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 company’s stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $16.31, for a total value of $32,114.39. Following the sale, the chief technology officer now owns 223,795 shares in the company, valued at $3,650,096.45. The trade was a 0.87 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.

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 stock was sold at an average price of $17.00, for a total value 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 value of $4,368.29.

Magnite Price Performance

Magnite stock opened at $16.47 on Friday. Magnite, Inc. has a 12 month low of $8.38 and a 12 month high of $18.38. The stock’s 50 day moving average is $14.56 and its 200-day moving average is $13.84. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.76. The company 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.

Wall Street Analyst Weigh In

MGNI has been the topic of several analyst reports. Royal Bank of Canada reiterated an “outperform” rating and set a $19.00 target price on shares of Magnite in a report on Friday, September 27th. Macquarie reissued an “outperform” rating and set a $18.00 price target on shares of Magnite in a research report on Friday, November 8th. Benchmark reissued a “buy” rating and set a $21.00 price target on shares of Magnite in a research report on Wednesday, October 2nd. Craig Hallum reissued a “buy” rating and set a $20.00 price target on shares of Magnite in a research report on Wednesday, August 21st. Finally, Scotiabank began coverage on Magnite in a research report on Thursday, December 5th. They set a “sector outperform” rating and a $22.00 price target on the stock. One investment analyst has rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, Magnite currently has an average rating of “Moderate Buy” and an average price target of $17.73.

Hedge Funds Weigh In On Magnite

Several institutional investors and hedge funds have recently made changes to their positions in the company. Verdence Capital Advisors LLC grew its position in shares of Magnite by 4.8% in the third quarter. Verdence Capital Advisors LLC now owns 19,326 shares of the company’s stock valued at $268,000 after purchasing an additional 892 shares during the last quarter. Mount Yale Investment Advisors LLC boosted its stake in shares of Magnite by 4.6% in the third quarter. Mount Yale Investment Advisors LLC now owns 24,229 shares of the company’s stock valued at $336,000 after buying an additional 1,068 shares during the period. Arizona State Retirement System boosted its stake in shares of Magnite by 3.4% in the second quarter. Arizona State Retirement System now owns 35,256 shares of the company’s stock valued at $469,000 after buying an additional 1,160 shares during the period. UMB Bank n.a. boosted its stake in shares of Magnite by 111.8% in the second 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 during the period. Finally, Fulton Bank N.A. boosted its stake in shares of Magnite by 6.4% in the third quarter. Fulton Bank N.A. now owns 28,311 shares of the company’s stock valued at $392,000 after buying an additional 1,696 shares during the period. 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.