Key Points
- Magnite CTO David Buonasera sold 9,376 shares on July 1 at an average price of $20.00, totaling $187,520. After the sale, he still held 269,709 shares valued at about $5.39 million.
- The sale followed several smaller insider transactions by Buonasera in June and early June, indicating a pattern of recent stock selling.
- Magnite has been showing solid operating momentum, with the latest quarterly results beating EPS and revenue estimates and analysts maintaining a consensus Moderate Buy rating with a target price of $23.89.
Magnite, Inc. (NASDAQ:MGNI - Get Free Report) CTO David Buonasera sold 9,376 shares of Magnite stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $20.00, for a total value of $187,520.00. Following the transaction, the chief technology officer directly owned 269,709 shares in the company, valued at approximately $5,394,180. The trade was a 3.36% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.
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 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 transaction of $202,194.00.
- 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 shares were sold at an average price of $15.00, for a total transaction of $21,135.00.
Magnite Stock Performance
MGNI opened at $20.38 on Friday. The company has a 50 day simple moving average of $15.13 and a two-hundred day simple moving average of $14.21. 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 firm has a market cap of $2.92 billion, a P/E ratio of 19.60, a PEG ratio of 1.03 and a beta of 2.25. 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 announced its quarterly earnings data on Wednesday, May 6th. The company reported $0.13 EPS for the quarter, beating the consensus estimate of $0.11 by $0.02. Magnite had a net margin of 21.96% and a return on equity of 8.40%. The firm had revenue of $164.37 million for the quarter, compared to the consensus estimate of $159.24 million. During the same period last year, the firm earned $0.12 EPS. The company's revenue was up 5.5% on a year-over-year basis. Equities analysts forecast that Magnite, Inc. will post 0.55 earnings per share for the current fiscal year.
Wall Street Analysts Forecast Growth
A number of equities research analysts have commented on MGNI shares. Scotiabank raised their price target on Magnite from $16.00 to $17.00 and gave the company a "sector outperform" rating 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 research report on Thursday, April 16th. BTIG Research initiated coverage on Magnite in a research note on Tuesday, June 9th. They set a "buy" rating and a $20.00 target price on the stock. Wells Fargo & Company boosted their price target on Magnite from $13.00 to $15.00 and gave the stock an "equal weight" rating in a report on Friday, May 8th. Finally, Weiss Ratings upgraded Magnite from a "hold (c-)" rating to a "hold (c)" rating in a research note on Monday, May 11th. 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, the company presently has an average rating of "Moderate Buy" and a consensus target price of $23.89.
Check Out Our Latest Stock Report on Magnite
Institutional Trading of Magnite
Institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its stake in Magnite by 1.0% in the 4th quarter. Vanguard Group Inc. now owns 14,802,630 shares of the company's stock worth $240,247,000 after purchasing an additional 148,198 shares in the last quarter. Capital Research Global Investors grew its position in shares of Magnite by 85.0% during the fourth quarter. Capital Research Global Investors now owns 12,920,289 shares of the company's stock valued at $209,696,000 after purchasing an additional 5,937,428 shares in the last quarter. Wellington Management Group LLP grew its position in shares of Magnite by 67.7% during the fourth quarter. Wellington Management Group LLP now owns 8,629,238 shares of the company's stock valued at $140,053,000 after purchasing an additional 3,484,689 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Magnite by 10.2% in the first quarter. Dimensional Fund Advisors LP now owns 3,983,674 shares of the company's stock worth $47,322,000 after purchasing an additional 367,854 shares during the last quarter. Finally, Granahan Investment Management LLC increased its holdings in shares of Magnite by 6.3% in the third quarter. Granahan Investment Management LLC now owns 3,873,179 shares of the company's stock worth $84,358,000 after purchasing an additional 230,393 shares during the last quarter. 73.40% of the stock is currently owned by institutional investors.
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).
Further Reading
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
