Magnite (NASDAQ:MGNI) CTO Sells $26,771.00 in Stock

Magnite, Inc. (NASDAQ:MGNI) CTO David Buonasera sold 1,409 shares of the stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $19.00, for a total value of $26,771.00. Following the sale, the chief technology officer owned 279,085 shares of the company’s stock, valued at $5,302,615. This represents a 0.50% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

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

• 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 value 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 value 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 Price Performance

Shares of NASDAQ:MGNI traded down $0.31 during trading on Wednesday, hitting $18.24. 6,567,789 shares of the company’s stock were exchanged, compared to its average volume of 2,498,963. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.02 and a quick ratio of 1.02. Magnite, Inc. has a 52-week low of $10.82 and a 52-week high of $26.65. The business’s 50-day simple moving average is $13.73 and its 200 day simple moving average is $13.91. The company has a market cap of $2.61 billion, a price-to-earnings ratio of 17.54, a PEG ratio of 0.79 and a beta of 2.32.

Magnite (NASDAQ:MGNI) last released its quarterly 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 business 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 firm’s revenue for the quarter was up 5.5% compared to the same quarter last year. During the same quarter last year, the business posted $0.12 EPS. As a group, equities analysts predict that Magnite, Inc. will post 0.6 EPS for the current year.

Key Magnite News

Here are the key news stories impacting Magnite this week:

• Positive Sentiment: Magnite announced a new partnership with Viasat Aviation to bring programmatic advertising to in-flight screens, expanding its reach into a new, high-engagement advertising channel and potentially opening another revenue stream. Magnite and Viasat Aviation Partner to Bring Programmatic Advertising to In-Flight Screens
• Positive Sentiment: Trading activity has been unusually strong, including a surge in call option buying, suggesting traders are positioning for more upside in MGNI after its recent rally. Unusual options trading in Magnite
• Neutral Sentiment: Recent coverage noted MGNI had already posted a sharp one-day gain on heavier volume, but also warned that earnings estimate revisions may limit near-term follow-through. Magnite (MGNI) Moves 10.8% Higher: Will This Strength Last?
• Negative Sentiment: CEO Michael G. Barrett, CTO David Buonasera, and Director Douglas S. Knopper all sold shares this week, which can create concern about insider confidence even if the sales were disclosed and may have been planned. SEC insider filings for Magnite

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on MGNI shares. Weiss Ratings upgraded Magnite from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, May 11th. Benchmark cut their price target on Magnite from $31.00 to $30.00 and set a “buy” rating for the company in a report on Thursday, February 26th. Royal Bank Of Canada restated an “outperform” rating on shares of Magnite in a report on Thursday, May 28th. Wells Fargo & Company lifted their target price on Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a report on Friday, May 8th. Finally, Rosenblatt Securities reissued a “buy” rating and set a $39.00 target price on shares of Magnite in a research report on Thursday, February 26th. Eight equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $23.89.

Institutional Investors Weigh In On Magnite

Institutional investors and hedge funds have recently bought and sold shares of the company. Neo Ivy Capital Management bought a new stake in Magnite during the 3rd quarter valued at $27,000. US Bancorp DE raised its position in Magnite by 75.8% during the 3rd quarter. US Bancorp DE now owns 1,596 shares of the company’s stock valued at $35,000 after purchasing an additional 688 shares in the last quarter. Strategic Advocates LLC bought a new stake in Magnite during the 3rd quarter valued at $42,000. PNC Financial Services Group Inc. raised its position in Magnite by 45.1% during the 3rd quarter. PNC Financial Services Group Inc. now owns 2,428 shares of the company’s stock valued at $53,000 after purchasing an additional 755 shares in the last quarter. Finally, Central Pacific Bank Trust Division bought a new stake in Magnite during the 4th quarter valued at $41,000. 73.40% of the stock is owned by 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).