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

Magnite, Inc. (NASDAQ:MGNI) CTO David Buonasera sold 1,043 shares of the business’s stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $25.00, for a total value of $26,075.00. Following the transaction, the chief technology officer owned 246,320 shares of the company’s stock, valued at approximately $6,158,000. This represents a 0.42% decrease in their ownership of the stock. The sale was disclosed in a document filed 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 value 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 value of $179,445.54.
• On Tuesday, July 7th, David Buonasera sold 1,224 shares of Magnite stock. The shares were sold at an average price of $21.00, for a total value 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 transaction of $17,969.00.

Magnite Price Performance

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

Magnite (NASDAQ:MGNI) last announced its earnings results on Wednesday, August 5th. The company reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.24 by $0.02. Magnite had a net margin of 22.49% and a return on equity of 9.33%. The firm had revenue of $192.82 million during the quarter, compared to analyst estimates of $179.15 million. During the same quarter in the prior year, the firm posted $0.20 EPS. Magnite’s revenue was up 11.3% compared to the same quarter last year. As a group, research analysts predict that Magnite, Inc. will post 0.61 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities analysts have issued reports on MGNI shares. Wells Fargo & Company increased their price target on 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 upped their price objective on Magnite from $20.00 to $27.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Royal Bank Of Canada lifted their target price on Magnite from $20.00 to $27.00 and gave the stock an “outperform” rating in a report on Thursday, August 6th. Scotiabank reiterated an “outperform” rating and issued a $27.00 price target on shares of Magnite in a research report 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 issued a Hold rating to the company’s stock. Based on data from MarketBeat, Magnite currently has an average rating of “Moderate Buy” and an average price target of $28.80.

Hedge Funds Weigh In On Magnite

A number of hedge funds have recently modified their holdings of MGNI. Nykredit A S acquired a new stake in shares of Magnite during the second quarter worth $25,000. EFG International AG acquired a new position in shares of Magnite in the 2nd quarter valued at $28,000. Allworth Financial LP acquired a new position in shares of Magnite in the 2nd quarter valued at $30,000. US Bancorp DE increased its stake in Magnite by 75.8% in the 3rd quarter. US Bancorp DE now owns 1,596 shares of the company’s stock worth $35,000 after purchasing an additional 688 shares in the last quarter. Finally, PNC Financial Services Group Inc. increased 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 worth $53,000 after purchasing an additional 755 shares in the last quarter. 73.40% of the stock is currently owned by institutional investors and hedge funds.

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).