Magnite (NASDAQ:MGNI) CTO David Buonasera Sells 1,409 Shares

Magnite, Inc. (NASDAQ:MGNI) CTO David Buonasera sold 1,409 shares of the company’s stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $15.00, for a total value of $21,135.00. Following the transaction, the chief technology officer directly owned 292,784 shares of the company’s stock, valued at approximately $4,391,760. This represents a 0.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Magnite Trading Down 2.7%

NASDAQ:MGNI opened at $14.45 on Thursday. The stock has a 50-day simple moving average of $12.99 and a 200-day simple moving average of $13.79. The stock has a market cap of $2.07 billion, a P/E ratio of 13.89, a P/E/G ratio of 0.70 and a beta of 2.32. Magnite, Inc. has a 1 year low of $10.82 and a 1 year high of $26.65. 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 (NASDAQ:MGNI) last announced its earnings results 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 firm had revenue of $164.37 million during the quarter, compared to analysts’ expectations of $159.24 million. Magnite had a return on equity of 8.40% and a net margin of 21.96%.The business’s revenue was up 5.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.12 EPS. As a group, analysts anticipate that Magnite, Inc. will post 0.6 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms have commented on MGNI. Evercore reaffirmed an “outperform” rating and set a $21.00 price objective on shares of Magnite in a research note on Thursday, May 7th. Needham & Company LLC reaffirmed a “buy” rating and set a $25.00 price objective on shares of Magnite in a research note on Thursday, April 16th. Scotiabank upped their price objective on Magnite from $16.00 to $17.00 and gave the company a “sector outperform” rating in a research note on Thursday, May 7th. Weiss Ratings raised Magnite from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, May 11th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $39.00 price objective on shares of Magnite in a research note on Thursday, February 26th. Seven analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $24.38.

Hedge Funds Weigh In On Magnite

A number of large investors have recently modified their holdings of MGNI. Capital Research Global Investors raised its stake in shares of Magnite by 85.0% during the 4th quarter. Capital Research Global Investors now owns 12,920,289 shares of the company’s stock worth $209,696,000 after buying an additional 5,937,428 shares in the last quarter. Wellington Management Group LLP raised its stake in shares of Magnite by 67.7% during the 4th 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. Ophir Asset Management Pty Ltd purchased a new position in shares of Magnite during the 4th quarter worth approximately $38,695,000. 325 Capital LLC grew its holdings in shares of Magnite by 208.5% in the 4th quarter. 325 Capital LLC now owns 2,005,387 shares of the company’s stock worth $32,547,000 after acquiring an additional 1,355,326 shares during the period. Finally, Blue Grotto Capital LLC grew its holdings in shares of Magnite by 443.8% in the 3rd quarter. Blue Grotto Capital LLC now owns 1,548,796 shares of the company’s stock worth $33,733,000 after acquiring an additional 1,263,992 shares during the period. 73.40% of the stock is owned by hedge funds and other institutional investors.

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).