Magnite (NASDAQ:MGNI) CTO David Buonasera Sells 11,233 Shares

Magnite, Inc. (NASDAQ:MGNI) CTO David Buonasera sold 11,233 shares of the company’s stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $18.00, for a total transaction of $202,194.00. Following the completion of the sale, the chief technology officer directly owned 280,494 shares in the company, valued at approximately $5,048,892. The trade was a 3.85% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed 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 shares were sold at an average price of $19.00, for a total transaction of $26,771.00.
• 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 value of $21,135.00.

Magnite Stock Performance

Shares of MGNI traded down $0.31 during mid-day trading on Wednesday, reaching $18.24. The company had a trading volume of 6,567,789 shares, compared to its average volume of 2,498,963. Magnite, Inc. has a 52-week low of $10.82 and a 52-week high of $26.65. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.38. The stock has a market capitalization of $2.61 billion, a P/E ratio of 17.54, a PEG ratio of 0.79 and a beta of 2.32. The stock has a 50 day moving average of $13.73 and a two-hundred day moving average of $13.91.

Magnite (NASDAQ:MGNI) last issued its earnings results on Wednesday, May 6th. The company reported $0.13 EPS for the quarter, topping 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 quarter in the prior year, the business earned $0.12 earnings per share. The company’s revenue was up 5.5% compared to the same quarter last year. On average, analysts expect that Magnite, Inc. will post 0.6 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on MGNI. Weiss Ratings raised shares of Magnite from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, May 11th. Scotiabank increased their price target on shares of Magnite from $16.00 to $17.00 and gave the stock a “sector outperform” rating in a report on Thursday, May 7th. Rosenblatt Securities reissued a “buy” rating and set a $39.00 target price on shares of Magnite in a research note on Thursday, February 26th. Royal Bank Of Canada reissued an “outperform” rating on shares of Magnite in a research note on Thursday, May 28th. Finally, BTIG Research began coverage on shares of Magnite in a research note on Tuesday, June 9th. They set a “buy” rating and a $20.00 target price on the stock. Eight investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $23.89.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in MGNI. Smartleaf Asset Management LLC lifted its holdings in Magnite by 20.5% during the second quarter. Smartleaf Asset Management LLC now owns 3,387 shares of the company’s stock valued at $82,000 after purchasing an additional 577 shares in the last quarter. US Bancorp DE lifted its holdings in Magnite by 75.8% during the third quarter. US Bancorp DE now owns 1,596 shares of the company’s stock valued at $35,000 after purchasing an additional 688 shares in the last quarter. PNC Financial Services Group Inc. lifted its holdings in Magnite by 45.1% during the third 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 in the last quarter. AYAL Capital Advisors Ltd lifted its holdings in Magnite by 0.5% during the fourth quarter. AYAL Capital Advisors Ltd now owns 200,000 shares of the company’s stock valued at $3,246,000 after purchasing an additional 1,000 shares in the last quarter. Finally, CANADA LIFE ASSURANCE Co lifted its stake in Magnite by 2.4% in the 3rd quarter. CANADA LIFE ASSURANCE Co now owns 44,552 shares of the company’s stock valued at $992,000 after buying an additional 1,047 shares in the last quarter. 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).