Insider Selling: Magnite (NASDAQ:MGNI) CTO Sells $26,771.00 in Stock

Magnite, Inc. (NASDAQ:MGNI) CTO David Buonasera sold 1,409 shares of the stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $19.00, for a total value of $26,771.00. Following the completion of the transaction, the chief technology officer directly owned 279,085 shares in the company, valued at approximately $5,302,615. This represents a 0.50% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

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

• 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 Price Performance

MGNI opened at $17.89 on Friday. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.38. The stock has a market capitalization of $2.56 billion, a P/E ratio of 17.20, a PEG ratio of 0.91 and a beta of 2.32. The stock has a 50-day moving average price of $14.08 and a 200-day moving average price of $13.99. Magnite, Inc. has a 12-month low of $10.82 and a 12-month high of $26.65.

Magnite (NASDAQ:MGNI) last announced 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. 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%.Magnite’s revenue for the quarter was up 5.5% compared to the same quarter last year. During the same period last year, the firm posted $0.12 EPS. Equities analysts predict that Magnite, Inc. will post 0.55 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Magnite

Institutional investors and hedge funds have recently bought and sold shares of the stock. Neo Ivy Capital Management bought a new stake in Magnite in the third quarter valued at approximately $27,000. US Bancorp DE grew its holdings in shares of Magnite by 75.8% in the third quarter. US Bancorp DE now owns 1,596 shares of the company’s stock worth $35,000 after purchasing an additional 688 shares during the last quarter. Strategic Advocates LLC bought a new position in shares of Magnite in the third quarter worth approximately $42,000. PNC Financial Services Group Inc. grew its holdings in shares of Magnite by 45.1% in the third quarter. PNC Financial Services Group Inc. now owns 2,428 shares of the company’s stock worth $53,000 after purchasing an additional 755 shares during the last quarter. Finally, Central Pacific Bank Trust Division purchased a new position in shares of Magnite in the fourth quarter worth $41,000. 73.40% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Benchmark decreased their price target on shares of Magnite from $31.00 to $30.00 and set a “buy” rating on the stock in a research note on Thursday, February 26th. BTIG Research initiated coverage on shares of Magnite in a research note on Tuesday, June 9th. They issued a “buy” rating and a $20.00 price objective for the company. Wells Fargo & Company increased their target price on shares of Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a report on Friday, May 8th. Royal Bank Of Canada reiterated an “outperform” rating on shares of Magnite in a research report on Thursday, May 28th. Finally, Scotiabank boosted their price target on shares of Magnite from $16.00 to $17.00 and gave the stock a “sector outperform” rating in a research note on Thursday, May 7th. Eight research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $23.89.

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).