Magnite, Inc. (NASDAQ:MGNI) CTO David Buonasera Sells 8,742 Shares

Magnite, Inc. (NASDAQ:MGNI - Get Free Report) CTO David Buonasera sold 8,742 shares of the stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $16.00, for a total value of $139,872.00. Following the completion of the transaction, the chief technology officer now owns 258,702 shares in the company, valued at approximately $4,139,232. The trade was a 3.27% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link.

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

• On Friday, May 23rd, David Buonasera sold 3,653 shares of Magnite stock. The stock was sold at an average price of $15.03, for a total value of $54,904.59.

Magnite Stock Down 0.2%

Shares of MGNI traded down $0.04 during mid-day trading on Friday, reaching $16.19. The company had a trading volume of 2,378,473 shares, compared to its average volume of 2,121,156. The company has a market capitalization of $2.28 billion, a price-to-earnings ratio of 269.83, a price-to-earnings-growth ratio of 1.00 and a beta of 2.73. Magnite, Inc. has a 52 week low of $8.22 and a 52 week high of $21.29. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.11 and a current ratio of 1.11. The firm has a 50-day moving average price of $12.70 and a 200 day moving average price of $15.11.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings in shares of Magnite by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 13,743,521 shares of the company's stock valued at $156,814,000 after purchasing an additional 138,417 shares during the last quarter. Capital Research Global Investors bought a new position in shares of Magnite in the 4th quarter valued at about $122,986,000. Wellington Management Group LLP lifted its holdings in shares of Magnite by 6.8% in the 4th quarter. Wellington Management Group LLP now owns 7,030,011 shares of the company's stock valued at $111,918,000 after acquiring an additional 450,341 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Magnite by 3.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 5,524,643 shares of the company's stock valued at $87,957,000 after acquiring an additional 170,532 shares during the last quarter. Finally, Boston Partners lifted its holdings in shares of Magnite by 10.9% in the 1st quarter. Boston Partners now owns 5,276,356 shares of the company's stock valued at $60,187,000 after acquiring an additional 520,033 shares during the last quarter. Institutional investors own 73.40% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on the company. Lake Street Capital lowered their price objective on Magnite from $21.00 to $19.00 and set a "buy" rating for the company in a research note on Thursday, May 8th. 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 lowered their price objective on Magnite from $25.00 to $24.00 and set a "buy" rating for the company in a research note on Thursday, May 8th. Susquehanna increased their price objective on Magnite from $16.00 to $22.00 and gave the stock a "positive" rating in a research note on Thursday, February 27th. Finally, Royal Bank of Canada lowered their price objective on Magnite from $22.00 to $19.00 and set an "outperform" rating for the company in a research note on Friday, May 2nd. One equities research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $19.23.

About Magnite

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.