valued at $32,547,000 after buying an additional 1,355,326 shares during the period. Finally, Blue Grotto Capital LLC boosted its holdings in shares of Magnite by 443.8% in the 3rd quarter. Blue Grotto Capital LLC now owns 1,548,796 shares of the company’s stock valued at $33,733,000 after buying an additional 1,263,992 shares during the period. Institutional investors own 73.40% of the company’s stock.

Key Stories Impacting Magnite

Here are the key news stories impacting Magnite this week:

• Positive Sentiment: Magnite announced a new partnership with Viasat Aviation to bring programmatic advertising to in-flight screens, expanding its reach into a new, high-engagement advertising channel and potentially opening another revenue stream. Magnite and Viasat Aviation Partner to Bring Programmatic Advertising to In-Flight Screens
• Positive Sentiment: Trading activity has been unusually strong, including a surge in call option buying, suggesting traders are positioning for more upside in MGNI after its recent rally. Unusual options trading in Magnite
• Neutral Sentiment: Recent coverage noted MGNI had already posted a sharp one-day gain on heavier volume, but also warned that earnings estimate revisions may limit near-term follow-through. Magnite (MGNI) Moves 10.8% Higher: Will This Strength Last?
• Negative Sentiment: CEO Michael G. Barrett, CTO David Buonasera, and Director Douglas S. Knopper all sold shares this week, which can create concern about insider confidence even if the sales were disclosed and may have been planned. SEC insider filings for Magnite

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).