Form 4: Magnite CEO Michael Barrett Sells 75,000 Shares
SEC Form 4
Magnite CEO Michael Barrett sold 75,000 shares of common stock on March 15, 2024, according to a Form 4 filing with the SEC.
Summary
- Michael Barrett, CEO of Magnite, Inc., sold 75,000 shares of common stock on March 15, 2024.
- The sales were executed under a pre-arranged Rule 10b5-1 trading plan adopted on March 2, 2023.
- The shares were sold at a weighted average price of $11.21, with individual transactions ranging from $11.055 to $11.345.
- Following the transaction, Barrett directly owns 1,234,662 shares of Magnite common stock.
- This total includes 270 shares acquired through the company's employee stock purchase plan on November 15, 2023.
Sentiment
Score: 5
Explanation: The document is a standard SEC filing related to an insider stock sale. The sentiment is neutral as it simply reports a transaction.
Industry Context
Insider sales are a common occurrence, and the use of a pre-arranged 10b5-1 trading plan suggests the sale was planned and not based on any specific non-public information. The market will likely interpret the sale in the context of Magnite's overall performance and industry trends.
Stakeholder Impact
- The stock sale could have a minor negative impact on shareholder sentiment, although the use of a 10b5-1 plan mitigates concerns about insider information.
Key Dates
| Date | Description |
|---|---|
| 2023-03-02 | Date of adoption of Rule 10b5-1 Trading Plan |
| 2023-11-15 | Date of acquisition of 270 shares under the Issuer's employee stock purchase plan |
| 2024-03-15 | Date of stock sale transaction |
| 2024-03-18 | Date of Form 4 filing |
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