Insider Selling: Magnite (NASDAQ:MGNI) CTO Sells 1,409 Shares of Stock

Magnite, Inc. (NASDAQ:MGNI) CTO David Buonasera sold 1,409 shares of the company’s stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $19.00, for a total value of $26,771.00. Following the transaction, the chief technology officer directly owned 279,085 shares in the company, valued at approximately $5,302,615. The trade was a 0.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

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

• 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 value of $202,194.00.
• On Monday, June 15th, David Buonasera sold 1,057 shares of Magnite stock. The shares were sold at an average price of $17.00, for a total value of $17,969.00.
• 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 Stock Performance

Shares of NASDAQ:MGNI traded down $0.31 during midday trading on Wednesday, reaching $18.24. 6,567,789 shares of the company’s stock traded hands, compared to its average volume of 2,498,963. The company has a market cap of $2.61 billion, a price-to-earnings ratio of 17.54, a P/E/G ratio of 0.79 and a beta of 2.32. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.02 and a current ratio of 1.02. Magnite, Inc. has a one year low of $10.82 and a one year high of $26.65. The stock has a 50 day moving average of $13.73 and a 200 day moving average of $13.91.

Magnite (NASDAQ:MGNI) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $0.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.11 by $0.02. The firm had revenue of $164.37 million for the quarter, compared to the consensus estimate of $159.24 million. Magnite had a return on equity of 8.40% and a net margin of 21.96%.The company’s quarterly revenue was up 5.5% on a year-over-year basis. During the same period in the prior year, the company posted $0.12 earnings per share. As a group, equities research analysts anticipate that Magnite, Inc. will post 0.6 EPS for the current fiscal year.

Key Magnite News

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 Inflows and Outflows

Several institutional investors have recently made changes to their positions in MGNI. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Magnite by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 74,847 shares of the company’s stock worth $854,000 after buying an additional 3,267 shares during the period. Millennium Management LLC grew its position in shares of Magnite by 113.7% during the first quarter. Millennium Management LLC now owns 434,479 shares of the company’s stock worth $4,957,000 after purchasing an additional 231,213 shares in the last quarter. Jones Financial Companies Lllp grew its position in shares of Magnite by 24.3% during the first quarter. Jones Financial Companies Lllp now owns 7,276 shares of the company’s stock worth $83,000 after purchasing an additional 1,423 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Magnite by 9.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 404,717 shares of the company’s stock worth $4,618,000 after purchasing an additional 36,097 shares in the last quarter. Finally, Intech Investment Management LLC grew its position in shares of Magnite by 103.6% during the first quarter. Intech Investment Management LLC now owns 109,992 shares of the company’s stock worth $1,255,000 after purchasing an additional 55,971 shares in the last quarter. Institutional investors own 73.40% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on MGNI. BTIG Research began coverage on Magnite in a report on Tuesday, June 9th. They issued a “buy” rating and a $20.00 target price on the stock. Wells Fargo & Company increased their target price on Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a report on Friday, May 8th. Needham & Company LLC reissued a “buy” rating and issued a $25.00 target price on shares of Magnite in a report on Thursday, April 16th. Scotiabank increased their target price on Magnite from $16.00 to $17.00 and gave the company a “sector outperform” rating in a report on Thursday, May 7th. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating on shares of Magnite in a research note on Thursday, May 28th. Eight analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $23.89.

Magnite Company Profile

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).