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 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 transaction, the chief technology officer owned 245,155 shares of the company’s stock, valued at approximately $5,883,720. This represents a 0.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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 value of $26,075.00.
• On Tuesday, September 1st, David Buonasera sold 5,371 shares of Magnite stock. The stock was 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 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 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 Down 1.9%

NASDAQ:MGNI opened at $25.15 on Friday. Magnite, Inc. has a twelve month low of $10.82 and a twelve month high of $26.84. The firm has a market capitalization of $3.61 billion, a price-to-earnings ratio of 23.07, a price-to-earnings-growth ratio of 1.12 and a beta of 2.30. The company has a quick ratio of 1.03, a current ratio of 1.02 and a debt-to-equity ratio of 0.37. The stock’s 50 day moving average price is $22.41 and its two-hundred day moving average price is $17.25.

Magnite (NASDAQ:MGNI) last released its earnings results on Wednesday, August 5th. The company reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.02. Magnite had a net margin of 22.49% and a return on equity of 9.33%. The business had revenue of $192.82 million during the quarter, compared to analysts’ expectations of $179.15 million. During the same period last year, the business earned $0.20 earnings per share. The firm’s revenue was up 11.3% on a year-over-year basis. Equities research analysts expect that Magnite, Inc. will post 0.61 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Magnite

A number of institutional investors have recently made changes to their positions in the company. Capital Research Global Investors grew its holdings 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 in the last quarter. BlackRock Inc. bought a new stake in shares of Magnite in the second quarter valued at about $241,296,000. Dimensional Fund Advisors LP grew its stake in shares of Magnite by 10.2% in the first quarter. Dimensional Fund Advisors LP now owns 3,983,674 shares of the company’s stock valued at $47,322,000 after acquiring an additional 367,854 shares in the last quarter. Canada Pension Plan Investment Board acquired a new position in shares of Magnite in the second quarter valued at about $56,847,000. Finally, 325 Capital LLC increased its position in Magnite by 208.5% during the fourth 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. Institutional investors own 73.40% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently issued reports on MGNI. Benchmark raised their target price on shares of Magnite from $30.00 to $33.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. B Riley reissued a “buy” rating on shares of Magnite in a research report on Friday. Craig Hallum restated a “buy” rating and issued a $32.00 price objective on shares of Magnite in a research note on Thursday. Scotiabank reaffirmed an “outperform” rating and issued a $27.00 price objective on shares of Magnite in a research report on Thursday, August 6th. Finally, Susquehanna boosted their target price on Magnite from $22.00 to $30.00 and gave the stock a “positive” rating in a report on Thursday, August 6th. Eleven research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $29.36.

Trending Headlines about Magnite

Here are the key news stories impacting Magnite this week:

• Positive Sentiment: Analyst support increased: B. Riley raised its Magnite price target from $27 to $30 and maintained a “buy” rating, implying additional upside from recent trading levels. StoneX also reiterated its “buy” rating. StoneX Sticks to Its Buy Rating for Magnite
• Positive Sentiment: Google antitrust remedies could benefit ad-tech exchanges: Magnite shares recently rallied after an unsealed opinion in the U.S. Justice Department’s case against Alphabet’s Google raised expectations that remedies could improve competition and create opportunities for independent supply-side advertising platforms. Craig-Hallum reportedly lifted its target to $32. Magnite Rises on Google Auction Remedies
• Positive Sentiment: Product expansion supports the growth narrative: Magnite expanded its media-buying orchestration capabilities, potentially strengthening its offering to advertisers and media owners across increasingly complex digital channels. Magnite Expands Orchestration Capabilities for Media Buying
• Neutral Sentiment: Underlying results remain solid: Magnite’s latest quarter exceeded EPS and revenue expectations, with revenue up 11.3% year over year. However, investors are also weighing whether the recent AI-driven advertising enthusiasm has pushed the shares too far, with one analysis suggesting the stock could be substantially overvalued. Magnite Stock Could Be Overvalued
• Negative Sentiment: Several insiders sold shares: Director Douglas Knopper sold approximately $981,000 of stock, director Paul Caine sold $198,750, CTO David Buonasera sold 1,165 shares, and Robert Spillane was also reported to have sold shares. The Knopper and Caine transactions were made under pre-arranged Rule 10b5-1 plans, reducing their significance as discretionary bearish signals, but the cluster of sales may still weigh on sentiment. Robert Spillane Sells Magnite Shares

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.