Insider Selling: Magnite (NASDAQ:MGNI) CTO Sells 1,224 Shares

Magnite, Inc. (NASDAQ:MGNI) CTO David Buonasera sold 1,224 shares of the firm’s stock in a transaction on Tuesday, July 7th. The shares were sold at an average price of $21.00, for a total transaction of $25,704.00. Following the completion of the sale, the chief technology officer owned 268,485 shares in the company, valued at $5,638,185. The trade was a 0.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink.

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

• 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 transaction 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 value of $202,194.00.
• On Monday, June 15th, David Buonasera sold 1,057 shares of Magnite stock. The shares were 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 shares were sold at an average price of $15.00, for a total value of $21,135.00.

Magnite Stock Up 4.5%

NASDAQ MGNI traded up $0.91 during trading on Thursday, reaching $21.22. 4,238,942 shares of the company’s stock were exchanged, compared to its average volume of 2,593,625. The stock has a market cap of $3.04 billion, a P/E ratio of 20.40, a price-to-earnings-growth ratio of 1.04 and a beta of 2.25. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.02 and a current ratio of 1.02. The company has a 50 day moving average price of $15.73 and a two-hundred day moving average price of $14.32. Magnite, Inc. has a 1 year low of $10.82 and a 1 year high of $26.65.

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

Institutional Investors Weigh In On Magnite

Hedge funds have recently made changes to their positions in the business. US Bancorp DE increased its position 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 acquiring an additional 688 shares during the period. Central Pacific Bank Trust Division acquired a new stake in Magnite during the 4th quarter worth approximately $41,000. Strategic Advocates LLC purchased a new position in shares of Magnite in the 3rd quarter valued at approximately $42,000. PNC Financial Services Group Inc. grew its stake in shares of Magnite by 106.3% in the 1st quarter. PNC Financial Services Group Inc. now owns 3,783 shares of the company’s stock valued at $45,000 after purchasing an additional 1,949 shares during the last quarter. Finally, Smartleaf Asset Management LLC increased its holdings in shares of Magnite by 98.4% in the fourth quarter. Smartleaf Asset Management LLC now owns 3,678 shares of the company’s stock valued at $61,000 after purchasing an additional 1,824 shares during the period. Institutional investors and hedge funds own 73.40% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on MGNI. BTIG Research initiated coverage on Magnite in a report on Tuesday, June 9th. They issued a “buy” rating and a $20.00 price target for the company. Evercore reissued an “outperform” rating and set a $21.00 price objective on shares of Magnite in a report on Thursday, May 7th. Royal Bank Of Canada restated an “outperform” rating on shares of Magnite in a research report on Thursday, May 28th. Weiss Ratings upgraded shares of Magnite from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, May 11th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $25.00 target price on shares of Magnite in a research report on Thursday, April 16th. Eight 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.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price 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).