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

Key Points

• Magnite CTO David Buonasera sold 1,165 shares at an average price of $24, generating $27,960. The transaction, conducted under a pre-arranged Rule 10b5-1 plan, reduced his direct holdings by 0.47% to 245,155 shares.
• Magnite shares were trading at $23.78, up 0.3%, with the company valued at approximately $3.41 billion. Its latest quarterly results exceeded expectations, with adjusted earnings of $0.26 per share and revenue of $192.82 million, up 11.3% year over year.
• Analysts maintain a generally positive view, with nine Buy ratings and two Holds, producing a “Moderate Buy” consensus and an average price target of $28.80.

Magnite, Inc. (NASDAQ:MGNI - Get Free Report) CTO David Buonasera sold 1,165 shares of the company's stock in a transaction on Monday, September 14th. The shares were sold at an average price of $24.00, for a total transaction of $27,960.00. Following the completion of the sale, the chief technology officer directly owned 245,155 shares of the company's stock, valued at $5,883,720. This trade represents a 0.47% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 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 stock was 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 transaction 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 stock was 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 shares were sold at an average price of $20.00, for a total value of $187,520.00.

Magnite Trading Up 0.3%

MGNI stock traded up $0.07 during trading on Wednesday, hitting $23.78. 1,214,105 shares of the company traded hands, compared to its average volume of 2,536,720. The company has a 50-day moving average of $22.16 and a 200-day moving average of $17.04. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.03 and a current ratio of 1.02. Magnite, Inc. has a 1 year low of $10.82 and a 1 year high of $26.19. The firm has a market capitalization of $3.41 billion, a PE ratio of 21.82, a P/E/G ratio of 1.04 and a beta of 2.30.

Magnite (NASDAQ:MGNI - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $0.26 EPS for the quarter, topping analysts' consensus estimates of $0.24 by $0.02. Magnite had a return on equity of 9.33% and a net margin of 22.49%.The business had revenue of $192.82 million for the quarter, compared to analysts' expectations of $179.15 million. During the same period in the previous year, the firm earned $0.20 EPS. The business's quarterly revenue was up 11.3% on a year-over-year basis. Analysts predict that Magnite, Inc. will post 0.61 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several brokerages have weighed in on MGNI. B. Riley Financial increased their price target on shares of Magnite from $20.00 to $27.00 and gave the company a "buy" rating in a research report on Thursday, August 6th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Magnite in a research note on Friday, August 7th. Susquehanna raised their target price on Magnite from $22.00 to $30.00 and gave the stock a "positive" rating in a research note on Thursday, August 6th. Scotiabank restated an "outperform" rating and set a $27.00 price target on shares of Magnite in a report on Thursday, August 6th. Finally, Royal Bank Of Canada upped their price target on Magnite from $20.00 to $27.00 and gave the company an "outperform" rating in a research report on Thursday, August 6th. Nine research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $28.80.

Institutional Trading of Magnite

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Nykredit A S bought a new stake in Magnite during the 2nd quarter valued at approximately $25,000. EFG International AG purchased a new position in shares of Magnite in the 2nd quarter valued at approximately $28,000. Allworth Financial LP bought a new stake in shares of Magnite during the second quarter valued at approximately $30,000. Harbor Investment Advisory LLC purchased a new stake in Magnite in the second quarter worth $62,000. Finally, PNC Financial Services Group Inc. raised its holdings in Magnite by 106.3% in the first quarter. PNC Financial Services Group Inc. now owns 3,783 shares of the company's stock worth $45,000 after purchasing an additional 1,949 shares in the last quarter. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

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.

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