Key Points
- Magnite CTO David Buonasera sold 1,224 shares on July 7 at an average price of $21.00, totaling $25,704. After the sale, he still held 268,485 shares valued at about $5.64 million.
- The CTO has been a frequent seller recently, with multiple transactions in late June and early July, including a July 1 sale of 9,376 shares for $187,520.
- Magnite’s stock has been showing strong recent performance, opening at $21.22 with a 52-week range of $10.82 to $26.65, while analysts currently rate it a “Moderate Buy” with a consensus target price of $23.89.
Magnite, Inc. (NASDAQ:MGNI - Get Free Report) CTO David Buonasera sold 1,224 shares of the business's stock in a transaction on Tuesday, July 7th. The shares were sold at an average price of $21.00, for a total transaction of $25,704.00. Following the transaction, the chief technology officer owned 268,485 shares of the company's stock, valued at $5,638,185. This trade represents a 0.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.
David Buonasera also recently made the following trade(s):
- 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 stock was 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 stock was 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
NASDAQ:MGNI opened at $21.22 on Friday. The stock has a market cap of $3.04 billion, a P/E ratio of 20.40, a PEG ratio of 1.03 and a beta of 2.25. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.38. The business's 50-day moving average price is $15.90 and its two-hundred day moving average price is $14.36. Magnite, Inc. has a twelve month low of $10.82 and a twelve month high of $26.65.
Magnite (NASDAQ:MGNI - Get Free Report) last issued its quarterly earnings data on Wednesday, May 6th. The company reported $0.13 EPS for the quarter, topping the consensus estimate of $0.11 by $0.02. The company had revenue of $164.37 million during the quarter, compared to analyst estimates of $159.24 million. Magnite had a return on equity of 8.40% and a net margin of 21.96%.Magnite's revenue was up 5.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.12 earnings per share. As a group, equities analysts predict that Magnite, Inc. will post 0.55 EPS for the current fiscal year.
Hedge Funds Weigh In On Magnite
Institutional investors and hedge funds have recently made changes to their positions in the business. JPMorgan Chase & Co. grew its stake in shares of Magnite by 28.9% during the third quarter. JPMorgan Chase & Co. now owns 1,209,413 shares of the company's stock valued at $26,341,000 after buying an additional 271,325 shares during the last quarter. Kopion Asset Management LLC lifted its stake in shares of Magnite by 149.2% in the 4th quarter. Kopion Asset Management LLC now owns 614,459 shares of the company's stock valued at $9,973,000 after acquiring an additional 367,858 shares during the last quarter. Stephens Investment Management Group LLC increased its stake in Magnite by 17.0% in the 4th quarter. Stephens Investment Management Group LLC now owns 1,128,578 shares of the company's stock worth $18,317,000 after purchasing an additional 164,035 shares during the period. Royce & Associates LP lifted its position in Magnite by 19.5% in the fourth quarter. Royce & Associates LP now owns 1,166,469 shares of the company's stock valued at $18,932,000 after purchasing an additional 190,318 shares during the last quarter. Finally, Kennedy Capital Management LLC lifted its position in Magnite by 39.6% in the third quarter. Kennedy Capital Management LLC now owns 1,213,613 shares of the company's stock valued at $26,432,000 after purchasing an additional 344,466 shares during the last quarter. Institutional investors own 73.40% of the company's stock.
Wall Street Analysts Forecast Growth
A number of equities analysts have recently commented on the stock. Royal Bank Of Canada reissued an "outperform" rating on shares of Magnite in a report on Thursday, May 28th. Scotiabank lifted their price objective on shares of Magnite from $16.00 to $17.00 and gave the stock a "sector outperform" rating in a report on Thursday, May 7th. Weiss Ratings upgraded shares of Magnite from a "hold (c-)" rating to a "hold (c)" rating in a research report on Monday, May 11th. Needham & Company LLC reissued a "buy" rating and issued a $25.00 target price on shares of Magnite in a research note on Thursday, April 16th. Finally, BTIG Research assumed coverage on Magnite in a report on Tuesday, June 9th. They issued a "buy" rating and a $20.00 price objective for the company. Eight analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $23.89.
Check Out Our Latest Report on MGNI
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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