Michael Barrett, CEO of Magnite, Inc. (NASDAQ:MGNI), recently sold 147,996 shares of the company's common stock. The shares were sold at an average price of $17.52, resulting in a total transaction value of approximately $2.59 million. The sale comes as Magnite's stock trades near its 52-week high of $18.38, having delivered an impressive 110% return over the past year. According to InvestingPro analysis, the stock is currently trading at Fair Value levels. This transaction, executed on December 4, was conducted under a Rule 10b5-1 trading plan that Barrett adopted earlier this year. Following this sale, Barrett retains ownership of 634,914 shares in Magnite, a company currently valued at $2.54 billion. InvestingPro subscribers can access 18 additional investment tips and a comprehensive Pro Research Report for deeper insights into Magnite's valuation and growth prospects.
In other recent news, Magnite, a prominent player in the advertising technology sector, has experienced robust growth in its Q3 2024 earnings. The company reported an impressive increase in both revenue and net income, with revenues reaching $162 million, marking an 8% increase from the previous year. The adjusted EBITDA also grew by 26% to $51 million, while net income amounted to $5.2 million, a substantial recovery from a net loss of $17.5 million in Q3 2023.
Analysts at Needham have maintained a Buy rating for Magnite and raised their price target for the company to $20.00 from the previous $17.00. The revised price target is based on five key growth drivers identified for the year 2025, including opportunities in live sports broadcasting, partnerships with Netflix (NASDAQ:NFLX), the expansion of Audio Ads, growth in international markets, and strategic cost-cutting initiatives.
The company's Connected TV (CTV) segment has been a primary driver of growth, witnessing a 23% year-over-year increase. Furthermore, Magnite has extended its partnership with Disney (NYSE:DIS) for two more years, expanding to include live sports and additional regions.
Looking ahead, Magnite expects continued growth in Q4, with a contribution ex-TAC forecasted between $182 million and $186 million. The company has also raised its full-year growth expectations for contribution ex-TAC to 11-12% and anticipates being GAAP net income positive for the full year. These recent developments highlight Magnite's positive performance and future growth potential.
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