Magnite (NASDAQ:MGNI) CTO Sells 871 Shares of Company Stock

Key Points

• Magnite CTO David Buonasera sold 871 shares for $25,259 at an average $29 each under a pre-arranged Rule 10b5-1 plan; he retained 238,578 shares after the sale.
• Magnite beat quarterly earnings and revenue estimates, reporting EPS of $0.33 and revenue of $204.2 million, up 22.4% year over year.
• Analysts’ consensus rating was Moderate Buy, with an average price target of $31; shares were trading at $29.34 in the article.

Magnite, Inc. (NASDAQ:MGNI - Get Free Report) CTO David Buonasera sold 871 shares of the business's stock in a transaction dated Monday, November 9th. The shares were sold at an average price of $29.00, for a total transaction of $25,259.00. Following the transaction, the chief technology officer directly owned 238,578 shares of the company's stock, valued at $6,918,762. The trade was a 0.36% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available 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 Thursday, November 5th, David Buonasera sold 5,706 shares of Magnite stock. The stock was sold at an average price of $27.25, for a total value of $155,488.50.
• On Monday, September 14th, David Buonasera sold 1,165 shares of Magnite stock. The shares were sold at an average price of $24.00, for a total transaction of $27,960.00.
• 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.

Magnite Price Performance

MGNI traded up $0.13 during trading on Thursday, reaching $29.34. The stock had a trading volume of 2,148,142 shares, compared to its average volume of 2,526,010. Magnite, Inc. has a 1-year low of $10.82 and a 1-year high of $29.67. The firm has a market capitalization of $4.21 billion, a price-to-earnings ratio of 24.66, a price-to-earnings-growth ratio of 0.96 and a beta of 2.44. The stock has a 50 day moving average of $24.39 and a two-hundred day moving average of $18.06. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.36.

Magnite (NASDAQ:MGNI - Get Free Report) last posted its quarterly earnings data on Wednesday, November 4th. The company reported $0.33 EPS for the quarter, topping analysts' consensus estimates of $0.29 by $0.04. Magnite had a return on equity of 10.94% and a net margin of 23.58%. The company had revenue of $204.20 million for the quarter, compared to the consensus estimate of $190.19 million. During the same quarter in the previous year, the business earned $0.20 EPS. The company's quarterly revenue was up 22.4% compared to the same quarter last year. As a group, equities analysts anticipate that Magnite, Inc. will post 0.61 EPS for the current fiscal year.

Wall Street Analyst Weigh In

MGNI has been the topic of a number of recent research reports. Evercore restated an "outperform" rating and issued a $25.00 target price on shares of Magnite in a report on Thursday, August 6th. Wells Fargo & Company boosted their price objective on Magnite from $22.00 to $23.00 and gave the stock an "equal weight" rating in a report on Thursday, November 5th. Scotiabank upped their price objective on shares of Magnite from $27.00 to $30.00 and gave the company a "sector outperform" rating in a research note on Thursday, November 5th. Rosenblatt Securities reiterated a "buy" rating and issued a $40.00 target price on shares of Magnite in a report on Friday, October 2nd. Finally, Weiss Ratings downgraded shares of Magnite from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Wednesday, November 4th. Ten equities research analysts have rated the stock with a Buy rating and two have issued 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 price target of $31.00.

Recent Magnite Headlines

Investors following MGNI have been watching these headlines:

• Positive Sentiment: Recent results were stronger than expected: Magnite beat quarterly EPS and revenue estimates, with revenue up 22.4% year over year. Coverage also points to a raised outlook and an expanded Gracenote connected-TV deal, which could support future growth. Article: Is Magnite Undervalued Following Its Gracenote CTV Deal Expansion?
• Neutral Sentiment: One assessment says the stock may be near fair value despite the raised outlook, suggesting that strong fundamentals may already be reflected in the valuation. Article: Magnite Stock May Be Near Fair Value Despite Raised Outlook
• Negative Sentiment: Six insiders reported sales totaling about 91,963 shares across November 9 and 11. Director James Rossman sold 49,190 shares, reducing his stake by 45.77%; the other sellers included the CFO and CAO. These sales can concern investors, though the CTO’s small sale was under a pre-arranged trading plan, and insiders retain substantial holdings. SEC filing for director James Rossman

Institutional Investors Weigh In On Magnite

Several hedge funds have recently bought and sold shares of the business. BlackRock Inc. purchased a new position in Magnite during the second quarter valued at approximately $241,296,000. Canada Pension Plan Investment Board bought a new stake in shares of Magnite in the 2nd quarter valued at approximately $56,847,000. Bank of America Corp DE bought a new stake in shares of Magnite in the 2nd quarter valued at approximately $22,431,000. Bank of New York Mellon Corp acquired a new position in Magnite in the second quarter worth approximately $22,059,000. Finally, Meros Investment Management LP bought a new position in Magnite during the second quarter valued at approximately $18,815,538. 73.40% of the stock is owned by hedge funds and other institutional investors.

Magnite Company Profile

Magnite, Inc. operates a sell-side advertising platform that helps publishers, streaming services and app developers sell digital advertising inventory through programmatic auctions. Its technology connects those sellers with advertisers and their agencies seeking to buy ad placements. The company supports advertising across connected TV, online video, mobile applications and desktop formats. Its offerings include tools for managing and monetizing ad inventory, including streaming-focused ad-serving technology.

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