Magnite (NASDAQ:MGNI) CTO Sells $187,520.00 in Stock

Magnite, Inc. (NASDAQ:MGNI) CTO David Buonasera sold 9,376 shares of the business’s stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $20.00, for a total transaction of $187,520.00. Following the completion of the transaction, the chief technology officer directly owned 269,709 shares in the company, valued at $5,394,180. This trade represents a 3.36% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed 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 stock was 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 shares were sold at an average price of $17.00, for a total transaction of $17,969.00.
• On Monday, June 1st, David Buonasera sold 1,409 shares of Magnite stock. The shares were sold at an average price of $15.00, for a total transaction of $21,135.00.

Magnite Price Performance

Magnite stock opened at $20.38 on Friday. The firm has a 50 day moving average price of $15.27 and a 200-day moving average price of $14.25. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.38. Magnite, Inc. has a twelve month low of $10.82 and a twelve month high of $26.65. The company has a market capitalization of $2.92 billion, a P/E ratio of 19.60, a P/E/G ratio of 1.04 and a beta of 2.25.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $0.13 EPS for the quarter, topping analysts’ consensus estimates of $0.11 by $0.02. Magnite had a net margin of 21.96% and a return on equity of 8.40%. The company had revenue of $164.37 million for the quarter, compared to analysts’ expectations of $159.24 million. During the same quarter in the previous year, the firm posted $0.12 EPS. Magnite’s revenue was up 5.5% on a year-over-year basis. As a group, equities analysts predict that Magnite, Inc. will post 0.55 EPS 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 the stock. Vanguard Group Inc. boosted its stake in Magnite by 1.0% in the 4th quarter. Vanguard Group Inc. now owns 14,802,630 shares of the company’s stock worth $240,247,000 after purchasing an additional 148,198 shares during the period. Capital Research Global Investors increased its position in shares of Magnite by 85.0% during the fourth quarter. Capital Research Global Investors now owns 12,920,289 shares of the company’s stock valued at $209,696,000 after buying an additional 5,937,428 shares during the period. Wellington Management Group LLP lifted its holdings in shares of Magnite by 67.7% in the fourth quarter. Wellington Management Group LLP now owns 8,629,238 shares of the company’s stock worth $140,053,000 after buying an additional 3,484,689 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Magnite by 10.2% in the first quarter. Dimensional Fund Advisors LP now owns 3,983,674 shares of the company’s stock worth $47,322,000 after buying an additional 367,854 shares in the last quarter. Finally, Granahan Investment Management LLC boosted its position in shares of Magnite by 6.3% in the third quarter. Granahan Investment Management LLC now owns 3,873,179 shares of the company’s stock valued at $84,358,000 after acquiring an additional 230,393 shares during the period. 73.40% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. Weiss Ratings raised Magnite from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, May 11th. Royal Bank Of Canada reaffirmed an “outperform” rating on shares of Magnite in a report on Thursday, May 28th. Wells Fargo & Company increased their target price on shares of Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a research report on Friday, May 8th. Needham & Company LLC reiterated a “buy” rating and issued a $25.00 target price on shares of Magnite in a research note on Thursday, April 16th. Finally, Scotiabank boosted their price target on shares of Magnite from $16.00 to $17.00 and gave the company a “sector outperform” rating in a research report on Thursday, May 7th. Eight investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $23.89.

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).