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

Magnite, Inc. (NASDAQ:MGNI) CTO David Buonasera sold 1,043 shares of Magnite stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $25.00, for a total transaction 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 approximately $6,158,000. This trade represents a 0.42% decrease in their position. The sale was disclosed in a legal filing with the SEC, 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 transaction of $179,445.54.
• On Tuesday, July 7th, David Buonasera sold 1,224 shares of Magnite stock. The stock was sold at an average price of $21.00, for a total transaction 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 value 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.

Magnite Stock Performance

NASDAQ:MGNI traded down $0.25 during trading hours on Thursday, reaching $24.63. 2,921,365 shares of the stock were exchanged, compared to its average volume of 2,581,751. The stock has a market capitalization of $3.53 billion, a P/E ratio of 22.60, a P/E/G ratio of 1.00 and a beta of 2.30. The firm has a 50 day simple moving average of $21.39 and a 200-day simple moving average of $16.28. The company has a quick ratio of 1.03, a current ratio of 1.02 and a debt-to-equity ratio of 0.37. Magnite, Inc. has a 52 week low of $10.82 and a 52 week high of $26.19.

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

Analysts Set New Price Targets

Several analysts have weighed in on the stock. Wells Fargo & Company boosted their target price on shares of Magnite from $21.00 to $22.00 and gave the company an “equal weight” rating in a research note on Friday, August 7th. B. Riley Financial lifted their price target on shares of Magnite from $20.00 to $27.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Rosenblatt Securities boosted their price objective on shares of Magnite from $39.00 to $40.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Royal Bank Of Canada increased their price objective on shares of Magnite from $20.00 to $27.00 and gave the stock an “outperform” rating in a research note on Thursday, August 6th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Magnite in a report on Friday, August 7th. Nine research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, Magnite has a consensus rating of “Moderate Buy” and a consensus price target of $28.80.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the stock. Meros Investment Management LP acquired a new position in shares of Magnite during the second quarter valued at $18,815,538. Stephens Investment Management Group LLC increased its holdings in shares of Magnite by 17.0% in the 4th quarter. Stephens Investment Management Group LLC now owns 1,128,578 shares of the company’s stock worth $18,317,000 after acquiring an additional 164,035 shares during the period. Royce & Associates LP lifted its position in Magnite by 19.5% in the 4th quarter. Royce & Associates LP now owns 1,166,469 shares of the company’s stock valued at $18,932,000 after purchasing an additional 190,318 shares during the last quarter. Capital Research Global Investors lifted its position in Magnite by 85.0% in the 4th quarter. Capital Research Global Investors now owns 12,920,289 shares of the company’s stock valued at $209,696,000 after purchasing an additional 5,937,428 shares during the last quarter. Finally, Manatuck Hill Partners LLC acquired a new position in Magnite during the 2nd quarter valued at about $8,541,000. 73.40% of the stock is currently owned by institutional investors.

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).