David Buonasera Sells 9,219 Shares of Magnite, Inc. (NASDAQ:MGNI) Stock

Magnite, Inc. (NASDAQ:MGNI) CTO David Buonasera sold 9,219 shares of the company’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $17.00, for a total value of $156,723.00. Following the sale, the chief technology officer now directly owns 226,195 shares of the company’s stock, valued at approximately $3,845,315. This represents a 3.92 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, 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 Monday, November 18th, David Buonasera sold 277 shares of Magnite stock. The shares were sold at an average price of $15.77, for a total transaction of $4,368.29.

Magnite Stock Performance

Shares of MGNI stock opened at $16.62 on Thursday. Magnite, Inc. has a fifty-two week low of $7.97 and a fifty-two week high of $18.38. The stock’s 50-day moving average is $13.58 and its two-hundred day moving average is $13.35. 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 firm has a market cap of $2.34 billion, a P/E ratio of 277.00, a PEG ratio of 1.36 and a beta of 2.43.

Hedge Funds Weigh In On Magnite

A number of institutional investors have recently modified their holdings of the company. Wellington Management Group LLP grew its position in shares of Magnite by 125.3% in the third quarter. Wellington Management Group LLP now owns 6,579,670 shares of the company’s stock valued at $91,128,000 after purchasing an additional 3,659,759 shares during the last quarter. Nomura Asset Management Co. Ltd. acquired a new position in Magnite during the 3rd quarter valued at $23,917,000. Granite Investment Partners LLC bought a new position in shares of Magnite during the 2nd quarter worth about $11,227,000. Driehaus Capital Management LLC bought a new stake in shares of Magnite in the second quarter valued at about $9,938,000. Finally, Marshall Wace LLP raised its holdings in Magnite by 59.0% in the 2nd quarter. Marshall Wace LLP now owns 1,559,520 shares of the company’s stock valued at $20,726,000 after acquiring an additional 578,678 shares in the last quarter. Institutional investors own 73.40% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Craig Hallum restated a “buy” rating and set a $20.00 price target on shares of Magnite in a report on Wednesday, August 21st. Macquarie reissued an “outperform” rating and set a $18.00 target price on shares of Magnite in a research note on Friday, November 8th. Needham & Company LLC restated a “buy” rating and issued a $15.00 target price on shares of Magnite in a report on Wednesday, October 2nd. Benchmark reiterated a “buy” rating and set a $21.00 price target on shares of Magnite in a report on Wednesday, October 2nd. Finally, Wells Fargo & Company assumed coverage on Magnite in a research report on Monday, October 28th. They set an “equal weight” rating and a $13.00 price target on the stock. One investment analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target 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.