Magnite (NASDAQ:MGNI) CTO Sells $202,194.00 in Stock

Key Points

• Magnite CTO David Buonasera sold shares worth $202,194 in a Tuesday transaction, offloading 11,233 shares at an average price of $18.00. After the sale, he still owned 280,494 shares, and the trade reduced his stake by 3.85%.
• MGNI stock slipped 1.7% to $18.24 in Wednesday trading, though volume was well above average at 6.57 million shares. The company’s market cap was about $2.61 billion, with a 12-month range of $10.82 to $26.65.
• Magnite recently beat earnings expectations, reporting EPS of $0.13 versus the $0.11 consensus and revenue of $164.37 million, up 5.5% year over year. Analysts currently hold a consensus rating of Moderate Buy with a target price of $23.89.

Magnite, Inc. (NASDAQ:MGNI - Get Free Report) CTO David Buonasera sold 11,233 shares of the firm's stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $18.00, for a total transaction of $202,194.00. Following the completion of the sale, the chief technology officer owned 280,494 shares of the company's stock, valued at approximately $5,048,892. This trade represents a 3.85% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available 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 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 stock was sold at an average price of $15.00, for a total transaction of $21,135.00.

Magnite Stock Down 1.7%

MGNI stock traded down $0.31 on Wednesday, hitting $18.24. 6,567,789 shares of the company's stock were exchanged, 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 firm has a 50 day moving average price of $13.73 and a two-hundred day moving average price of $13.91. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.02 and a current ratio of 1.02. The stock 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 announced its earnings results on Wednesday, May 6th. The company reported $0.13 earnings per share for the quarter, topping the consensus estimate of $0.11 by $0.02. Magnite had a return on equity of 8.40% and a net margin of 21.96%.The firm had revenue of $164.37 million for the quarter, compared to the consensus estimate of $159.24 million. During the same period in the previous year, the business earned $0.12 EPS. The firm's revenue for the quarter was up 5.5% on a year-over-year basis. As a group, equities research analysts expect that Magnite, Inc. will post 0.6 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Rosenblatt Securities restated a "buy" rating and set a $39.00 price target on shares of Magnite in a research note on Thursday, February 26th. Scotiabank boosted their target price on shares of Magnite from $16.00 to $17.00 and gave the stock a "sector outperform" rating in a research report on Thursday, May 7th. Benchmark dropped their target price on shares of Magnite from $31.00 to $30.00 and set a "buy" rating on the stock in a research report on Thursday, February 26th. Wells Fargo & Company boosted their target price on shares of Magnite from $13.00 to $15.00 and gave the stock an "equal weight" rating in a research report on Friday, May 8th. Finally, Royal Bank Of Canada reissued an "outperform" rating on shares of Magnite in a report on Thursday, May 28th. Eight equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $23.89.

Institutional Trading of Magnite

Large investors have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. boosted its position in Magnite by 28.9% in the third quarter. JPMorgan Chase & Co. now owns 1,209,413 shares of the company's stock valued at $26,341,000 after buying an additional 271,325 shares during the last quarter. Kopion Asset Management LLC boosted its position in Magnite by 149.2% in the fourth quarter. Kopion Asset Management LLC now owns 614,459 shares of the company's stock valued at $9,973,000 after buying an additional 367,858 shares during the last quarter. Stephens Investment Management Group LLC boosted its position in Magnite by 17.0% in the fourth quarter. Stephens Investment Management Group LLC now owns 1,128,578 shares of the company's stock valued at $18,317,000 after buying an additional 164,035 shares during the last quarter. Kennedy Capital Management LLC boosted its holdings in shares of Magnite by 39.6% in the 3rd quarter. Kennedy Capital Management LLC now owns 1,213,613 shares of the company's stock valued at $26,432,000 after acquiring an additional 344,466 shares during the last quarter. Finally, Picton Mahoney Asset Management boosted its holdings in shares of Magnite by 203.0% in the 3rd quarter. Picton Mahoney Asset Management now owns 387,332 shares of the company's stock valued at $8,436,000 after acquiring an additional 259,482 shares during the last quarter. Hedge funds and other institutional investors own 73.40% of the company's stock.

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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