David Day, the Chief Financial Officer of Magnite, Inc. (NASDAQ:MGNI), a digital advertising company with a market capitalization of $2.24 billion, recently sold shares of the company's common stock valued at approximately $411,747. The transactions were executed over two days, December 16 and 17, as part of a pre-established trading plan under Rule 10b5-1.
On December 16, Day sold 11,644 shares at a weighted average price of $16.44, with individual sale prices ranging from $16.31 to $16.58. The following day, he sold an additional 13,500 shares at a weighted average price of $16.32, with sale prices varying between $16.06 and $16.78. Following these transactions, Day retains ownership of 387,359 shares in the company. According to InvestingPro data, Magnite's stock has shown strong momentum with an 81.49% return over the past year, though it trades at a notably high P/E ratio of 130.4x.
These sales were conducted under a trading plan adopted on September 12, 2024, allowing Day to sell shares in compliance with insider trading regulations. For deeper insights into Magnite's valuation and 14 additional key ProTips, investors can access the comprehensive Pro Research Report available on InvestingPro.
In other recent news, Magnite, Inc. has made significant strides in its operational and revenue-generating capabilities with the appointment of two new presidents, Sean Buckley and Katie Evans, to oversee revenue and operations respectively. These recent developments come on the heels of a robust Q3 2024 earnings report, where the advertising technology provider reported an 8% year-over-year growth in revenue, totaling $162 million, and a net income of $5.2 million.
The company's adjusted EBITDA also expanded by 26% to reach $51 million. Analyst firms Evercore ISI and Needham have both upgraded Magnite's stock price target to $20.00, maintaining an Outperform and a Buy rating respectively.
In other company developments, Magnite extended its partnership with Disney (NYSE:DIS) for two years, incorporating live sports and additional regions. The company also anticipates continued growth in Q4, expecting a contribution ex-TAC ranging between $182 million and $186 million. For the full year, Magnite has raised its growth expectations for contribution ex-TAC to 11-12% and plans to be GAAP net income positive.
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