Magnite director Rossman sells $2.57 million in stock

Director James Rossman of MAGNITE, INC. (NASDAQ:MGNI) sold 137,007 shares of common stock on June 18, 2025, according to a Form 4 filing with the Securities and Exchange Commission. The sale comes as the stock shows strong momentum, with a 10% gain over the past week and trading near its 52-week high of $21.29. The shares were sold at a weighted average price of $18.78, with prices ranging from $18.78 to $18.82, resulting in a total transaction value of $2,572,991. According to InvestingPro analysis, the stock is currently trading at elevated earnings multiples, with technical indicators suggesting overbought conditions.

Following the transaction, Rossman directly owns 93,679 shares of Magnite.

The sale was executed under a Rule 10b5-1 trading plan adopted on March 10, 2025.

In other recent news, Magnite reported strong financial results for the first quarter of 2025, with revenue reaching $156 million, surpassing the forecast of $142.29 million. The company’s net loss improved to $10 million from $18 million a year earlier, and its adjusted EBITDA rose by 47%, showcasing enhanced operational efficiency. Additionally, Magnite and ITN announced a collaboration to innovate local TV advertising by enabling programmatic transactions for live linear ads from local TV stations. This partnership aims to modernize the $21 billion local TV advertising market in the US, offering advertisers a more efficient way to purchase ad space.

In analyst updates, BofA Securities raised its price target for Magnite to $22, maintaining a Buy rating, citing increased confidence in the company’s growth prospects. Conversely, Benchmark lowered its price target to $24 but also retained a Buy rating, acknowledging Magnite’s strong market positioning and potential benefits from a recent Google (NASDAQ:GOOGL) adtech ruling. This ruling could position Magnite as a significant beneficiary, potentially enhancing its margins further.

These developments highlight Magnite’s strategic efforts to expand its market influence and improve financial performance, amid a cautious outlook due to potential economic uncertainties.

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