Magnite, Inc. (NASDAQ:MGNI – Get Free Report) CTO David Buonasera sold 871 shares of the business’s stock in a transaction dated Monday, November 9th. The stock was sold at an average price of $29.00, for a total transaction of $25,259.00. Following the sale, the chief technology officer directly owned 238,578 shares of the company’s stock, valued at $6,918,762. This represents a 0.36% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
David Buonasera also recently made the following trade(s):
- On Thursday, November 5th, David Buonasera sold 5,706 shares of Magnite stock. The stock was sold at an average price of $27.25, for a total transaction of $155,488.50.
- On Monday, September 14th, David Buonasera sold 1,165 shares of Magnite stock. The stock was sold at an average price of $24.00, for a total transaction of $27,960.00.
- 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.
Magnite Trading Up 0.4%
MGNI stock opened at $29.34 on Friday. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.36. Magnite, Inc. has a 12-month low of $10.82 and a 12-month high of $29.67. The stock has a market cap of $4.21 billion, a price-to-earnings ratio of 24.66, a PEG ratio of 0.97 and a beta of 2.44. The business’s 50-day moving average is $24.48 and its 200 day moving average is $18.13.
Magnite (NASDAQ:MGNI – Get Free Report) last posted its quarterly earnings data on Wednesday, November 4th. The company reported $0.33 EPS for the quarter, topping the consensus estimate of $0.29 by $0.04. Magnite had a return on equity of 10.94% and a net margin of 23.58%. The company had revenue of $204.20 million during the quarter, compared to analyst estimates of $190.19 million. During the same period in the previous year, the business earned $0.20 EPS. Magnite’s quarterly revenue was up 22.4% on a year-over-year basis. On average, sell-side analysts anticipate that Magnite, Inc. will post 0.62 EPS for the current fiscal year.
Latest Magnite News
These are some of the MGNI news items that stood out recently:
- Positive Sentiment: Magnite’s recent results provide a growth backdrop: it beat quarterly EPS and revenue estimates, with revenue up 22.4% year over year. A report also points to a raised outlook, while another highlights the expanded Gracenote connected-TV deal as a potential source of value. Magnite stock and raised outlook Magnite and Gracenote deal expansion
- Neutral Sentiment: One valuation analysis says MGNI may be near fair value despite the raised outlook, tempering the more optimistic view that the expanded Gracenote deal leaves the shares undervalued. Magnite valuation analysis
- Negative Sentiment: SEC disclosures show multiple Magnite directors and executives sold shares in transactions dated November 9 and 11. Together, the reported sales totaled about 91,963 shares, worth approximately $2.67 million. The largest disclosed sale was by director James Rossman; CTO David Buonasera’s smaller sale was made under a pre-arranged trading plan. Insider selling can raise concerns about near-term sentiment, although sellers retained substantial holdings. Magnite insider sale report James Rossman SEC filing
Analyst Upgrades and Downgrades
Several analysts recently commented on MGNI shares. Rosenblatt Securities reiterated a “buy” rating and set a $40.00 price target on shares of Magnite in a research report on Friday, October 2nd. Weiss Ratings downgraded Magnite from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, November 4th. Susquehanna raised their price objective on Magnite from $30.00 to $35.00 and gave the company a “positive” rating in a report on Thursday, November 5th. Royal Bank Of Canada lifted their target price on shares of Magnite from $27.00 to $30.00 and gave the stock an “outperform” rating in a research note on Thursday, November 5th. Finally, Benchmark lifted their target price on shares of Magnite from $30.00 to $33.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. Ten equities 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 stock has an average rating of “Moderate Buy” and a consensus price target of $31.00.
Read Our Latest Analysis on Magnite
Institutional Trading of Magnite
Several large investors have recently bought and sold shares of MGNI. Covestor Ltd raised its holdings in Magnite by 562.1% in the 3rd quarter. Covestor Ltd now owns 1,066 shares of the company’s stock valued at $26,000 after acquiring an additional 905 shares during the last quarter. Nykredit A S acquired a new position in shares of Magnite during the 2nd quarter worth approximately $25,000. EFG International AG acquired a new position in shares of Magnite during the 2nd quarter worth approximately $28,000. Allworth Financial LP acquired a new position in shares of Magnite during the 2nd quarter worth approximately $30,000. Finally, Signaturefd LLC grew its position in shares of Magnite by 35.8% in the third quarter. Signaturefd LLC now owns 1,715 shares of the company’s stock valued at $43,000 after purchasing an additional 452 shares in the last quarter. Hedge funds and other institutional investors own 73.40% of the company’s stock.
Magnite Company Profile
Magnite, Inc. operates a sell-side advertising platform that helps publishers, streaming services and app developers sell digital advertising inventory through programmatic auctions. Its technology connects those sellers with advertisers and their agencies seeking to buy ad placements. The company supports advertising across connected TV, online video, mobile applications and desktop formats. Its offerings include tools for managing and monetizing ad inventory, including streaming-focused ad-serving technology.
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