Magnite (NASDAQ:MGNI) CTO David Buonasera Sells 1,043 Shares of Stock

Magnite, Inc. (NASDAQ:MGNI) CTO David Buonasera sold 1,043 shares of the business’s stock in a transaction that occurred on Wednesday, September 2nd. The shares were sold at an average price of $25.00, for a total value of $26,075.00. Following the completion of the sale, the chief technology officer owned 246,320 shares of the company’s stock, valued at $6,158,000. This trade represents a 0.42% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Tuesday, September 1st, David Buonasera sold 5,371 shares of Magnite stock. The stock was sold at an average price of $23.42, for a total transaction of $125,788.82.
• 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 transaction 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 transaction 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 transaction of $17,969.00.

Magnite Trading Down 1.0%

Shares of Magnite stock opened at $24.63 on Friday. The stock has a market cap of $3.53 billion, a P/E ratio of 22.60, a P/E/G ratio of 1.09 and a beta of 2.30. The stock’s 50 day simple moving average is $21.53 and its 200-day simple moving average is $16.37. Magnite, Inc. has a 1-year low of $10.82 and a 1-year high of $26.19. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.02 and a quick ratio of 1.03.

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

Institutional Inflows and Outflows

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

Wall Street Analyst Weigh In

MGNI has been the topic of several recent research reports. Wells Fargo & Company boosted their price target on shares of Magnite from $21.00 to $22.00 and gave the company an “equal weight” rating in a research report on Friday, August 7th. Rosenblatt Securities lifted their target price on shares of Magnite from $39.00 to $40.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. Scotiabank reiterated an “outperform” rating and issued a $27.00 target price on shares of Magnite in a report on Thursday, August 6th. Needham & Company LLC increased their price target on shares of Magnite from $25.00 to $30.00 and gave the company a “buy” rating in a research note on Thursday. Finally, B. Riley Financial increased their price target on shares of Magnite from $20.00 to $27.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Nine investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the company currently 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).