Michael G. Barrett, the CEO of Magnite, Inc. (NASDAQ:MGNI), has sold a portion of his company stock, according to a recent filing with the Securities and Exchange Commission. The transaction, dated March 15, 2024, involved the sale of 75,000 shares at an average price of $11.21 per share, totaling approximately $840,750.
The sale was executed under a Rule 10b5-1 Trading Plan, which Barrett had adopted on March 2, 2023. This plan allows company insiders to establish predetermined trading arrangements for selling stocks at a later date, providing a defense against potential accusations of trading on non-public information.
Investors might find the range of prices at which the shares were sold noteworthy. The shares were sold at prices varying from $11.055 to $11.345. The weighted average sale price reported was $11.21 per share, and Barrett has committed to providing full details of the number of shares sold at each price upon request.
Following the sale, Barrett still holds a substantial number of shares in Magnite, Inc., with 1,234,662 shares remaining in his possession. This amount includes 270 shares that were acquired on November 15, 2023, under the company's employee stock purchase plan.
Magnite, Inc., headquartered in New York, operates within the technology sector, providing services related to computer programming, data processing, and other related areas. The company, formerly known as Rubicon Project (NASDAQ:MGNI), Inc., continues to be a significant player in the digital advertising infrastructure space.
The transaction details, including the sale's timing and the number of shares, were made public through the Form 4 filing with the SEC, ensuring transparency for investors and maintaining compliance with federal securities laws.
InvestingPro Insights
In light of the recent sale of shares by Magnite, Inc. CEO Michael G. Barrett, investors may be keen on understanding the current financial health and market performance of the company. Here are some insights based on real-time data and InvestingPro Tips:
InvestingPro Data shows Magnite, Inc. (NASDAQ:MGNI) with a market capitalization of $1.58 billion. Despite a challenging period, the company has managed a revenue growth of 7.39% over the last twelve months as of Q4 2023. This indicates a resilience in Magnite's business model amidst market fluctuations. The company's stock has also experienced a significant uptick, with a 46.25% total return over the last six months and a year-to-date price total return of 21.2% as of the latest data.
However, the InvestingPro Tips highlight that Magnite is currently trading at a high EBITDA valuation multiple, and the company has not been profitable over the last twelve months. It's also worth noting that while the stock price movements are quite volatile, analysts predict the company will be profitable this year. Additionally, Magnite does not pay a dividend to shareholders, which may influence investment decisions for those seeking regular income.
For investors looking for more in-depth analysis, there are additional InvestingPro Tips available, which could further inform investment strategies. For instance, Magnite's high shareholder yield and the strong return over the last three months could be seen as positive indicators. On the flip side, two analysts have revised their earnings downwards for the upcoming period, suggesting a need for cautious optimism.
For those interested in exploring these nuances further, additional tips can be found on InvestingPro. To get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, use the coupon code PRONEWS24. With these insights, investors can make more informed decisions about their interest in Magnite, Inc., taking into account the CEO's recent stock sale and the company's broader financial trajectory.
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