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

Magnite, Inc. (NASDAQ:MGNI) CTO David Buonasera sold 5,371 shares of Magnite stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $23.42, for a total value of $125,788.82. Following the completion of the sale, the chief technology officer directly owned 247,363 shares of the company’s stock, valued at $5,793,241.46. The trade was a 2.13% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 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 value 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 value of $179,445.54.
• On Tuesday, July 7th, David Buonasera sold 1,224 shares of Magnite stock. The shares were sold at an average price of $21.00, for a total transaction 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 transaction 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 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 transaction of $17,969.00.

Magnite Trading Down 2.0%

Shares of Magnite stock opened at $24.14 on Friday. The company’s fifty day simple moving average is $21.64 and its 200-day simple moving average is $16.42. The stock has a market capitalization of $3.46 billion, a PE ratio of 22.15, a P/E/G ratio of 1.07 and a beta of 2.30. Magnite, Inc. has a 1-year low of $10.82 and a 1-year high of $26.19. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.02 and a quick ratio of 1.03.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.24 by $0.02. Magnite had a net margin of 22.49% and a return on equity of 9.33%. The firm had revenue of $192.82 million during the quarter, compared to the consensus estimate of $179.15 million. During the same quarter in the previous year, the firm posted $0.20 EPS. The company’s revenue for the quarter was up 11.3% compared to the same quarter last year. As a group, equities analysts anticipate that Magnite, Inc. will post 0.61 earnings per share for the current year.

Institutional Trading of Magnite

Hedge funds have recently bought and sold shares of the stock. Meros Investment Management LP purchased a new position in shares of Magnite in the second quarter valued at $18,815,538. Stephens Investment Management Group LLC raised its position in shares of Magnite by 17.0% during the 4th quarter. Stephens Investment Management Group LLC now owns 1,128,578 shares of the company’s stock valued at $18,317,000 after buying an additional 164,035 shares in the last quarter. Royce & Associates LP grew its position in Magnite by 19.5% in the fourth quarter. Royce & Associates LP now owns 1,166,469 shares of the company’s stock worth $18,932,000 after acquiring an additional 190,318 shares in the last quarter. Capital Research Global Investors grew its position in Magnite by 85.0% in the fourth quarter. Capital Research Global Investors now owns 12,920,289 shares of the company’s stock worth $209,696,000 after acquiring an additional 5,937,428 shares in the last quarter. Finally, Manatuck Hill Partners LLC bought a new stake in Magnite during the second quarter worth approximately $8,541,000. Hedge funds and other institutional investors own 73.40% of the company’s stock.

Analyst Upgrades and Downgrades

MGNI has been the subject of a number of recent analyst reports. Evercore reiterated an “outperform” rating and issued a $25.00 price target on shares of Magnite in a research report on Thursday, August 6th. 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 research report on Thursday, August 6th. BTIG Research upped their target price on shares of Magnite from $20.00 to $27.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. Wells Fargo & Company boosted their price objective on Magnite from $21.00 to $22.00 and gave the company an “equal weight” rating in a research report on Friday, August 7th. Finally, Scotiabank reiterated an “outperform” rating and set a $27.00 target price on shares of Magnite in a research report on Thursday, August 6th. Nine research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, Magnite presently has an average rating of “Moderate Buy” and a consensus price target of $28.80.

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).