Key Points
- Magnite CTO David Buonasera sold 1,409 shares on June 1 at an average price of $15.00, for proceeds of about $21,135. The sale was made under a pre-arranged Rule 10b5-1 trading plan.
- After the transaction, Buonasera still owned 292,784 shares of Magnite, valued at roughly $4.39 million. His position decreased by only 0.48%.
- Magnite recently beat quarterly expectations, reporting EPS of $0.13 versus $0.11 expected and revenue of $164.37 million versus $159.24 million expected. Analysts currently rate the stock a Moderate Buy with an average target price of $24.38.
Magnite, Inc. (NASDAQ:MGNI - Get Free Report) CTO David Buonasera sold 1,409 shares of the company's stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $15.00, for a total value of $21,135.00. Following the completion of the sale, the chief technology officer owned 292,784 shares in the company, valued at approximately $4,391,760. This represents a 0.48% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Magnite Stock Performance
MGNI opened at $14.45 on Thursday. The stock has a market cap of $2.07 billion, a P/E ratio of 13.89, a P/E/G ratio of 0.70 and a beta of 2.32. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.02 and a quick ratio of 1.02. The stock's 50 day simple moving average is $12.99 and its 200 day simple moving average is $13.79. Magnite, Inc. has a 1-year low of $10.82 and a 1-year high of $26.65.
Magnite (NASDAQ:MGNI - Get Free Report) last released its quarterly earnings results on Wednesday, May 6th. The company reported $0.13 earnings per share for the quarter, topping analysts' consensus estimates of $0.11 by $0.02. The business had revenue of $164.37 million for the quarter, compared to analysts' expectations of $159.24 million. Magnite had a return on equity of 8.40% and a net margin of 21.96%.The company's revenue was up 5.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.12 EPS. As a group, equities analysts anticipate that Magnite, Inc. will post 0.6 EPS for the current fiscal year.
Institutional Investors Weigh In On Magnite
Large investors have recently bought and sold shares of the stock. Neo Ivy Capital Management acquired a new stake in Magnite during the 3rd quarter valued at $27,000. US Bancorp DE boosted its holdings in shares of Magnite by 75.8% during the third quarter. US Bancorp DE now owns 1,596 shares of the company's stock worth $35,000 after purchasing an additional 688 shares during the last quarter. State of Wyoming acquired a new stake in shares of Magnite during the third quarter worth $39,000. Strategic Advocates LLC acquired a new stake in shares of Magnite during the third quarter worth $42,000. Finally, PNC Financial Services Group Inc. boosted its holdings in shares of Magnite by 45.1% during the third quarter. PNC Financial Services Group Inc. now owns 2,428 shares of the company's stock worth $53,000 after purchasing an additional 755 shares during the last quarter. Institutional investors and hedge funds own 73.40% of the company's stock.
Wall Street Analyst Weigh In
A number of equities research analysts have commented on MGNI shares. 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. Evercore reiterated an "outperform" rating and set a $21.00 target price on shares of Magnite in a report on Thursday, May 7th. Needham & Company LLC reiterated a "buy" rating and set a $25.00 target price on shares of Magnite in a report on Thursday, April 16th. Rosenblatt Securities reiterated a "buy" rating and set a $39.00 target price on shares of Magnite in a report on Thursday, February 26th. Finally, 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. Seven investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $24.38.
View Our Latest Analysis on Magnite
About Magnite
(
Get Free Report)
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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