Kopion Asset Management LLC Reduces Stock Position in Magnite, Inc. (NASDAQ:MGNI)

Kopion Asset Management LLC decreased its stake in shares of Magnite, Inc. (NASDAQ:MGNI) by 20.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 650,419 shares of the company’s stock after selling 168,533 shares during the period. Magnite comprises about 6.5% of Kopion Asset Management LLC’s holdings, making the stock its 7th largest position. Kopion Asset Management LLC owned approximately 0.46% of Magnite worth $9,008,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also bought and sold shares of MGNI. Granite Investment Partners LLC purchased a new position in Magnite during the 2nd quarter worth $11,227,000. Driehaus Capital Management LLC bought a new position in shares of Magnite during the second quarter valued at about $9,938,000. Marshall Wace LLP boosted its holdings in Magnite by 59.0% during the second quarter. Marshall Wace LLP now owns 1,559,520 shares of the company’s stock worth $20,726,000 after purchasing an additional 578,678 shares during the last quarter. Dana Investment Advisors Inc. purchased a new position in Magnite during the second quarter worth about $6,556,000. Finally, iA Global Asset Management Inc. bought a new stake in Magnite in the 2nd quarter worth about $4,698,000. Institutional investors own 73.40% of the company’s stock.

Magnite Trading Down 0.6 %

Shares of Magnite stock opened at $12.32 on Wednesday. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.10 and a current ratio of 1.10. The stock has a market capitalization of $1.74 billion, a P/E ratio of -112.00, a P/E/G ratio of 1.05 and a beta of 2.41. Magnite, Inc. has a 52-week low of $6.28 and a 52-week high of $15.92. The stock’s 50-day simple moving average is $13.03 and its 200 day simple moving average is $12.31.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings results on Wednesday, August 7th. The company reported $0.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.15 by ($0.01). The business had revenue of $162.88 million during the quarter, compared to the consensus estimate of $144.04 million. Magnite had a negative net margin of 0.83% and a positive return on equity of 3.74%. The business’s revenue for the quarter was up 6.8% on a year-over-year basis. During the same period last year, the firm earned ($0.04) EPS. As a group, research analysts anticipate that Magnite, Inc. will post 0.31 EPS for the current year.

Insider Transactions at Magnite

In other news, CRO Sean Patrick Buckley sold 2,623 shares of Magnite stock in a transaction on Monday, August 19th. The stock was sold at an average price of $12.53, for a total value of $32,866.19. Following the completion of the transaction, the executive now directly owns 331,742 shares in the company, valued at approximately $4,156,727.26. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Adam Lee Soroca sold 7,910 shares of the company’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $12.59, for a total transaction of $99,586.90. Following the sale, the insider now owns 436,001 shares of the company’s stock, valued at approximately $5,489,252.59. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CRO Sean Patrick Buckley sold 2,623 shares of the firm’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $12.53, for a total transaction of $32,866.19. Following the completion of the transaction, the executive now directly owns 331,742 shares of the company’s stock, valued at approximately $4,156,727.26. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 95,533 shares of company stock valued at $1,206,203 over the last three months. Company insiders own 4.30% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently weighed in on MGNI. Benchmark restated a “buy” rating and issued a $21.00 target price on shares of Magnite in a research note on Wednesday, October 2nd. Royal Bank of Canada reissued an “outperform” rating and issued a $19.00 price objective on shares of Magnite in a research report on Friday, September 27th. Bank of America upped their price objective on Magnite from $15.00 to $17.00 and gave the company a “buy” rating in a research note on Monday, July 29th. Wolfe Research began coverage on Magnite in a research note on Tuesday, July 16th. They set an “outperform” rating and a $16.00 target price on the stock. Finally, Needham & Company LLC reissued a “buy” rating and issued a $15.00 price target on shares of Magnite in a report on Wednesday, October 2nd. Ten investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $17.25.

Magnite Company Profile

Magnite, Inc, together with its subsidiaries, operates an independent omni-channel sell-side advertising platform in the United States and internationally. The company’s platform offers applications and services for sellers of digital advertising inventory or publishers that own and operate CTV channels, applications, websites, and other digital media properties to manage and monetize their inventory; and applications and services for buyers, including advertisers, agencies, agency trading desks, and demand side platforms to buy digital advertising inventory, as well as an independent marketplace that connects buyers and sellers.