Magnite (NASDAQ:MGNI) CTO David Buonasera Sells 9,376 Shares

Magnite, Inc. (NASDAQ:MGNI) CTO David Buonasera sold 9,376 shares of the company’s stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $20.00, for a total transaction of $187,520.00. Following the completion of the sale, the chief technology officer owned 269,709 shares in the company, valued at approximately $5,394,180. This trade represents a 3.36% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through 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 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 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 $20.38 on Friday. The firm has a market cap of $2.92 billion, a PE ratio of 19.60, a P/E/G ratio of 1.03 and a beta of 2.25. The stock has a 50-day moving average price of $15.13 and a 200-day moving average price of $14.21. Magnite, Inc. has a 1 year low of $10.82 and a 1 year high of $26.65. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.02 and a quick ratio of 1.02.

Magnite (NASDAQ:MGNI) last issued its earnings results 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. The business had revenue of $164.37 million during the quarter, compared to analysts’ expectations of $159.24 million. Magnite had a net margin of 21.96% and a return on equity of 8.40%. The business’s revenue for the quarter was up 5.5% compared to the same quarter last year. During the same period in the previous year, the company earned $0.12 earnings per share. Sell-side analysts predict that Magnite, Inc. will post 0.55 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have commented on MGNI shares. Royal Bank Of Canada reissued an “outperform” rating on shares of Magnite in a report on Thursday, May 28th. Needham & Company LLC reissued a “buy” rating and issued a $25.00 target price on shares of Magnite in a research report on Thursday, April 16th. BTIG Research started coverage on shares of Magnite in a report on Tuesday, June 9th. They set a “buy” rating and a $20.00 price target on the stock. Scotiabank lifted 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. Finally, Evercore restated an “outperform” rating and set a $21.00 price objective on shares of Magnite in a research report on Thursday, May 7th. Eight research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, Magnite has an average rating of “Moderate Buy” and a consensus target price of $23.89.

Institutional Investors Weigh In On Magnite

Several hedge funds and other institutional investors have recently made changes to their positions in MGNI. Vanguard Group Inc. boosted its holdings in shares of Magnite by 1.0% in the fourth quarter. Vanguard Group Inc. now owns 14,802,630 shares of the company’s stock worth $240,247,000 after buying an additional 148,198 shares during the last quarter. Capital Research Global Investors boosted its stake in shares of Magnite by 85.0% during the 4th quarter. Capital Research Global Investors now owns 12,920,289 shares of the company’s stock worth $209,696,000 after acquiring an additional 5,937,428 shares during the last quarter. Wellington Management Group LLP grew its position in shares of Magnite by 67.7% during the 4th quarter. Wellington Management Group LLP now owns 8,629,238 shares of the company’s stock valued at $140,053,000 after acquiring an additional 3,484,689 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Magnite by 10.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,983,674 shares of the company’s stock worth $47,322,000 after purchasing an additional 367,854 shares in the last quarter. Finally, Granahan Investment Management LLC raised its holdings in Magnite by 6.3% in the 3rd quarter. Granahan Investment Management LLC now owns 3,873,179 shares of the company’s stock worth $84,358,000 after purchasing an additional 230,393 shares during the period. Hedge funds and other institutional investors own 73.40% of the company’s stock.

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).