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

Magnite, Inc. (NASDAQ:MGNI) CTO David Buonasera sold 1,057 shares of Magnite stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $17.00, for a total transaction of $17,969.00. Following the sale, the chief technology officer owned 291,727 shares in the company, valued at approximately $4,959,359. This represents a 0.36% decrease in their ownership of the stock. The sale was disclosed in a filing 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 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 1st, David Buonasera sold 1,409 shares of Magnite stock. The shares were sold at an average price of $15.00, for a total transaction of $21,135.00.

Magnite Price Performance

Shares of NASDAQ MGNI opened at $18.24 on Thursday. Magnite, Inc. has a fifty-two week low of $10.82 and a fifty-two week high of $26.65. The firm’s 50-day simple moving average is $13.85 and its 200 day simple moving average is $13.94. 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 stock has a market cap of $2.61 billion, a P/E ratio of 17.54, a P/E/G ratio of 0.88 and a beta of 2.32.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings data on Wednesday, May 6th. The company reported $0.13 earnings per share for the quarter, beating analysts’ consensus estimates of $0.11 by $0.02. Magnite had a net margin of 21.96% and a return on equity of 8.40%. The business had revenue of $164.37 million for the quarter, compared to analysts’ expectations of $159.24 million. During the same period in the previous year, the business earned $0.12 earnings per share. The company’s revenue was up 5.5% on a year-over-year basis. Equities analysts expect that Magnite, Inc. will post 0.6 EPS for the current year.

Magnite News Roundup

Here are the key news stories impacting Magnite this week:

• Positive Sentiment: Magnite announced a partnership with Viasat Aviation to bring programmatic advertising to in-flight screens, expanding its connected advertising reach and potentially opening a new revenue channel. Magnite and Viasat Aviation Partner to Bring Programmatic Advertising to In-Flight Screens
• Positive Sentiment: Investor sentiment appears strong, with unusual call-option activity showing a sharp jump in bullish bets on Magnite shares. Investors Purchase High Volume of Magnite Call Options (NASDAQ:MGNI)
• Positive Sentiment: Recent coverage notes Magnite shares have been gaining for multiple weeks, suggesting momentum traders are still interested despite mixed longer-term earnings-revision signals. MGNI stock eyes fifth week of gains: Magnite executives file plans to sell shares, but retail is unfazed
• Neutral Sentiment: Magnite’s stock saw unusually heavy trading and a strong session, but analysts warned that recent earnings estimate revisions may limit further near-term upside. Magnite (MGNI) Moves 10.8% Higher: Will This Strength Last?
• Negative Sentiment: Several Magnite executives and a director disclosed stock sales, including large sales by CEO Michael Barrett and CTO David Buonasera, which can weigh on investor sentiment even if the sales were preplanned or routine.

Analyst Upgrades and Downgrades

MGNI has been the topic of a number of recent analyst reports. BTIG Research initiated coverage on shares of Magnite in a research note on Tuesday, June 9th. They set a “buy” rating and a $20.00 price objective on the stock. Scotiabank lifted their target price on Magnite from $16.00 to $17.00 and gave the stock a “sector outperform” rating in a report on Thursday, May 7th. Royal Bank Of Canada reaffirmed an “outperform” rating on shares of Magnite in a report on Thursday, May 28th. Evercore reaffirmed an “outperform” rating and set a $21.00 target price on shares of Magnite in a report on Thursday, May 7th. Finally, Weiss Ratings raised Magnite from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, May 11th. Eight analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $23.89.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of MGNI. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Magnite by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 74,847 shares of the company’s stock worth $854,000 after acquiring an additional 3,267 shares during the period. Millennium Management LLC increased its stake in Magnite by 113.7% in the 1st quarter. Millennium Management LLC now owns 434,479 shares of the company’s stock worth $4,957,000 after purchasing an additional 231,213 shares in the last quarter. Jones Financial Companies Lllp raised its holdings in Magnite by 24.3% during the 1st quarter. Jones Financial Companies Lllp now owns 7,276 shares of the company’s stock worth $83,000 after buying an additional 1,423 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Magnite by 9.8% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 404,717 shares of the company’s stock worth $4,618,000 after buying an additional 36,097 shares during the period. Finally, Intech Investment Management LLC raised its holdings in Magnite by 103.6% during the 1st quarter. Intech Investment Management LLC now owns 109,992 shares of the company’s stock worth $1,255,000 after buying an additional 55,971 shares during the period. 73.40% of the stock is owned by institutional investors and hedge funds.

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).