Magnite, Inc. (NASDAQ:MGNI) CTO Sells $156,723.00 in Stock

Magnite, Inc. (NASDAQ:MGNI) CTO David Buonasera sold 9,219 shares of the company’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $17.00, for a total transaction of $156,723.00. Following the completion of the sale, the chief technology officer now owns 226,195 shares in the company, valued at approximately $3,845,315. This trade represents a 3.92 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at 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 shares were sold at an average price of $16.78, for a total value of $7,232.18.
• 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

Shares of NASDAQ MGNI opened at $16.62 on Friday. The stock has a market cap of $2.34 billion, a P/E ratio of 277.00, a P/E/G ratio of 1.36 and a beta of 2.43. The firm’s 50-day simple moving average is $13.65 and its 200 day simple moving average is $13.38. Magnite, Inc. has a fifty-two week low of $7.97 and a fifty-two week high of $18.38. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.76.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. increased its position in shares of Magnite by 1.3% during the 1st quarter. Vanguard Group Inc. now owns 12,818,197 shares of the company’s stock valued at $137,796,000 after purchasing an additional 166,522 shares during the period. O Shaughnessy Asset Management LLC bought a new position in Magnite during the first quarter valued at about $108,000. Price T Rowe Associates Inc. MD grew its holdings in Magnite by 6.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 83,460 shares of the company’s stock worth $898,000 after acquiring an additional 4,879 shares during the period. Silvercrest Asset Management Group LLC raised its position in Magnite by 4.4% in the first quarter. Silvercrest Asset Management Group LLC now owns 853,595 shares of the company’s stock worth $9,176,000 after acquiring an additional 36,298 shares in the last quarter. Finally, Bayesian Capital Management LP acquired a new stake in Magnite in the 1st quarter valued at about $132,000. Institutional investors and hedge funds own 73.40% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have weighed in on MGNI shares. Needham & Company LLC reissued a “buy” rating and set a $15.00 target price on shares of Magnite in a report on Wednesday, October 2nd. Craig Hallum reissued a “buy” rating and issued a $20.00 target price on shares of Magnite in a report on Wednesday, August 21st. Wells Fargo & Company initiated coverage on Magnite in a report on Monday, October 28th. They set an “equal weight” rating and a $13.00 target price for the company. Royal Bank of Canada restated an “outperform” rating and set a $19.00 price objective on shares of Magnite in a research report on Friday, September 27th. Finally, Benchmark reaffirmed a “buy” rating and issued a $21.00 target price on shares of Magnite in a research report on Wednesday, October 2nd. One analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $16.96.

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.