David Buonasera Sells 1,409 Shares of Magnite (NASDAQ:MGNI) Stock

Magnite, Inc. (NASDAQ:MGNI) CTO David Buonasera sold 1,409 shares of Magnite stock in a transaction on Monday, June 1st. The shares were sold at an average price of $15.00, for a total value of $21,135.00. Following the sale, the chief technology officer directly owned 292,784 shares of the company’s stock, valued at approximately $4,391,760. This trade represents a 0.48% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Magnite Trading Up 2.8%

Shares of NASDAQ MGNI opened at $14.86 on Friday. 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 has a fifty day simple moving average of $13.05 and a two-hundred day simple moving average of $13.80. The firm has a market cap of $2.13 billion, a PE ratio of 14.29, a price-to-earnings-growth ratio of 0.68 and a beta of 2.32. Magnite, Inc. has a twelve month low of $10.82 and a twelve month high of $26.65.

Magnite (NASDAQ:MGNI) last issued its earnings results on Wednesday, May 6th. The company reported $0.13 earnings per share for the quarter, beating analysts’ consensus estimates of $0.11 by $0.02. The business 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 period in the previous year, the company posted $0.12 EPS. Analysts expect that Magnite, Inc. will post 0.6 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the stock. Optiver Holding B.V. raised its position 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 worth $66,000 after acquiring an additional 5,383 shares in the last quarter. Bank of America Corp DE raised its position 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 worth $13,367,000 after acquiring an additional 473,243 shares in the last quarter. Amundi increased its position in Magnite by 74.8% during 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 increased its position in Magnite by 29.3% during 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 increased its position in Magnite by 144.3% during 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. 73.40% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on MGNI shares. Rosenblatt Securities reaffirmed a “buy” rating and set a $39.00 target price on shares of Magnite in a research report on Thursday, February 26th. Weiss Ratings raised Magnite from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, May 11th. 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 research report on Friday, May 8th. Evercore reissued an “outperform” rating and issued a $21.00 price target on shares of Magnite in a research report on Thursday, May 7th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $25.00 price target on shares of Magnite in a research report on Thursday, April 16th. Seven investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, Magnite presently has a consensus rating of “Moderate Buy” and a consensus price target of $24.38.

About Magnite

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).