Magnite (NASDAQ:MGNI) CTO David Buonasera Sells 5,371 Shares of Stock

Magnite, Inc. (NASDAQ:MGNI) CTO David Buonasera sold 5,371 shares of the firm’s stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $23.42, for a total transaction of $125,788.82. Following the completion of the transaction, the chief technology officer directly owned 247,363 shares in the company, valued at approximately $5,793,241.46. This represents a 2.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• 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 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 transaction of $179,445.54.
• On Tuesday, July 7th, David Buonasera sold 1,224 shares of Magnite stock. The stock was 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 shares were 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 stock was sold at an average price of $17.00, for a total value of $17,969.00.

Magnite Trading Down 1.0%

MGNI opened at $24.63 on Friday. The company has a market cap of $3.53 billion, a P/E ratio of 22.60, a PEG ratio of 1.09 and a beta of 2.30. The company has a current ratio of 1.02, a quick ratio of 1.03 and a debt-to-equity ratio of 0.37. The company’s 50 day moving average is $21.53 and its 200-day moving average is $16.37. Magnite, Inc. has a 1-year low of $10.82 and a 1-year high of $26.19.

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

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on MGNI shares. BTIG Research boosted their price objective on Magnite from $20.00 to $27.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Susquehanna lifted their price target on Magnite from $22.00 to $30.00 and gave the company a “positive” rating in a research note on Thursday, August 6th. Scotiabank restated an “outperform” rating and set a $27.00 price target on shares of Magnite in a report on Thursday, August 6th. Wells Fargo & Company upped their price objective on Magnite from $21.00 to $22.00 and gave the company an “equal weight” rating in a research note on Friday, August 7th. Finally, B. Riley Financial raised their price objective on shares of Magnite from $20.00 to $27.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Nine equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $28.80.

Institutional Investors Weigh In On Magnite

Several large investors have recently added to or reduced their stakes in the business. Nykredit A S acquired a new position in Magnite during the second quarter worth $25,000. EFG International AG bought a new position in Magnite during the second quarter worth about $28,000. Allworth Financial LP bought a new position in shares of Magnite in the second quarter worth $30,000. US Bancorp DE grew its stake 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 acquiring an additional 688 shares in the last quarter. Finally, PNC Financial Services Group Inc. grew its position in Magnite by 106.3% during the first quarter. PNC Financial Services Group Inc. now owns 3,783 shares of the company’s stock worth $45,000 after buying an additional 1,949 shares in the last quarter. Institutional investors and hedge funds 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).