Insider Selling: Magnite (NASDAQ:MGNI) CTO Sells 871 Shares of Company Stock

Magnite, Inc. (NASDAQ:MGNI) CTO David Buonasera sold 871 shares of the company’s stock in a transaction that occurred on Monday, November 9th. The stock was sold at an average price of $29.00, for a total value of $25,259.00. Following the sale, the chief technology officer directly owned 238,578 shares of the company’s stock, valued at $6,918,762. The trade was a 0.36% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 Thursday, November 5th, David Buonasera sold 5,706 shares of Magnite stock. The shares were sold at an average price of $27.25, for a total value of $155,488.50.
• On Monday, September 14th, David Buonasera sold 1,165 shares of Magnite stock. The stock was sold at an average price of $24.00, for a total transaction of $27,960.00.
• On Wednesday, September 2nd, David Buonasera sold 1,043 shares of Magnite stock. The stock was sold at an average price of $25.00, for a total transaction of $26,075.00.
• On Tuesday, September 1st, David Buonasera sold 5,371 shares of Magnite stock. The shares were sold at an average price of $23.42, for a total transaction of $125,788.82.

Magnite Stock Performance

MGNI traded up $0.13 during trading on Thursday, hitting $29.34. The stock had a trading volume of 2,148,142 shares, compared to its average volume of 2,526,010. The firm has a market cap of $4.21 billion, a PE ratio of 24.66, a P/E/G ratio of 0.96 and a beta of 2.44. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.36. Magnite, Inc. has a 12 month low of $10.82 and a 12 month high of $29.67. The company has a 50 day simple moving average of $24.39 and a 200-day simple moving average of $18.06.

Magnite (NASDAQ:MGNI) last released its quarterly earnings results on Wednesday, November 4th. The company reported $0.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.29 by $0.04. Magnite had a net margin of 23.58% and a return on equity of 10.94%. The company had revenue of $204.20 million during the quarter, compared to analysts’ expectations of $190.19 million. During the same period in the prior year, the company earned $0.20 earnings per share. The business’s quarterly revenue was up 22.4% compared to the same quarter last year. Analysts expect that Magnite, Inc. will post 0.61 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Nykredit A S acquired a new stake in shares of Magnite during the 2nd quarter valued at about $25,000. Covestor Ltd grew its position in Magnite by 562.1% during the 3rd quarter. Covestor Ltd now owns 1,066 shares of the company’s stock worth $26,000 after acquiring an additional 905 shares during the last quarter. EFG International AG acquired a new stake in shares of Magnite in the second quarter valued at $28,000. Allworth Financial LP acquired a new position in Magnite during the 2nd quarter worth $30,000. Finally, Signaturefd LLC boosted its holdings in Magnite by 35.8% in the third quarter. Signaturefd LLC now owns 1,715 shares of the company’s stock valued at $43,000 after acquiring an additional 452 shares during the last quarter. 73.40% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages recently weighed in on MGNI. Wells Fargo & Company increased their target price on Magnite from $22.00 to $23.00 and gave the company an “equal weight” rating in a research note on Thursday, November 5th. Benchmark raised their price objective on shares of Magnite from $30.00 to $33.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. Royal Bank Of Canada boosted their target price on shares of Magnite from $27.00 to $30.00 and gave the stock an “outperform” rating in a research report on Thursday, November 5th. Scotiabank upped their price objective on shares of Magnite from $27.00 to $30.00 and gave the company a “sector outperform” rating in a research report on Thursday, November 5th. Finally, Evercore reissued an “outperform” rating and set a $25.00 target price on shares of Magnite in a research report on Thursday, August 6th. Ten research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, Magnite presently has an average rating of “Moderate Buy” and an average price target of $31.00.

Recent Magnite Headlines

These are some of the MGNI headlines that stood out recently:

• Positive Sentiment: Recent results were stronger than expected: Magnite beat quarterly EPS and revenue estimates, with revenue up 22.4% year over year. Coverage also points to a raised outlook and an expanded Gracenote connected-TV deal, which could support future growth. Article: Is Magnite Undervalued Following Its Gracenote CTV Deal Expansion?
• Neutral Sentiment: One assessment says the stock may be near fair value despite the raised outlook, suggesting that strong fundamentals may already be reflected in the valuation. Article: Magnite Stock May Be Near Fair Value Despite Raised Outlook
• Negative Sentiment: Six insiders reported sales totaling about 91,963 shares across November 9 and 11. Director James Rossman sold 49,190 shares, reducing his stake by 45.77%; the other sellers included the CFO and CAO. These sales can concern investors, though the CTO’s small sale was under a pre-arranged trading plan, and insiders retain substantial holdings. SEC filing for director James Rossman

Magnite Company Profile

Magnite, Inc. operates a sell-side advertising platform that helps publishers, streaming services and app developers sell digital advertising inventory through programmatic auctions. Its technology connects those sellers with advertisers and their agencies seeking to buy ad placements. The company supports advertising across connected TV, online video, mobile applications and desktop formats. Its offerings include tools for managing and monetizing ad inventory, including streaming-focused ad-serving technology.