Kopion Asset Management LLC Has $5.37 Million Stock Position in Magnite, Inc. $MGNI

Kopion Asset Management LLC cut its position in Magnite, Inc. (NASDAQ:MGNI) by 41.7% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 246,601 shares of the company’s stock after selling 176,577 shares during the quarter. Magnite accounts for 3.5% of Kopion Asset Management LLC’s portfolio, making the stock its 16th biggest holding. Kopion Asset Management LLC’s holdings in Magnite were worth $5,371,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Boston Partners boosted its holdings in Magnite by 5.7% in the second quarter. Boston Partners now owns 5,574,604 shares of the company’s stock worth $133,037,000 after acquiring an additional 298,248 shares in the last quarter. American Century Companies Inc. raised its position in shares of Magnite by 63.1% during the second quarter. American Century Companies Inc. now owns 4,829,197 shares of the company’s stock worth $116,480,000 after purchasing an additional 1,868,188 shares during the period. Geode Capital Management LLC raised its position in shares of Magnite by 6.0% during the second quarter. Geode Capital Management LLC now owns 3,216,842 shares of the company’s stock worth $77,597,000 after purchasing an additional 183,414 shares during the period. State Street Corp lifted its holdings in shares of Magnite by 5.2% in the 2nd quarter. State Street Corp now owns 3,053,607 shares of the company’s stock worth $73,653,000 after purchasing an additional 150,547 shares in the last quarter. Finally, Frontier Capital Management Co. LLC grew its position in Magnite by 419.4% in the 2nd quarter. Frontier Capital Management Co. LLC now owns 1,793,830 shares of the company’s stock valued at $43,267,000 after purchasing an additional 1,448,456 shares during the period. 73.40% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of analysts have commented on the stock. Rosenblatt Securities restated a “buy” rating and set a $39.00 price target on shares of Magnite in a research note on Thursday, November 6th. Wall Street Zen cut shares of Magnite from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. Weiss Ratings restated a “hold (c)” rating on shares of Magnite in a report on Wednesday, October 8th. Finally, Wells Fargo & Company dropped their price target on shares of Magnite from $22.00 to $20.00 and set an “equal weight” rating on the stock in a research report on Friday, November 7th. Nine equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, Magnite has a consensus rating of “Moderate Buy” and an average price target of $26.20.

Insiders Place Their Bets

In other news, insider Adam Lee Soroca sold 16,656 shares of the business’s stock in a transaction that occurred on Wednesday, December 17th. The stock was sold at an average price of $17.00, for a total value of $283,152.00. Following the transaction, the insider owned 326,114 shares in the company, valued at $5,543,938. The trade was a 4.86% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Paul Caine sold 5,000 shares of the stock in a transaction that occurred on Friday, October 24th. The shares were sold at an average price of $20.00, for a total value of $100,000.00. Following the sale, the director directly owned 153,603 shares of the company’s stock, valued at $3,072,060. The trade was a 3.15% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 49,439 shares of company stock worth $763,671 over the last 90 days. 4.30% of the stock is currently owned by corporate insiders.

Magnite Stock Performance

NASDAQ MGNI opened at $16.44 on Tuesday. The company has a fifty day moving average price of $16.13 and a 200-day moving average price of $20.17. The firm has a market cap of $2.36 billion, a price-to-earnings ratio of 43.26, a PEG ratio of 1.24 and a beta of 2.49. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.01 and a quick ratio of 1.01. Magnite, Inc. has a 1 year low of $8.22 and a 1 year high of $26.65.

Magnite (NASDAQ:MGNI) last released its quarterly earnings results on Wednesday, November 5th. The company reported $0.20 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.20. Magnite had a net margin of 8.25% and a return on equity of 8.74%. The company had revenue of $179.49 million for the quarter, compared to analyst estimates of $163.29 million. During the same period last year, the firm earned $0.17 earnings per share. The firm’s revenue was up 11.6% on a year-over-year basis. As a group, equities research analysts predict that Magnite, Inc. will post 0.33 EPS for the current fiscal year.

Magnite Company Profile

Magnite, Inc (NASDAQ: MGNI) operates as an independent sell-side advertising platform that enables publishers and digital media owners to monetize their inventory through programmatic advertising. Formed in 2020 through the merger of Rubicon Project and Telaria, Magnite combines technologies for desktop, mobile, connected television (CTV) and digital out-of-home (DOOH) ad exchanges. The company provides an end-to-end solution designed to help media owners optimize yield across open marketplaces, private marketplaces and programmatic guaranteed deals.

At the core of Magnite’s offering is its supply-side platform (SSP), which connects publishers’ ad impressions to demand-side platforms (DSPs) through real-time bidding (RTB).