Magnite, Inc. (NASDAQ:MGNI – Get Free Report) CTO David Buonasera sold 11,233 shares of the stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $18.00, for a total transaction of $202,194.00. Following the sale, the chief technology officer directly owned 280,494 shares of the company’s stock, valued at $5,048,892. This represents a 3.85% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website.
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 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 stock was sold at an average price of $15.00, for a total transaction of $21,135.00.
Magnite Price Performance
Shares of NASDAQ MGNI opened at $18.24 on Thursday. The company has a market capitalization of $2.61 billion, a PE ratio of 17.54, a P/E/G ratio of 0.88 and a beta of 2.32. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.38. Magnite, Inc. has a twelve month low of $10.82 and a twelve month high of $26.65. The firm has a fifty day simple moving average of $13.85 and a 200 day simple moving average of $13.94.
Institutional Trading of Magnite
Large investors have recently made changes to their positions in the company. Neo Ivy Capital Management acquired a new position in Magnite during the 3rd quarter worth approximately $27,000. US Bancorp DE increased 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 valued at $35,000 after acquiring an additional 688 shares in the last quarter. Strategic Advocates LLC bought a new stake in shares of Magnite during the third quarter valued at approximately $42,000. PNC Financial Services Group Inc. raised its position in shares of Magnite by 45.1% during the third quarter. PNC Financial Services Group Inc. now owns 2,428 shares of the company’s stock worth $53,000 after purchasing an additional 755 shares during the period. Finally, Central Pacific Bank Trust Division acquired a new position in shares of Magnite during the fourth quarter worth approximately $41,000. 73.40% of the stock is currently owned by institutional investors and hedge funds.
Key Magnite News
Here are the key news stories impacting Magnite this week:
- Positive Sentiment: Magnite announced a partnership with Viasat Aviation to bring programmatic advertising to in-flight screens, expanding its connected advertising reach and potentially opening a new revenue channel. Magnite and Viasat Aviation Partner to Bring Programmatic Advertising to In-Flight Screens
- Positive Sentiment: Investor sentiment appears strong, with unusual call-option activity showing a sharp jump in bullish bets on Magnite shares. Investors Purchase High Volume of Magnite Call Options (NASDAQ:MGNI)
- Positive Sentiment: Recent coverage notes Magnite shares have been gaining for multiple weeks, suggesting momentum traders are still interested despite mixed longer-term earnings-revision signals. MGNI stock eyes fifth week of gains: Magnite executives file plans to sell shares, but retail is unfazed
- Neutral Sentiment: Magnite’s stock saw unusually heavy trading and a strong session, but analysts warned that recent earnings estimate revisions may limit further near-term upside. Magnite (MGNI) Moves 10.8% Higher: Will This Strength Last?
- Negative Sentiment: Several Magnite executives and a director disclosed stock sales, including large sales by CEO Michael Barrett and CTO David Buonasera, which can weigh on investor sentiment even if the sales were preplanned or routine.
Wall Street Analyst Weigh In
Several research firms recently commented on MGNI. BTIG Research began coverage on Magnite in a research note on Tuesday, June 9th. They set a “buy” rating and a $20.00 target price for the company. Evercore restated an “outperform” rating and set a $21.00 price target on shares of Magnite in a report on Thursday, May 7th. Wells Fargo & Company raised their price objective on shares of Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a research report on Friday, May 8th. Weiss Ratings upgraded shares of Magnite from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, May 11th. Finally, Scotiabank boosted their target price on shares of Magnite from $16.00 to $17.00 and gave the company a “sector outperform” rating in a research report on Thursday, May 7th. Eight research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $23.89.
Read Our Latest Analysis on MGNI
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).
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