Magnite (NASDAQ:MGNI) CTO Sells $202,194.00 in Stock

Magnite, Inc. (NASDAQ:MGNI) CTO David Buonasera sold 11,233 shares of the company’s stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $18.00, for a total value of $202,194.00. Following the completion of the sale, the chief technology officer owned 280,494 shares of the company’s stock, valued at $5,048,892. This trade represents a 3.85% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

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

• 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 value of $26,771.00.
• On Monday, June 15th, David Buonasera sold 1,057 shares of Magnite stock. The shares were 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 shares were sold at an average price of $15.00, for a total value of $21,135.00.

Magnite Stock Performance

Shares of MGNI opened at $17.89 on Friday. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.38. The business has a 50-day simple moving average of $14.08 and a two-hundred day simple moving average of $13.99. The stock has a market cap of $2.56 billion, a price-to-earnings ratio of 17.20, a PEG ratio of 0.91 and a beta of 2.32. Magnite, Inc. has a 52 week low of $10.82 and a 52 week high of $26.65.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings data on Wednesday, May 6th. The company reported $0.13 EPS for the quarter, topping the consensus estimate of $0.11 by $0.02. The firm had revenue of $164.37 million for the quarter, compared to the consensus estimate of $159.24 million. Magnite had a return on equity of 8.40% and a net margin of 21.96%.The business’s revenue for the quarter was up 5.5% compared to the same quarter last year. During the same quarter last year, the company earned $0.12 earnings per share. On average, analysts expect that Magnite, Inc. will post 0.55 EPS for the current year.

Analyst Ratings Changes

Several equities analysts have weighed in on the stock. Weiss Ratings raised shares of Magnite from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, May 11th. Scotiabank raised their price objective on shares of Magnite from $16.00 to $17.00 and gave the company a “sector outperform” rating in a research report on Thursday, May 7th. Benchmark lowered their target price on shares of Magnite from $31.00 to $30.00 and set a “buy” rating on the stock in a research note on Thursday, February 26th. Rosenblatt Securities reiterated a “buy” rating and issued a $39.00 price target on shares of Magnite in a research note on Thursday, February 26th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $25.00 price target on shares of Magnite in a research note on Thursday, April 16th. Eight equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, Magnite has an average rating of “Moderate Buy” and a consensus price target of $23.89.

Hedge Funds Weigh In On Magnite

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Smartleaf Asset Management LLC raised its holdings in shares of Magnite by 20.5% during the 2nd quarter. Smartleaf Asset Management LLC now owns 3,387 shares of the company’s stock worth $82,000 after acquiring an additional 577 shares in the last quarter. US Bancorp DE grew its holdings in shares of Magnite by 75.8% in the third 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. PNC Financial Services Group Inc. grew its holdings in shares of Magnite by 45.1% in the third 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. AYAL Capital Advisors Ltd increased its position in Magnite by 0.5% in the fourth quarter. AYAL Capital Advisors Ltd now owns 200,000 shares of the company’s stock worth $3,246,000 after purchasing an additional 1,000 shares during the last quarter. Finally, CANADA LIFE ASSURANCE Co raised its stake in Magnite by 2.4% during the third quarter. CANADA LIFE ASSURANCE Co now owns 44,552 shares of the company’s stock valued at $992,000 after purchasing an additional 1,047 shares in the last quarter. Institutional investors own 73.40% of the company’s stock.

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).