Magnite (NASDAQ:MGNI) CTO Sells $25,704.00 in Stock

Magnite, Inc. (NASDAQ:MGNI) CTO David Buonasera sold 1,224 shares of the company’s stock in a transaction that occurred on Tuesday, July 7th. The stock was sold at an average price of $21.00, for a total value of $25,704.00. Following the sale, the chief technology officer owned 268,485 shares of the company’s stock, valued at $5,638,185. This trade represents a 0.45% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

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 transaction 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 transaction 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 transaction of $21,135.00.

Magnite Stock Performance

NASDAQ:MGNI traded down $0.88 during mid-day trading on Friday, reaching $20.34. The stock had a trading volume of 2,575,926 shares, compared to its average volume of 3,515,096. The firm has a market capitalization of $2.91 billion, a price-to-earnings ratio of 19.56, a PEG ratio of 1.04 and a beta of 2.25. The business has a 50 day simple moving average of $16.05 and a 200 day simple moving average of $14.40. Magnite, Inc. has a twelve month low of $10.82 and a twelve month high of $26.65. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.02 and a current ratio of 1.02.

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

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on MGNI shares. Needham & Company LLC reiterated a “buy” rating and set a $25.00 price target on shares of Magnite in a research report on Thursday, April 16th. Wells Fargo & Company raised their price objective on Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a research note on Friday, May 8th. Weiss Ratings upgraded Magnite from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, May 11th. Evercore reissued an “outperform” rating and issued a $21.00 target price on shares of Magnite in a report on Thursday, May 7th. Finally, Royal Bank Of Canada restated an “outperform” rating on shares of Magnite in a research report on Thursday, May 28th. Eight equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $23.89.

Institutional Investors Weigh In On Magnite

A number of large investors have recently bought and sold shares of the stock. US Bancorp DE raised 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 acquiring an additional 688 shares during the last quarter. Strategic Advocates LLC purchased a new stake in Magnite during the 3rd quarter worth about $42,000. PNC Financial Services Group Inc. raised its stake in Magnite by 45.1% in the 3rd quarter. PNC Financial Services Group Inc. now owns 2,428 shares of the company’s stock valued at $53,000 after purchasing an additional 755 shares during the last quarter. Central Pacific Bank Trust Division acquired a new position in Magnite in the 4th quarter valued at about $41,000. Finally, Harbor Investment Advisory LLC acquired a new stake in shares of Magnite during the 2nd quarter worth about $62,000. Institutional investors and hedge funds 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).