Magnite, Inc. $MGNI Shares Sold by Kopion Asset Management LLC

Kopion Asset Management LLC decreased its holdings in shares of Magnite, Inc. (NASDAQ:MGNI) by 21.2% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 674,451 shares of the company’s stock after selling 181,453 shares during the period. Magnite makes up 8.1% of Kopion Asset Management LLC’s portfolio, making the stock its 4th biggest holding. Kopion Asset Management LLC’s holdings in Magnite were worth $12,801,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the business. Vanguard Group Inc. raised its holdings in shares of Magnite by 1.0% in the 4th quarter. Vanguard Group Inc. now owns 14,802,630 shares of the company’s stock worth $240,247,000 after purchasing an additional 148,198 shares in the last quarter. Capital Research Global Investors grew its position in Magnite by 85.0% in the fourth quarter. Capital Research Global Investors now owns 12,920,289 shares of the company’s stock worth $209,696,000 after buying an additional 5,937,428 shares during the last quarter. Wellington Management Group LLP grew its position in Magnite by 67.7% in the fourth quarter. Wellington Management Group LLP now owns 8,629,238 shares of the company’s stock worth $140,053,000 after buying an additional 3,484,689 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Magnite by 10.2% in the first quarter. Dimensional Fund Advisors LP now owns 3,983,674 shares of the company’s stock worth $47,322,000 after buying an additional 367,854 shares during the last quarter. Finally, Nuveen LLC increased its holdings in shares of Magnite by 14.2% in the fourth quarter. Nuveen LLC now owns 3,531,108 shares of the company’s stock valued at $57,310,000 after buying an additional 439,072 shares in the last quarter. Institutional investors and hedge funds own 73.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. BTIG Research initiated coverage on Magnite in a research note on Tuesday, June 9th. They set a “buy” rating and a $20.00 price objective for the company. Needham & Company LLC restated a “buy” rating and set a $25.00 price objective on shares of Magnite in a report on Thursday, April 16th. Evercore reaffirmed an “outperform” rating and set a $21.00 price objective on shares of Magnite in a research note on Thursday, May 7th. Wells Fargo & Company raised their target price on shares of Magnite from $15.00 to $21.00 and gave the stock an “equal weight” rating in a report on Friday, July 17th. Finally, Royal Bank Of Canada reissued an “outperform” rating on shares of Magnite in a research report on Thursday, May 28th. Eight research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $24.56.

Insider Activity

In other news, Director Douglas S. Knopper sold 37,337 shares of the stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $18.10, for a total value of $675,799.70. Following the completion of the sale, the director directly owned 125,810 shares of the company’s stock, valued at $2,277,161. This represents a 22.89% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Paul Caine sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, July 10th. The stock was sold at an average price of $20.64, for a total transaction of $103,200.00. Following the sale, the director owned 162,401 shares of the company’s stock, valued at approximately $3,351,956.64. This represents a 2.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 491,639 shares of company stock worth $8,676,734. Corporate insiders own 3.20% of the company’s stock.

Magnite Stock Performance

Shares of Magnite stock opened at $20.86 on Wednesday. The stock has a market cap of $2.99 billion, a PE ratio of 20.06, a price-to-earnings-growth ratio of 1.00 and a beta of 2.26. The business has a fifty day simple moving average of $18.14 and a 200-day simple moving average of $14.76. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.38. Magnite, Inc. has a 12 month low of $10.82 and a 12 month high of $26.65.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings results on Wednesday, May 6th. The company reported $0.13 earnings per share for the quarter, beating analysts’ consensus estimates of $0.11 by $0.02. The business had revenue of $164.37 million for the quarter, compared to the consensus estimate of $159.24 million. Magnite had a return on equity of 8.40% and a net margin of 21.96%.Magnite’s revenue for the quarter was up 5.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.12 earnings per share. On average, sell-side analysts anticipate that Magnite, Inc. will post 0.55 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).