Key Points
- Magnite CTO David Buonasera sold 5,371 shares at an average price of $23.42, generating $125,788.82. The transaction was made under a pre-arranged Rule 10b5-1 trading plan, leaving him with 247,363 shares.
- Magnite recently reported stronger-than-expected quarterly results, with EPS of $0.26 versus a $0.24 consensus estimate and revenue of $192.82 million, up 11.3% year over year.
- Analysts maintain a generally positive view, with nine Buy ratings and two Holds, producing a “Moderate Buy” consensus and an average price target of $28.80 versus the reported share price of $24.63.
Magnite, Inc. (NASDAQ:MGNI - Get Free Report) CTO David Buonasera sold 1,043 shares of the business's stock in a transaction dated Wednesday, September 2nd. The stock was sold at an average price of $25.00, for a total transaction of $26,075.00. Following the sale, the chief technology officer owned 246,320 shares in the company, valued at $6,158,000. This trade represents a 0.42% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible 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 Tuesday, September 1st, David Buonasera sold 5,371 shares of Magnite stock. The stock was sold at an average price of $23.42, for a total transaction of $125,788.82.
- 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 transaction 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 transaction 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 transaction of $187,520.00.
- 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 transaction 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 transaction of $17,969.00.
Magnite Price Performance
Shares of NASDAQ:MGNI opened at $24.63 on Friday. The firm has a market capitalization of $3.53 billion, a P/E ratio of 22.60, a P/E/G ratio of 1.09 and a beta of 2.30. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.02 and a quick ratio of 1.03. Magnite, Inc. has a 12 month low of $10.82 and a 12 month high of $26.19. The company's fifty day moving average price is $21.53 and its 200 day moving average price is $16.37.
Magnite (NASDAQ:MGNI - Get Free Report) last announced its earnings results on Wednesday, August 5th. The company reported $0.26 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 analysts' expectations of $179.15 million. During the same period in the previous year, the company posted $0.20 EPS. The company's quarterly revenue was up 11.3% on a year-over-year basis. As a group, sell-side analysts predict that Magnite, Inc. will post 0.61 earnings per share for the current fiscal year.
Analysts Set New Price Targets
A number of brokerages have recently commented on MGNI. Rosenblatt Securities upped their target price on shares of Magnite from $39.00 to $40.00 and gave the company a "buy" rating in a report on Thursday, August 6th. Scotiabank reiterated an "outperform" rating and issued a $27.00 price objective on shares of Magnite in a research report on Thursday, August 6th. Evercore reissued an "outperform" rating and issued a $25.00 price objective on shares of Magnite in a research note on Thursday, August 6th. Weiss Ratings restated a "hold (c)" rating on shares of Magnite in a research report on Friday, August 7th. Finally, Benchmark lifted their target price on shares of Magnite from $30.00 to $33.00 and gave the company a "buy" rating in a report on Thursday, August 6th. Nine investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $28.80.
View Our Latest Research Report on MGNI
Hedge Funds Weigh In On Magnite
A number of institutional investors have recently modified their holdings of MGNI. Nykredit A S purchased a new stake in Magnite in the 2nd quarter worth approximately $25,000. EFG International AG purchased a new position in shares of Magnite during the 2nd quarter worth $28,000. Allworth Financial LP purchased a new position in shares of Magnite during the 2nd quarter worth $30,000. 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. Finally, PNC Financial Services Group Inc. boosted its holdings in shares of Magnite by 106.3% during the first quarter. PNC Financial Services Group Inc. now owns 3,783 shares of the company's stock worth $45,000 after purchasing an additional 1,949 shares during the last quarter. Institutional investors and hedge funds own 73.40% of the company's stock.
Magnite Company Profile
(
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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