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NEW YORK—Adam Lee Soroca, the Chief Product Officer of Magnite, Inc. (NASDAQ:MGNI), recently executed a significant stock transaction. According to a recent SEC filing, Soroca sold a total of 15,499 shares of common stock on March 3, 2025. The shares were sold at a weighted average price of $15.75, resulting in a total transaction value of $244,109. The sale comes as Magnite’s stock, currently trading at $14.49, has experienced a 13% decline over the past week. According to InvestingPro analysis, the stock appears undervalued based on its Fair Value assessment.
The sale was conducted under a Rule 10b5-1 trading plan, which Soroca had adopted on November 26, 2024. This type of trading plan allows company insiders to set up a predetermined schedule for selling stocks, thereby providing an affirmative defense against accusations of insider trading. Despite recent volatility, analysts maintain a strong buy consensus on Magnite, with price targets ranging from $15 to $25.
Following the transaction, Soroca maintains ownership of 458,386 shares of Magnite, Inc. The sales were carried out over multiple transactions, with prices ranging from $15.50 to $16.09 per share. InvestingPro data shows the company maintains a "GOOD" overall financial health score, with liquid assets exceeding short-term obligations. Discover more insights and 13 additional ProTips with an InvestingPro subscription.
In other recent news, Magnite reported mixed fourth-quarter results, with revenue surpassing expectations while earnings fell short. The company posted Q4 revenue of $194 million, exceeding the analyst consensus of $184.29 million and marking a 4% year-over-year increase. However, adjusted earnings per share were $0.34, missing the estimated $0.38. Contribution ex-TAC, a significant metric excluding traffic acquisition costs, rose 9% year-over-year to $180.2 million. Contribution ex-TAC from connected TV (CTV) showed notable growth, increasing 23% year-over-year to $77.9 million, surpassing the company’s guidance.
Benchmark analyst Dan Kurnos raised the price target for Magnite to $25.00 from $21.00, maintaining a Buy rating. Kurnos highlighted the company’s performance in the CTV segment and noted guidance for 2025 that met expectations. Magnite’s management reported a recovery in DV+ weakness post-election and suggested that the company is gaining market share. The company expects total Contribution ex-TAC growth above 10% for the full year 2025 and anticipates high-teens to 20% growth in free cash flow.
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