Magnite (NASDAQ:MGNI) CTO David Buonasera Sells 1,057 Shares

Key Points

• Magnite CTO David Buonasera sold shares again, offloading 1,057 shares at $17.00 each for about $17,969. After the sale, he still held 291,727 shares, and the filing showed a small 0.36% drop in his ownership.
• Multiple Magnite insiders sold stock this week, including Buonasera’s additional sales on June 16 and June 17 and a June 1 transaction. The article notes this could raise questions about insider confidence, even though the sales were disclosed and may have been planned.
• Magnite reported solid quarterly results and has mixed but generally positive analyst sentiment. The company beat earnings and revenue estimates in its latest quarter, while analysts currently maintain a consensus rating of “Moderate Buy” with a target price of $23.89.

Magnite, Inc. (NASDAQ:MGNI - Get Free Report) CTO David Buonasera sold 1,057 shares of the company's stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $17.00, for a total transaction of $17,969.00. Following the transaction, the chief technology officer owned 291,727 shares in the company, valued at $4,959,359. The trade was a 0.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

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

• On Wednesday, June 17th, David Buonasera sold 1,409 shares of Magnite stock. The shares were 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 shares were sold at an average price of $18.00, for a total transaction of $202,194.00.
• 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 Price Performance

Shares of MGNI stock traded down $0.31 during mid-day trading on Wednesday, reaching $18.24. The stock had a trading volume of 6,567,789 shares, compared to its average volume of 2,498,963. Magnite, Inc. has a 12-month low of $10.82 and a 12-month high of $26.65. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.38. The business has a 50-day simple moving average of $13.73 and a 200 day simple moving average of $13.91. The company has a market cap of $2.61 billion, a P/E ratio of 17.54, a price-to-earnings-growth ratio of 0.79 and a beta of 2.32.

Magnite (NASDAQ:MGNI - Get Free Report) last issued its quarterly earnings data on Wednesday, May 6th. The company reported $0.13 EPS for the quarter, beating 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 analysts' expectations of $159.24 million. During the same period in the prior year, the company earned $0.12 EPS. The firm's revenue was up 5.5% on a year-over-year basis. On average, sell-side analysts anticipate that Magnite, Inc. will post 0.6 earnings per share for the current year.

Trending Headlines about Magnite

Here are the key news stories impacting Magnite this week:

• Positive Sentiment: Magnite announced a new partnership with Viasat Aviation to bring programmatic advertising to in-flight screens, expanding its reach into a new, high-engagement advertising channel and potentially opening another revenue stream. Magnite and Viasat Aviation Partner to Bring Programmatic Advertising to In-Flight Screens
• Positive Sentiment: Trading activity has been unusually strong, including a surge in call option buying, suggesting traders are positioning for more upside in MGNI after its recent rally. Unusual options trading in Magnite
• Neutral Sentiment: Recent coverage noted MGNI had already posted a sharp one-day gain on heavier volume, but also warned that earnings estimate revisions may limit near-term follow-through. Magnite (MGNI) Moves 10.8% Higher: Will This Strength Last?
• Negative Sentiment: CEO Michael G. Barrett, CTO David Buonasera, and Director Douglas S. Knopper all sold shares this week, which can create concern about insider confidence even if the sales were disclosed and may have been planned. SEC insider filings for Magnite

Institutional Trading of Magnite

A number of institutional investors and hedge funds have recently made changes to their positions in MGNI. Vanguard Group Inc. boosted its holdings in Magnite by 1.0% in the fourth quarter. Vanguard Group Inc. now owns 14,802,630 shares of the company's stock valued at $240,247,000 after acquiring an additional 148,198 shares during the last quarter. Capital Research Global Investors increased its stake in Magnite by 85.0% during the fourth quarter. Capital Research Global Investors now owns 12,920,289 shares of the company's stock worth $209,696,000 after acquiring an additional 5,937,428 shares during the last quarter. Wellington Management Group LLP raised its holdings in shares of Magnite by 67.7% in the 4th quarter. Wellington Management Group LLP now owns 8,629,238 shares of the company's stock worth $140,053,000 after purchasing an additional 3,484,689 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of Magnite by 10.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,983,674 shares of the company's stock worth $47,322,000 after purchasing an additional 367,854 shares during the period. Finally, Granahan Investment Management LLC lifted its stake in shares of Magnite by 6.3% in the 3rd quarter. Granahan Investment Management LLC now owns 3,873,179 shares of the company's stock valued at $84,358,000 after purchasing an additional 230,393 shares in the last quarter. 73.40% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Benchmark reduced their target price on shares of Magnite from $31.00 to $30.00 and set a "buy" rating on the stock in a report on Thursday, February 26th. Wells Fargo & Company boosted their price objective on shares of Magnite from $13.00 to $15.00 and gave the company an "equal weight" rating in a research report on Friday, May 8th. BTIG Research began coverage on shares of Magnite in a research report on Tuesday, June 9th. They set a "buy" rating and a $20.00 target price on the stock. Weiss Ratings upgraded Magnite from a "hold (c-)" rating to a "hold (c)" rating in a report on Monday, May 11th. Finally, Scotiabank increased their price target on Magnite from $16.00 to $17.00 and gave the stock a "sector outperform" rating in a research note on Thursday, May 7th. Eight analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Magnite has a consensus rating of "Moderate Buy" and a consensus target price 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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