David Buonasera Sells 1,057 Shares of Magnite (NASDAQ:MGNI) Stock

Magnite, Inc. (NASDAQ:MGNI) CTO David Buonasera sold 1,057 shares of the business’s stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $17.00, for a total transaction of $17,969.00. Following the sale, the chief technology officer owned 291,727 shares in the company, valued at $4,959,359. This trade represents a 0.36% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available 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 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 1st, David Buonasera sold 1,409 shares of Magnite stock. The shares were sold at an average price of $15.00, for a total transaction of $21,135.00.

Magnite Price Performance

Shares of NASDAQ:MGNI opened at $17.89 on Friday. Magnite, Inc. has a 12 month low of $10.82 and a 12 month high of $26.65. The stock has a market cap of $2.56 billion, a price-to-earnings ratio of 17.20, a PEG ratio of 0.86 and a beta of 2.32. The stock’s 50 day moving average price is $13.97 and its 200 day moving average price is $13.96. 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 quarterly earnings results on Wednesday, May 6th. The company reported $0.13 earnings per share (EPS) 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 during the quarter, compared to analyst estimates of $159.24 million. During the same period last year, the company posted $0.12 EPS. The firm’s quarterly revenue was up 5.5% on a year-over-year basis. Equities research analysts anticipate that Magnite, Inc. will post 0.6 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Weiss Ratings raised Magnite from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, May 11th. Royal Bank Of Canada reissued an “outperform” rating on shares of Magnite in a report on Thursday, May 28th. Evercore restated an “outperform” rating and set a $21.00 price objective on shares of Magnite in a research report on Thursday, May 7th. BTIG Research started coverage on shares of Magnite in a research note on Tuesday, June 9th. They issued a “buy” rating and a $20.00 price objective on the stock. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $25.00 target price on shares of Magnite in a report on Thursday, April 16th. Eight research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $23.89.

Institutional Investors Weigh In On Magnite

Several large investors have recently modified their holdings of MGNI. Neo Ivy Capital Management acquired a new stake in shares of Magnite during the third quarter worth $27,000. US Bancorp DE lifted its holdings in shares of 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 during the last quarter. Central Pacific Bank Trust Division acquired a new position in shares of Magnite in the 4th quarter valued at $41,000. Strategic Advocates LLC acquired a new position in shares of Magnite in the 3rd quarter valued at $42,000. Finally, PNC Financial Services Group Inc. increased its stake in Magnite by 106.3% in the 1st quarter. PNC Financial Services Group Inc. now owns 3,783 shares of the company’s stock worth $45,000 after purchasing an additional 1,949 shares in the last quarter. 73.40% of the stock is owned by institutional investors.

Magnite News Roundup

Here are the key news stories impacting Magnite this week:

• Positive Sentiment: Magnite announced a partnership with Viasat Aviation to bring programmatic ads to in-flight Wi‑Fi and entertainment screens, which could expand its connected advertising reach and open a new revenue stream. Magnite and Viasat Aviation Partner to Bring Programmatic Advertising to In-Flight Screens
• Positive Sentiment: Unusually high call-option activity suggests traders are betting on further upside in MGNI, reinforcing the recent bullish momentum. Investors Purchase High Volume of Magnite Call Options (NASDAQ:MGNI)
• Positive Sentiment: Recent coverage says MGNI has been on a multi-week winning streak, showing that momentum buyers remain active even as insiders sell shares. MGNI stock eyes fifth week of gains: Magnite executives file plans to sell shares, but retail is unfazed
• Neutral Sentiment: Magnite’s recent strong trading has been accompanied by analyst caution that earnings estimate revisions may limit near-term upside. Magnite (MGNI) Moves 10.8% Higher: Will This Strength Last?
• Negative Sentiment: CEO Michael Barrett, CTO David Buonasera, and Director Douglas Knopper all disclosed sizable share sales, which can pressure sentiment even if the transactions were preplanned.

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).