Key Points
- Magnite director Robert Spillane sold 10,363 shares at an average price of $23.76, generating approximately $246,225 and reducing his holdings by 15.22% to 57,715 shares.
- Magnite reported quarterly EPS of $0.26, exceeding estimates by $0.02, while revenue reached $192.82 million, up 11.3% year over year and above expectations.
- Analysts maintain a “Moderate Buy” consensus rating with an average price target of $28.80; the stock recently traded near $23.78, compared with a 12-month range of $10.82 to $26.19.
Magnite, Inc. (NASDAQ:MGNI - Get Free Report) CTO David Buonasera sold 1,165 shares of the firm's stock in a transaction dated Monday, September 14th. The stock was sold at an average price of $24.00, for a total transaction of $27,960.00. Following the completion of the transaction, the chief technology officer owned 245,155 shares of the company's stock, valued at approximately $5,883,720. The trade was a 0.47% 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 Wednesday, September 2nd, David Buonasera sold 1,043 shares of Magnite stock. The shares were sold at an average price of $25.00, for a total transaction of $26,075.00.
- On Tuesday, September 1st, David Buonasera sold 5,371 shares of Magnite stock. The shares were 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.
Magnite Price Performance
Shares of NASDAQ:MGNI opened at $23.78 on Thursday. The company's fifty day moving average is $22.23 and its two-hundred day moving average is $17.11. The company has a quick ratio of 1.03, a current ratio of 1.02 and a debt-to-equity ratio of 0.37. Magnite, Inc. has a 12-month low of $10.82 and a 12-month high of $26.19. The company has a market cap of $3.41 billion, a P/E ratio of 21.82, a price-to-earnings-growth ratio of 0.93 and a beta of 2.30.
Magnite (NASDAQ:MGNI - Get Free Report) last issued its earnings results on Wednesday, August 5th. The company reported $0.26 EPS for the quarter, topping the consensus estimate of $0.24 by $0.02. Magnite had a return on equity of 9.33% and a net margin of 22.49%.The business had revenue of $192.82 million during the quarter, compared to analysts' expectations of $179.15 million. During the same quarter last year, the firm posted $0.20 earnings per share. Magnite's revenue was up 11.3% compared to the same quarter last year. Equities analysts expect that Magnite, Inc. will post 0.68 earnings per share for the current fiscal year.
Analyst Ratings Changes
A number of brokerages have commented on MGNI. Royal Bank Of Canada raised their price objective on Magnite from $20.00 to $27.00 and gave the stock an "outperform" rating in a research report on Thursday, August 6th. Susquehanna upped their target price on Magnite from $22.00 to $30.00 and gave the company a "positive" rating in a report on Thursday, August 6th. Weiss Ratings reissued a "hold (c)" rating on shares of Magnite in a research report on Friday, August 7th. Rosenblatt Securities raised their price target on shares of Magnite from $39.00 to $40.00 and gave the stock a "buy" rating in a report on Thursday, August 6th. Finally, BTIG Research reaffirmed a "buy" rating and set a $27.00 price objective on shares of Magnite in a research report on Wednesday, September 9th. Nine investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $28.80.
Read Our Latest Stock Report on Magnite
Institutional Trading of Magnite
Institutional investors have recently bought and sold shares of the company. BlackRock Inc. acquired a new stake in Magnite in the second quarter valued at approximately $241,296,000. Capital Research Global Investors increased its stake in shares of Magnite by 85.0% during the 4th quarter. Capital Research Global Investors now owns 12,920,289 shares of the company's stock worth $209,696,000 after purchasing an additional 5,937,428 shares during the last quarter. Canada Pension Plan Investment Board acquired a new position in shares of Magnite during the 2nd quarter worth $56,847,000. 325 Capital LLC raised its holdings in shares of Magnite by 208.5% during the 4th quarter. 325 Capital LLC now owns 2,005,387 shares of the company's stock valued at $32,547,000 after purchasing an additional 1,355,326 shares in the last quarter. Finally, Bank of America Corp DE bought a new position in shares of Magnite during the 2nd quarter valued at $22,431,000. Institutional investors and hedge funds own 73.40% of the company's stock.
Magnite Company Profile
(
Get Free Report)
Magnite, Inc is an independent sell-side advertising technology company that operates a global platform for digital media owners and app developers. Its technology helps publishers and media companies manage, package, sell and optimize advertising inventory across connected television (CTV), online video, mobile, desktop, audio and digital out-of-home channels.
Magnite's platform connects publishers with agencies, brands and demand-side platforms, supporting automated, data-driven programmatic advertising transactions.
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