Magnite, Inc. (NASDAQ:MGNI – Get Free Report) CTO David Buonasera sold 1,043 shares of the business’s stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $25.00, for a total transaction of $26,075.00. Following the completion of the transaction, the chief technology officer directly owned 246,320 shares of the company’s stock, valued at $6,158,000. This trade represents a 0.42% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available 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 shares were sold at an average price of $23.42, for a total value 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 value 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 value 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 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 shares were 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 shares were sold at an average price of $17.00, for a total value of $17,969.00.
Magnite Stock Performance
Shares of Magnite stock opened at $24.14 on Friday. The company has a market capitalization of $3.46 billion, a PE ratio of 22.15, a P/E/G ratio of 1.07 and a beta of 2.30. The company has a 50-day simple moving average of $21.64 and a two-hundred day simple moving average of $16.42. Magnite, Inc. has a one year low of $10.82 and a one year high of $26.19. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.03 and a current ratio of 1.02.
Institutional Investors Weigh In On Magnite
A number of institutional investors and hedge funds have recently modified their holdings of the company. Corient Private Wealth LP acquired a new position in Magnite in the 2nd quarter worth approximately $481,000. California State Teachers Retirement System lifted its stake in Magnite by 1,749.8% during the 2nd quarter. California State Teachers Retirement System now owns 3,265,452 shares of the company’s stock valued at $61,978,000 after acquiring an additional 3,088,924 shares during the period. Nykredit A S purchased a new stake in shares of Magnite in the 2nd quarter valued at $25,000. Two Sigma Securities LLC increased its stake in shares of Magnite by 75.4% in the second quarter. Two Sigma Securities LLC now owns 21,097 shares of the company’s stock worth $400,000 after acquiring an additional 9,066 shares during the period. Finally, Alyeska Investment Group L.P. acquired a new stake in shares of Magnite in the second quarter worth $6,203,000. Institutional investors and hedge funds own 73.40% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of equities analysts have recently issued reports on the company. Susquehanna upped their price target on Magnite from $22.00 to $30.00 and gave the stock a “positive” rating in a research report on Thursday, August 6th. BTIG Research raised their price objective on Magnite from $20.00 to $27.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Evercore restated an “outperform” rating and set a $25.00 target price on shares of Magnite in a research note on Thursday, August 6th. Rosenblatt Securities upped their target price on Magnite from $39.00 to $40.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Finally, Benchmark increased their price target on Magnite from $30.00 to $33.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Nine equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, Magnite currently has an average rating of “Moderate Buy” and a consensus target price of $28.80.
Get Our Latest Stock Report 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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