David Buonasera Sells 1,969 Shares of Magnite, Inc. (NASDAQ:MGNI) Stock

Magnite, Inc. (NASDAQ:MGNI) CTO David Buonasera sold 1,969 shares of the business’s stock in a transaction on Friday, December 13th. The stock was sold at an average price of $16.31, for a total value of $32,114.39. Following the transaction, the chief technology officer now owns 223,795 shares in the company, valued at approximately $3,650,096.45. This trade represents a 0.87 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

David Buonasera also recently made the following trade(s):

• On Wednesday, November 27th, David Buonasera sold 431 shares of Magnite stock. The stock was sold at an average price of $16.78, for a total value of $7,232.18.
• On Friday, November 22nd, David Buonasera sold 9,219 shares of Magnite stock. The shares were sold at an average price of $17.00, for a total transaction of $156,723.00.
• On Monday, November 18th, David Buonasera sold 277 shares of Magnite stock. The stock was sold at an average price of $15.77, for a total transaction of $4,368.29.

Magnite Price Performance

Shares of NASDAQ MGNI opened at $16.47 on Friday. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11. The stock has a market capitalization of $2.32 billion, a price-to-earnings ratio of 274.50, a PEG ratio of 1.38 and a beta of 2.50. The firm’s 50 day simple moving average is $14.56 and its 200-day simple moving average is $13.83. Magnite, Inc. has a 12 month low of $8.38 and a 12 month high of $18.38.

Analysts Set New Price Targets

MGNI has been the subject of a number of research analyst reports. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $19.00 price target on shares of Magnite in a report on Friday, September 27th. Wells Fargo & Company initiated coverage on Magnite in a research report on Monday, October 28th. They set an “equal weight” rating and a $13.00 price target for the company. Benchmark reissued a “buy” rating and issued a $21.00 price objective on shares of Magnite in a report on Wednesday, October 2nd. Needham & Company LLC lifted their target price on Magnite from $17.00 to $20.00 and gave the stock a “buy” rating in a report on Thursday, December 5th. Finally, Craig Hallum reiterated a “buy” rating and issued a $20.00 price target on shares of Magnite in a report on Wednesday, August 21st. One research analyst has rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $17.73.

Institutional Trading of Magnite

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. UMB Bank n.a. lifted its position in shares of Magnite by 111.8% during the 2nd quarter. UMB Bank n.a. now owns 2,251 shares of the company’s stock valued at $30,000 after buying an additional 1,188 shares in the last quarter. Asset Dedication LLC purchased a new position in shares of Magnite in the second quarter valued at approximately $52,000. Blue Trust Inc. acquired a new stake in shares of Magnite in the second quarter worth approximately $56,000. Benjamin F. Edwards & Company Inc. increased its position in shares of Magnite by 973.5% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 4,380 shares of the company’s stock worth $58,000 after purchasing an additional 3,972 shares in the last quarter. Finally, Quarry LP raised its stake in Magnite by 446.8% in the 3rd quarter. Quarry LP now owns 5,517 shares of the company’s stock valued at $76,000 after purchasing an additional 4,508 shares during the last quarter. Institutional investors and hedge funds own 73.40% of the company’s stock.

About Magnite

Magnite, Inc, together with its subsidiaries, operates an independent omni-channel sell-side advertising platform in the United States and internationally. The company’s platform offers applications and services for sellers of digital advertising inventory or publishers that own and operate CTV channels, applications, websites, and other digital media properties to manage and monetize their inventory; and applications and services for buyers, including advertisers, agencies, agency trading desks, and demand side platforms to buy digital advertising inventory, as well as an independent marketplace that connects buyers and sellers.