David Buonasera Sells 1,224 Shares of Magnite (NASDAQ:MGNI) Stock

Magnite, Inc. (NASDAQ:MGNI) CTO David Buonasera sold 1,224 shares of the firm’s stock in a transaction dated Tuesday, July 7th. The shares were sold at an average price of $21.00, for a total transaction of $25,704.00. Following the completion of the transaction, the chief technology officer directly owned 268,485 shares in the company, valued at $5,638,185. This represents a 0.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link.

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

• On Wednesday, July 1st, David Buonasera sold 9,376 shares of Magnite stock. The shares were 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 stock was 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 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 stock was sold at an average price of $15.00, for a total value of $21,135.00.

Magnite Stock Down 4.1%

Shares of NASDAQ:MGNI opened at $20.34 on Friday. The business has a 50-day moving average price of $16.05 and a 200 day moving average price of $14.40. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.38. The company has a market capitalization of $2.91 billion, a price-to-earnings ratio of 19.56, a PEG ratio of 1.08 and a beta of 2.25. Magnite, Inc. has a 12-month low of $10.82 and a 12-month high of $26.65.

Magnite (NASDAQ:MGNI) last posted its earnings results on Wednesday, May 6th. The company reported $0.13 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.02. The firm had revenue of $164.37 million during the quarter, compared to the consensus estimate of $159.24 million. Magnite had a net margin of 21.96% and a return on equity of 8.40%. The firm’s revenue for the quarter was up 5.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.12 EPS. Sell-side analysts expect that Magnite, Inc. will post 0.55 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in MGNI. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Magnite by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 74,847 shares of the company’s stock worth $854,000 after acquiring an additional 3,267 shares during the last quarter. Millennium Management LLC raised its position in shares of Magnite by 113.7% in the first quarter. Millennium Management LLC now owns 434,479 shares of the company’s stock valued at $4,957,000 after buying an additional 231,213 shares during the last quarter. Jones Financial Companies Lllp lifted its stake in shares of Magnite by 24.3% during the first quarter. Jones Financial Companies Lllp now owns 7,276 shares of the company’s stock valued at $83,000 after buying an additional 1,423 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in Magnite by 9.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 404,717 shares of the company’s stock worth $4,618,000 after acquiring an additional 36,097 shares during the period. Finally, Intech Investment Management LLC raised its holdings in Magnite by 103.6% in the 1st quarter. Intech Investment Management LLC now owns 109,992 shares of the company’s stock valued at $1,255,000 after acquiring an additional 55,971 shares during the last quarter. Institutional investors and hedge funds own 73.40% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Wells Fargo & Company upped their target price on Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a research report on Friday, May 8th. BTIG Research initiated coverage on shares of Magnite in a research note on Tuesday, June 9th. They set a “buy” rating and a $20.00 target price for the company. Needham & Company LLC reissued a “buy” rating and issued a $25.00 target price on shares of Magnite in a report on Thursday, April 16th. Scotiabank boosted their price objective on shares of Magnite from $16.00 to $17.00 and gave the company a “sector outperform” rating in a research note on Thursday, May 7th. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating on shares of Magnite in a report on Thursday, May 28th. Eight equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average 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).