David Buonasera Sells 1,409 Shares of Magnite (NASDAQ:MGNI) Stock

Magnite, Inc. (NASDAQ:MGNI) CTO David Buonasera sold 1,409 shares of the firm’s stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $19.00, for a total value of $26,771.00. Following the transaction, the chief technology officer owned 279,085 shares in the company, valued at approximately $5,302,615. This trade represents a 0.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

David Buonasera also recently made the following trade(s):

• 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 value 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 Down 1.9%

MGNI opened at $17.89 on Friday. The firm has a market cap of $2.56 billion, a P/E ratio of 17.20, a price-to-earnings-growth ratio of 0.86 and a beta of 2.32. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.02 and a current ratio of 1.02. The business has a 50 day moving average price of $13.97 and a 200 day moving average price of $13.96. Magnite, Inc. has a twelve month low of $10.82 and a twelve month high of $26.65.

Magnite (NASDAQ:MGNI) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $0.13 EPS for the quarter, beating the consensus estimate of $0.11 by $0.02. Magnite had a return on equity of 8.40% and a net margin of 21.96%.The company had revenue of $164.37 million for the quarter, compared to the consensus estimate of $159.24 million. During the same quarter last year, the company posted $0.12 earnings per share. The company’s revenue for the quarter was up 5.5% compared to the same quarter last year. Research analysts forecast that Magnite, Inc. will post 0.6 EPS for the current year.

Trending Headlines about Magnite

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.

Analyst Ratings Changes

A number of research firms have weighed in on MGNI. Evercore reissued an “outperform” rating and set a $21.00 target price on shares of Magnite in a research report on Thursday, May 7th. Benchmark lowered their price target on Magnite from $31.00 to $30.00 and set a “buy” rating on the stock in a research report on Thursday, February 26th. Scotiabank lifted their price objective on Magnite from $16.00 to $17.00 and gave the stock a “sector outperform” rating in a research note on Thursday, May 7th. Weiss Ratings raised Magnite from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, May 11th. Finally, Needham & Company LLC restated a “buy” rating and set a $25.00 target price on shares of Magnite in a research note on Thursday, April 16th. Eight equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, Magnite has a consensus rating of “Moderate Buy” and an average target price of $23.89.

Institutional Trading of Magnite

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Smartleaf Asset Management LLC raised its position in shares of 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 buying an additional 577 shares during the last quarter. US Bancorp DE grew its position in Magnite by 75.8% during the third quarter. US Bancorp DE now owns 1,596 shares of the company’s stock worth $35,000 after buying an additional 688 shares in the last quarter. PNC Financial Services Group Inc. grew its position in Magnite by 45.1% during the third quarter. PNC Financial Services Group Inc. now owns 2,428 shares of the company’s stock worth $53,000 after buying an additional 755 shares in the last quarter. AYAL Capital Advisors Ltd increased its stake 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 acquiring an additional 1,000 shares during the period. Finally, CANADA LIFE ASSURANCE Co increased its stake in Magnite by 2.4% during the third quarter. CANADA LIFE ASSURANCE Co now owns 44,552 shares of the company’s stock valued at $992,000 after acquiring an additional 1,047 shares during the period. 73.40% of the stock is currently owned by institutional investors and hedge funds.

About Magnite

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).