David Buonasera Sells 3,653 Shares of Magnite, Inc. (NASDAQ:MGNI) Stock

Magnite, Inc. (NASDAQ:MGNI - Get Free Report) CTO David Buonasera sold 3,653 shares of the stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $15.03, for a total value of $54,904.59. Following the transaction, the chief technology officer now owns 267,444 shares of the company's stock, valued at approximately $4,019,683.32. This trade represents a 1.35% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink.

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

• On Tuesday, May 27th, David Buonasera sold 8,742 shares of Magnite stock. The stock was sold at an average price of $16.00, for a total value of $139,872.00.

Magnite Stock Performance

MGNI stock traded up $0.32 during mid-day trading on Monday, hitting $16.68. 2,153,439 shares of the company were exchanged, compared to its average volume of 2,125,625. The business has a 50 day simple moving average of $12.78 and a 200-day simple moving average of $15.10. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.76. The stock has a market capitalization of $2.35 billion, a PE ratio of 278.00, a price-to-earnings-growth ratio of 1.00 and a beta of 2.73. Magnite, Inc. has a 1-year low of $8.22 and a 1-year high of $21.29.

Magnite (NASDAQ:MGNI - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The company reported $0.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.06 by $0.06. Magnite had a net margin of 2.62% and a return on equity of 4.64%. The firm had revenue of $145.85 million during the quarter, compared to the consensus estimate of $142.18 million. During the same period last year, the business posted $0.05 earnings per share. The business's revenue for the quarter was up 4.3% compared to the same quarter last year. On average, equities analysts forecast that Magnite, Inc. will post 0.33 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Rice Hall James & Associates LLC bought a new position in shares of Magnite during the fourth quarter worth approximately $3,000,000. Jennison Associates LLC acquired a new position in Magnite during the fourth quarter valued at approximately $818,000. JPMorgan Chase & Co. raised its position in Magnite by 5.9% during the fourth quarter. JPMorgan Chase & Co. now owns 1,511,439 shares of the company's stock valued at $24,062,000 after purchasing an additional 84,497 shares in the last quarter. Penbrook Management LLC raised its position in Magnite by 60.8% during the fourth quarter. Penbrook Management LLC now owns 38,480 shares of the company's stock valued at $613,000 after purchasing an additional 14,550 shares in the last quarter. Finally, Principal Financial Group Inc. raised its position in Magnite by 14.5% during the fourth quarter. Principal Financial Group Inc. now owns 123,073 shares of the company's stock valued at $1,959,000 after purchasing an additional 15,558 shares in the last quarter. 73.40% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on MGNI shares. Lake Street Capital decreased their price objective on Magnite from $21.00 to $19.00 and set a "buy" rating for the company in a report on Thursday, May 8th. Rosenblatt Securities restated a "buy" rating and issued a $18.00 price objective on shares of Magnite in a report on Thursday, May 8th. Craig Hallum set a $24.00 price objective on Magnite and gave the company a "buy" rating in a report on Tuesday, May 20th. Royal Bank of Canada decreased their price objective on Magnite from $22.00 to $19.00 and set an "outperform" rating for the company in a report on Friday, May 2nd. Finally, Susquehanna raised their price objective on Magnite from $16.00 to $22.00 and gave the company a "positive" rating in a report on Thursday, February 27th. One investment analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $19.23.

Magnite Company Profile

Magnite, Inc, together with its subsidiaries, operates an independent omni-channel sell-side advertising platform in the United States and internationally. The company's platform offers applications and services for sellers of digital advertising inventory or publishers that own and operate CTV channels, applications, websites, and other digital media properties to manage and monetize their inventory; and applications and services for buyers, including advertisers, agencies, agency trading desks, and demand side platforms to buy digital advertising inventory, as well as an independent marketplace that connects buyers and sellers.