Insider Selling: Magnite (NASDAQ:MGNI) CTO Sells $25,704.00 in Stock

Key Points

• Magnite CTO David Buonasera sold 1,224 shares on July 7 at an average price of $21.00, for a total of $25,704. After the sale, he still held 268,485 shares valued at about $5.64 million.
• This was part of a recent pattern of insider selling: Buonasera has made several additional Magnite sales in late June and early July, including a larger sale of 9,376 shares for $187,520 on July 1.
• Magnite’s stock and outlook remain relatively strong, with shares recently trading at $21.22 after reporting better-than-expected quarterly earnings and revenue. Analysts currently rate the stock a “Moderate Buy” with an average price target of $23.89.

Magnite, Inc. (NASDAQ:MGNI - Get Free Report) CTO David Buonasera sold 1,224 shares of the business's stock in a transaction that occurred on Tuesday, July 7th. The stock was sold at an average price of $21.00, for a total value of $25,704.00. Following the sale, the chief technology officer owned 268,485 shares of the company's stock, valued at $5,638,185. The trade was a 0.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website.

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

• 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.
• 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 transaction of $26,771.00.
• 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 transaction 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 transaction 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 transaction of $21,135.00.

Magnite Price Performance

Shares of NASDAQ MGNI traded up $0.91 during mid-day trading on Thursday, reaching $21.22. The company's stock had a trading volume of 4,238,942 shares, compared to its average volume of 2,593,625. The stock has a 50-day moving average of $15.73 and a two-hundred day moving average of $14.32. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.02 and a current ratio of 1.02. The stock has a market capitalization of $3.04 billion, a P/E ratio of 20.40, a P/E/G ratio of 1.04 and a beta of 2.25. Magnite, Inc. has a 1-year low of $10.82 and a 1-year high of $26.65.

Magnite (NASDAQ:MGNI - Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $0.13 earnings per share for the quarter, topping analysts' consensus estimates of $0.11 by $0.02. Magnite had a net margin of 21.96% and a return on equity of 8.40%. The firm had revenue of $164.37 million for the quarter, compared to analyst estimates of $159.24 million. During the same period in the previous year, the business posted $0.12 earnings per share. Magnite's quarterly revenue was up 5.5% on a year-over-year basis. On average, equities research analysts anticipate that Magnite, Inc. will post 0.55 EPS for the current fiscal year.

Hedge Funds Weigh In On Magnite

A number of institutional investors have recently bought and sold shares of the company. Smartleaf Asset Management LLC boosted its stake in shares of Magnite by 20.5% in the 2nd quarter. Smartleaf Asset Management LLC now owns 3,387 shares of the company's stock valued at $82,000 after buying an additional 577 shares during the period. US Bancorp DE increased its stake in shares of Magnite by 75.8% during the third quarter. US Bancorp DE now owns 1,596 shares of the company's stock worth $35,000 after buying an additional 688 shares during the period. PNC Financial Services Group Inc. raised its holdings in 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 acquiring an additional 755 shares in the last quarter. AYAL Capital Advisors Ltd raised its holdings in Magnite by 0.5% in the fourth quarter. AYAL Capital Advisors Ltd now owns 200,000 shares of the company's stock valued at $3,246,000 after acquiring an additional 1,000 shares in the last quarter. Finally, CANADA LIFE ASSURANCE Co raised its holdings in Magnite by 2.4% in the third quarter. CANADA LIFE ASSURANCE Co now owns 44,552 shares of the company's stock valued at $992,000 after acquiring an additional 1,047 shares in the last quarter. 73.40% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. Royal Bank Of Canada restated an "outperform" rating on shares of Magnite in a report on Thursday, May 28th. Evercore reaffirmed an "outperform" rating and issued a $21.00 price target on shares of Magnite in a report on Thursday, May 7th. Needham & Company LLC reiterated a "buy" rating and set a $25.00 price objective on shares of Magnite in a research report on Thursday, April 16th. Scotiabank boosted their price objective on Magnite from $16.00 to $17.00 and gave the stock a "sector outperform" rating in a research note on Thursday, May 7th. Finally, Weiss Ratings upgraded Magnite from a "hold (c-)" rating to a "hold (c)" rating in a report on Monday, May 11th. Eight research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat, Magnite currently has an average rating of "Moderate Buy" and an average price target of $23.89.

About Magnite

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).

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