Insider Selling: Magnite (NASDAQ:MGNI) CTO Sells $125,788.82 in Stock

Magnite, Inc. (NASDAQ:MGNI) CTO David Buonasera sold 5,371 shares of the stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $23.42, for a total transaction of $125,788.82. Following the sale, the chief technology officer owned 247,363 shares of the company’s stock, valued at approximately $5,793,241.46. This represents a 2.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Wednesday, September 2nd, David Buonasera sold 1,043 shares of Magnite stock. The shares were sold at an average price of $25.00, for a total value of $26,075.00.
• On Thursday, August 6th, David Buonasera sold 7,649 shares of Magnite stock. The shares were sold at an average price of $23.46, for a total value of $179,445.54.
• On Tuesday, July 7th, David Buonasera sold 1,224 shares of Magnite stock. The stock was sold at an average price of $21.00, for a total value of $25,704.00.
• On Wednesday, July 1st, David Buonasera sold 9,376 shares of Magnite stock. The stock was sold at an average price of $20.00, for a total value of $187,520.00.
• 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 value 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 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.

Magnite Stock Performance

Shares of MGNI stock opened at $24.14 on Friday. The stock has a fifty day moving average of $21.64 and a 200 day moving average of $16.42. Magnite, Inc. has a 52 week low of $10.82 and a 52 week high of $26.19. The firm has a market capitalization of $3.46 billion, a price-to-earnings ratio of 22.15, a PEG ratio of 1.05 and a beta of 2.30. The company has a quick ratio of 1.03, a current ratio of 1.02 and a debt-to-equity ratio of 0.37.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.24 by $0.02. Magnite had a net margin of 22.49% and a return on equity of 9.33%. The business had revenue of $192.82 million for the quarter, compared to the consensus estimate of $179.15 million. During the same period in the previous year, the firm earned $0.20 EPS. The company’s quarterly revenue was up 11.3% compared to the same quarter last year. As a group, research analysts expect that Magnite, Inc. will post 0.61 earnings per share for the current year.

Analyst Upgrades and Downgrades

MGNI has been the subject of a number of research reports. BTIG Research increased their price target on shares of Magnite from $20.00 to $27.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. Royal Bank Of Canada lifted their price objective on Magnite from $20.00 to $27.00 and gave the company an “outperform” rating in a research report on Thursday, August 6th. B. Riley Financial upped their target price on Magnite from $20.00 to $27.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. Rosenblatt Securities increased their target price on Magnite from $39.00 to $40.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Finally, Needham & Company LLC raised their target price on Magnite from $25.00 to $30.00 and gave the company a “buy” rating in a research note on Thursday. Nine investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $28.80.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Corient Private Wealth LP purchased a new stake in Magnite in the second quarter worth about $481,000. California State Teachers Retirement System increased its stake in shares of Magnite by 1,749.8% during the second quarter. California State Teachers Retirement System now owns 3,265,452 shares of the company’s stock valued at $61,978,000 after purchasing an additional 3,088,924 shares in the last quarter. Nykredit A S purchased a new position in shares of Magnite during the second quarter valued at approximately $25,000. Two Sigma Securities LLC boosted its position in shares of Magnite by 75.4% in the 2nd quarter. Two Sigma Securities LLC now owns 21,097 shares of the company’s stock worth $400,000 after purchasing an additional 9,066 shares in the last quarter. Finally, Alyeska Investment Group L.P. bought a new stake in shares of Magnite in the 2nd quarter worth approximately $6,203,000. 73.40% of the stock is currently owned by institutional investors.

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).