Insider Selling: Magnite (NASDAQ:MGNI) CTO Sells 9,376 Shares

Key Points

• Magnite CTO David Buonasera sold 9,376 shares on July 1 at an average price of $20.00, totaling $187,520. After the sale, he still held 269,709 shares, reducing his ownership by 3.36%.
• Buonasera has also sold several other Magnite blocks in recent weeks, including sales on June 1, 15, 16, and 17, indicating a pattern of insider selling.
• Magnite shares were trading around $20.38, near their 52-week high of $26.65, and the company recently beat quarterly EPS and revenue expectations. Analysts currently rate the stock a Moderate Buy with a consensus price target of $23.89.

Magnite, Inc. (NASDAQ:MGNI - Get Free Report) CTO David Buonasera sold 9,376 shares of the company's stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $20.00, for a total value of $187,520.00. Following the sale, the chief technology officer directly owned 269,709 shares in the company, valued at approximately $5,394,180. This represents a 3.36% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible 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 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 value of $21,135.00.

Magnite Stock Performance

Shares of NASDAQ:MGNI traded up $0.10 during trading on Thursday, hitting $20.38. 2,272,050 shares of the company traded hands, compared to its average volume of 3,516,584. 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's fifty day moving average is $15.13 and its 200-day moving average is $14.21. The stock has a market capitalization of $2.92 billion, a price-to-earnings ratio of 19.60, a PEG ratio of 1.03 and a beta of 2.25. Magnite, Inc. has a one year low of $10.82 and a one year high of $26.65.

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

Hedge Funds Weigh In On Magnite

Hedge funds have recently modified their holdings of the stock. Neo Ivy Capital Management purchased a new stake in Magnite during the third quarter valued at about $27,000. US Bancorp DE raised its holdings in shares of Magnite by 75.8% during the third quarter. US Bancorp DE now owns 1,596 shares of the company's stock valued at $35,000 after acquiring an additional 688 shares during the period. Central Pacific Bank Trust Division purchased a new stake in shares of Magnite in the 4th quarter valued at approximately $41,000. Strategic Advocates LLC acquired a new position in Magnite in the 3rd quarter worth approximately $42,000. Finally, PNC Financial Services Group Inc. boosted its stake in Magnite by 106.3% in the 1st 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 during the period. 73.40% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on MGNI. Scotiabank increased their price objective on shares of Magnite from $16.00 to $17.00 and gave the company a "sector outperform" rating in a report on Thursday, May 7th. Royal Bank Of Canada reaffirmed an "outperform" rating on shares of Magnite in a research note on Thursday, May 28th. Weiss Ratings raised Magnite from a "hold (c-)" rating to a "hold (c)" rating in a research note on Monday, May 11th. Evercore restated an "outperform" rating and issued a $21.00 price objective on shares of Magnite in a report on Thursday, May 7th. Finally, BTIG Research began coverage on shares of Magnite in a research report on Tuesday, June 9th. They issued a "buy" rating and a $20.00 price target on the stock. Eight investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, Magnite presently has a consensus rating of "Moderate Buy" and a consensus price target of $23.89.

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).

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