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

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

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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 value of $26,771.00.
• On Tuesday, June 16th, David Buonasera sold 11,233 shares of Magnite stock. The stock was sold at an average price of $18.00, for a total value of $202,194.00.
• 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 value of $21,135.00.

Magnite Price Performance

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NASDAQ MGNI opened at $18.24 on Thursday. The stock's 50-day moving average price is $13.85 and its two-hundred day moving average price is $13.94. 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 company has a market cap of $2.61 billion, a PE ratio of 17.54, a PEG ratio of 0.88 and a beta of 2.32. Magnite, Inc. has a 1 year low of $10.82 and a 1 year high of $26.65.

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Magnite (NASDAQ:MGNI - Get Free Report) last posted its quarterly earnings data on Wednesday, May 6th. The company reported $0.13 earnings per share (EPS) 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 quarter in the previous year, the company earned $0.12 EPS. The business's revenue for the quarter was up 5.5% compared to the same quarter last year. On average, analysts predict that Magnite, Inc. will post 0.6 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on MGNI shares. Royal Bank Of Canada reaffirmed an "outperform" rating on shares of Magnite in a research note on Thursday, May 28th. Rosenblatt Securities reaffirmed a "buy" rating and set a $39.00 target price on shares of Magnite in a research note on Thursday, February 26th. Evercore reaffirmed an "outperform" rating and set a $21.00 target price on shares of Magnite in a research note on Thursday, May 7th. Needham & Company LLC reaffirmed a "buy" rating and set a $25.00 target price on shares of Magnite in a research note on Thursday, April 16th. Finally, Benchmark lowered their target price on Magnite from $31.00 to $30.00 and set a "buy" rating on the stock in a research note on Thursday, February 26th. Eight investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, Magnite currently has a consensus rating of "Moderate Buy" and a consensus price target of $23.89.

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View Our Latest Analysis on MGNI

Institutional Investors Weigh In On Magnite

Several large investors have recently made changes to their positions in the company. Optiver Holding B.V. grew its stake in shares of Magnite by 2,746.4% in the 1st quarter. Optiver Holding B.V. now owns 5,579 shares of the company's stock valued at $66,000 after buying an additional 5,383 shares in the last quarter. Bank of America Corp DE grew its stake in shares of Magnite by 72.6% in the 1st quarter. Bank of America Corp DE now owns 1,125,196 shares of the company's stock valued at $13,367,000 after buying an additional 473,243 shares in the last quarter. Amundi grew its stake in shares of Magnite by 74.8% in the 1st quarter. Amundi now owns 22,817 shares of the company's stock valued at $271,000 after buying an additional 9,764 shares in the last quarter. California State Teachers Retirement System grew its stake in shares of Magnite by 29.3% in the 1st quarter. California State Teachers Retirement System now owns 176,528 shares of the company's stock valued at $2,097,000 after buying an additional 40,004 shares in the last quarter. Finally, Quantinno Capital Management LP grew its stake in shares of Magnite by 144.3% in the 1st quarter. Quantinno Capital Management LP now owns 128,133 shares of the company's stock valued at $1,522,000 after buying an additional 75,686 shares in the last quarter. Institutional investors own 73.40% of the company's stock.

Key Headlines Impacting Magnite

Here are the key news stories impacting Magnite this week:

• Positive Sentiment: Magnite announced a partnership with Viasat Aviation to bring programmatic advertising to in-flight screens, expanding its connected advertising reach and potentially opening a new revenue channel. Magnite and Viasat Aviation Partner to Bring Programmatic Advertising to In-Flight Screens
• Positive Sentiment: Investor sentiment appears strong, with unusual call-option activity showing a sharp jump in bullish bets on Magnite shares. Investors Purchase High Volume of Magnite Call Options (NASDAQ:MGNI)
• Positive Sentiment: Recent coverage notes Magnite shares have been gaining for multiple weeks, suggesting momentum traders are still interested despite mixed longer-term earnings-revision signals. MGNI stock eyes fifth week of gains: Magnite executives file plans to sell shares, but retail is unfazed
• Neutral Sentiment: Magnite’s stock saw unusually heavy trading and a strong session, but analysts warned that recent earnings estimate revisions may limit further near-term upside. Magnite (MGNI) Moves 10.8% Higher: Will This Strength Last?
• Negative Sentiment: Several Magnite executives and a director disclosed stock sales, including large sales by CEO Michael Barrett and CTO David Buonasera, which can weigh on investor sentiment even if the sales were preplanned or routine.

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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