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

Magnite, Inc. (NASDAQ:MGNI - Get Free Report) CTO David Buonasera sold 3,653 shares of Magnite 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 directly owns 267,444 shares in the company, valued at $4,019,683.32. The trade was a 1.35% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link.

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 Down 0.2%

MGNI stock traded down $0.04 during trading on Friday, reaching $16.19. 2,378,473 shares of the stock were exchanged, compared to its average volume of 2,121,156. The firm's 50 day moving average is $12.70 and its 200 day moving average is $15.11. Magnite, Inc. has a twelve month low of $8.22 and a twelve month high of $21.29. 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 firm has a market cap of $2.28 billion, a P/E ratio of 269.83, a price-to-earnings-growth ratio of 1.00 and a beta of 2.73.

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

Analyst Upgrades and Downgrades

Several brokerages have commented on MGNI. Craig Hallum set a $24.00 target price on Magnite and gave the stock a "buy" rating in a report on Tuesday, May 20th. Rosenblatt Securities reissued a "buy" rating and issued a $18.00 price objective on shares of Magnite in a research note on Thursday, May 8th. Benchmark dropped their price objective on Magnite from $25.00 to $24.00 and set a "buy" rating on the stock in a research note on Thursday, May 8th. Susquehanna boosted their price objective on Magnite from $16.00 to $22.00 and gave the company a "positive" rating in a research note on Thursday, February 27th. Finally, Lake Street Capital dropped their price objective on Magnite from $21.00 to $19.00 and set a "buy" rating on the stock in a research note on Thursday, May 8th. One equities research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $19.23.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Rice Hall James & Associates LLC acquired a new position in Magnite during the 4th quarter worth approximately $3,000,000. Jennison Associates LLC acquired a new position in Magnite during the 4th quarter worth approximately $818,000. JPMorgan Chase & Co. raised its stake in Magnite by 5.9% during the 4th quarter. JPMorgan Chase & Co. now owns 1,511,439 shares of the company's stock worth $24,062,000 after buying an additional 84,497 shares during the period. Penbrook Management LLC raised its stake in Magnite by 60.8% during the 4th quarter. Penbrook Management LLC now owns 38,480 shares of the company's stock worth $613,000 after buying an additional 14,550 shares during the period. Finally, Principal Financial Group Inc. raised its stake in shares of Magnite by 14.5% in the fourth quarter. Principal Financial Group Inc. now owns 123,073 shares of the company's stock worth $1,959,000 after purchasing an additional 15,558 shares during the last quarter. 73.40% of the stock is owned by institutional investors and hedge funds.

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.