Insider Selling: Magnite (NASDAQ:MGNI) CTO Sells 9,376 Shares of Stock

Magnite, Inc. (NASDAQ:MGNI) CTO David Buonasera sold 9,376 shares of the company’s stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $20.00, for a total value of $187,520.00. Following the transaction, the chief technology officer directly owned 269,709 shares in the company, valued at $5,394,180. The trade was a 3.36% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link.

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

• 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 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 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.
• 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 Performance

Shares of NASDAQ:MGNI traded up $0.10 on Thursday, hitting $20.38. 2,272,050 shares of the company were exchanged, compared to its average volume of 3,516,584. The company’s 50 day moving average price is $15.13 and its two-hundred day moving average price is $14.21. The firm has a market capitalization of $2.92 billion, a price-to-earnings ratio of 19.60, a PEG ratio of 1.03 and a beta of 2.25. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.02 and a current ratio of 1.02. Magnite, Inc. has a one year low of $10.82 and a one year high of $26.65.

Magnite (NASDAQ:MGNI) last announced its quarterly earnings data 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. The company had revenue of $164.37 million during the quarter, compared to analysts’ expectations of $159.24 million. Magnite had a net margin of 21.96% and a return on equity of 8.40%. The business’s revenue was up 5.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.12 EPS. Research analysts expect that Magnite, Inc. will post 0.55 earnings per share for the current year.

Institutional Trading of Magnite

A number of hedge funds and other institutional investors have recently made changes to their positions in MGNI. JPMorgan Chase & Co. boosted its stake in Magnite by 28.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,209,413 shares of the company’s stock valued at $26,341,000 after purchasing an additional 271,325 shares during the period. Kopion Asset Management LLC raised its stake in Magnite by 149.2% in the 4th quarter. Kopion Asset Management LLC now owns 614,459 shares of the company’s stock worth $9,973,000 after purchasing an additional 367,858 shares in the last quarter. Stephens Investment Management Group LLC raised its stake in Magnite by 17.0% in the 4th quarter. Stephens Investment Management Group LLC now owns 1,128,578 shares of the company’s stock worth $18,317,000 after purchasing an additional 164,035 shares in the last quarter. Royce & Associates LP grew its position in shares of Magnite by 19.5% during the 4th quarter. Royce & Associates LP now owns 1,166,469 shares of the company’s stock worth $18,932,000 after purchasing an additional 190,318 shares in the last quarter. Finally, Kennedy Capital Management LLC grew its position in shares of Magnite by 39.6% during the 3rd quarter. Kennedy Capital Management LLC now owns 1,213,613 shares of the company’s stock worth $26,432,000 after purchasing an additional 344,466 shares in the last quarter. 73.40% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on MGNI shares. Royal Bank Of Canada restated an “outperform” rating on shares of Magnite in a research report on Thursday, May 28th. BTIG Research initiated coverage on shares of Magnite in a research report on Tuesday, June 9th. They set a “buy” rating and a $20.00 price target on the stock. Wells Fargo & Company raised their price objective on Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a research note on Friday, May 8th. Needham & Company LLC reaffirmed a “buy” rating and set a $25.00 price target on shares of Magnite in a research report on Thursday, April 16th. Finally, Evercore reiterated an “outperform” rating and issued a $21.00 price objective on shares of Magnite in a research report on Thursday, May 7th. Eight equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, Magnite presently has a consensus rating of “Moderate Buy” and a consensus price target of $23.89.

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).