David Day, the Chief Financial Officer of Magnite, Inc. (NASDAQ:MGNI), recently sold a significant portion of the company's common stock. The sale comes as Magnite's shares have shown remarkable strength, delivering a nearly 93% return over the past year and trading near its 52-week high of $18.38. According to a recent SEC filing, Day sold 13,345 shares at a price of $17 per share, totaling approximately $226,865. Following the transaction, Day retains ownership of 374,014 shares of Magnite. It's worth noting that this sale was conducted under a pre-established Rule 10b5-1 trading plan, which was adopted on September 12, 2024. According to InvestingPro analysis, Magnite currently trades at a premium to its Fair Value, with 15+ additional exclusive insights available to subscribers, including detailed valuation metrics and growth prospects.
In other recent news, Magnite, Inc. has reported a significant uptick in its Q3 2024 earnings, demonstrating an 8% year-over-year growth in revenue, totaling $162 million, and a net income of $5.2 million. This marks a substantial recovery from a net loss of $17.5 million in Q3 2023. In addition, the company's adjusted EBITDA 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.
Magnite has also announced the appointment of Sean Buckley as President, Revenue, and Katie Evans as President, Operations, as part of its efforts to strengthen its executive team. The company has extended its partnership with Disney (NYSE:DIS) for two years, incorporating live sports and additional regions. Magnite 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. These are indeed recent developments shaping the trajectory of Magnite, Inc.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.