Insider Selling: Magnite (NASDAQ:MGNI) CTO Sells $27,960.00 in Stock

Magnite, Inc. (NASDAQ:MGNI) CTO David Buonasera sold 1,165 shares of the business’s stock in a transaction dated Monday, September 14th. The stock was sold at an average price of $24.00, for a total transaction of $27,960.00. Following the sale, the chief technology officer directly owned 245,155 shares in the company, valued at $5,883,720. The trade was a 0.47% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available 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 shares were sold at an average price of $25.00, for a total transaction of $26,075.00.
• On Tuesday, September 1st, David Buonasera sold 5,371 shares of Magnite stock. The shares were sold at an average price of $23.42, for a total value of $125,788.82.
• On Thursday, August 6th, David Buonasera sold 7,649 shares of Magnite stock. The stock was 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 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.

Magnite Stock Up 0.3%

Magnite stock traded up $0.07 during mid-day trading on Wednesday, reaching $23.78. The stock had a trading volume of 1,214,105 shares, compared to its average volume of 2,536,720. The company has a market capitalization of $3.41 billion, a price-to-earnings ratio of 21.82, a PEG ratio of 1.04 and a beta of 2.30. The company has a 50-day moving average price of $22.16 and a two-hundred day moving average price of $17.04. Magnite, Inc. has a one year low of $10.82 and a one 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 announced its quarterly earnings data on Wednesday, August 5th. The company reported $0.26 EPS for the quarter, beating the consensus estimate of $0.24 by $0.02. The company had revenue of $192.82 million for the quarter, compared to the consensus estimate of $179.15 million. Magnite had a net margin of 22.49% and a return on equity of 9.33%. Magnite’s revenue for the quarter was up 11.3% on a year-over-year basis. During the same period in the prior year, the firm posted $0.20 EPS. On average, analysts expect that Magnite, Inc. will post 0.61 EPS for the current fiscal year.

Institutional Trading of Magnite

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Meros Investment Management LP purchased a new stake in shares of Magnite in the second quarter valued at $18,815,538. Royce & Associates LP lifted its holdings in Magnite by 19.5% during the 4th quarter. Royce & Associates LP now owns 1,166,469 shares of the company’s stock valued at $18,932,000 after buying an additional 190,318 shares in the last quarter. Capital Research Global Investors boosted its position in Magnite by 85.0% in the 4th 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. Manatuck Hill Partners LLC bought a new position in Magnite in the 2nd quarter worth about $8,541,000. Finally, Norwood Investment Partners LP purchased a new position in shares of Magnite during the second quarter worth approximately $4,460,300. Hedge funds and other institutional investors own 73.40% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on MGNI. Royal Bank Of Canada raised their target price on shares of Magnite from $20.00 to $27.00 and gave the stock an “outperform” rating in a report on Thursday, August 6th. BTIG Research reaffirmed a “buy” rating and set a $27.00 price target on shares of Magnite in a report on Wednesday, September 9th. Evercore reaffirmed an “outperform” rating and issued a $25.00 price objective on shares of Magnite in a research note on Thursday, August 6th. Wells Fargo & Company boosted their target price on shares of Magnite from $21.00 to $22.00 and gave the stock an “equal weight” rating in a report on Friday, August 7th. Finally, Susquehanna upped their target price on shares of Magnite from $22.00 to $30.00 and gave the stock a “positive” rating in a research report on Thursday, August 6th. Nine equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, Magnite has an average rating of “Moderate Buy” and a consensus target price of $28.80.

About Magnite

Magnite, Inc is an independent sell-side advertising technology company that operates a global platform for digital media owners and app developers. Its technology helps publishers and media companies manage, package, sell and optimize advertising inventory across connected television (CTV), online video, mobile, desktop, audio and digital out-of-home channels.

Magnite’s platform connects publishers with agencies, brands and demand-side platforms, supporting automated, data-driven programmatic advertising transactions.