Kopion Asset Management LLC Reduces Stock Position in Magnite, Inc. $MGNI

Key Points

• Kopion Asset Management LLC reduced its stake in Magnite, Inc. by 29.4% during the second quarter, now holding approximately $10.21 million worth of shares, which is 6.9% of its portfolio.
• Several institutional investors significantly increased their holdings in Magnite, with one hedge fund, GAMMA Investing LLC, boosting its position by an astonishing 10,170.3% in the first quarter.
• Magnite's recent financial performance showed an earnings per share (EPS) of $0.20, exceeding analysts' expectations, and the company had a revenue of $162 million for the quarter, reflecting a 6.4% year-over-year increase.

Kopion Asset Management LLC lessened its stake in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) by 29.4% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 423,178 shares of the company's stock after selling 175,822 shares during the period. Magnite accounts for about 6.9% of Kopion Asset Management LLC's portfolio, making the stock its 5th biggest position. Kopion Asset Management LLC owned about 0.30% of Magnite worth $10,207,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also added to or reduced their stakes in the company. Cambridge Investment Research Advisors Inc. increased its stake in Magnite by 74.6% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 51,815 shares of the company's stock valued at $591,000 after acquiring an additional 22,131 shares during the last quarter. Allspring Global Investments Holdings LLC increased its stake in Magnite by 54.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 44,947 shares of the company's stock valued at $513,000 after acquiring an additional 15,762 shares during the last quarter. Calamos Advisors LLC increased its stake in Magnite by 85.7% in the first quarter. Calamos Advisors LLC now owns 65,275 shares of the company's stock valued at $745,000 after acquiring an additional 30,132 shares during the last quarter. Vanguard Group Inc. increased its stake in Magnite by 1.0% in the first quarter. Vanguard Group Inc. now owns 13,743,521 shares of the company's stock valued at $156,814,000 after acquiring an additional 138,417 shares during the last quarter. Finally, Brown Advisory Inc. bought a new position in Magnite in the first quarter valued at approximately $290,000. 73.40% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Magnite news, CFO David Day sold 36,000 shares of the stock in a transaction that occurred on Thursday, June 26th. The stock was sold at an average price of $20.95, for a total value of $754,200.00. Following the transaction, the chief financial officer owned 443,528 shares in the company, valued at approximately $9,291,911.60. This represents a 7.51% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Brian Gephart sold 27,671 shares of the firm's stock in a transaction on Thursday, September 4th. The shares were sold at an average price of $24.71, for a total transaction of $683,750.41. Following the completion of the transaction, the chief accounting officer directly owned 92,898 shares in the company, valued at $2,295,509.58. This trade represents a 22.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 846,256 shares of company stock valued at $18,759,410. 3.80% of the stock is currently owned by corporate insiders.

Magnite Stock Up 6.7%

NASDAQ:MGNI traded up $1.59 during trading hours on Friday, reaching $25.47. The company had a trading volume of 1,772,692 shares, compared to its average volume of 2,737,256. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.45. The firm has a market cap of $3.63 billion, a price-to-earnings ratio of 87.57, a P/E/G ratio of 1.64 and a beta of 3.05. The business's 50-day simple moving average is $23.68 and its two-hundred day simple moving average is $18.03. Magnite, Inc. has a twelve month low of $8.22 and a twelve month high of $26.65.

Magnite (NASDAQ:MGNI - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $0.20 EPS for the quarter, topping analysts' consensus estimates of $0.17 by $0.03. The business had revenue of $162.00 million during the quarter, compared to analysts' expectations of $157.05 million. Magnite had a net margin of 6.30% and a return on equity of 8.07%. The business's quarterly revenue was up 6.4% on a year-over-year basis. During the same period last year, the company posted $0.14 earnings per share. On average, equities analysts expect that Magnite, Inc. will post 0.33 earnings per share for the current year.

Analysts Set New Price Targets

A number of brokerages recently issued reports on MGNI. Royal Bank Of Canada lifted their price objective on shares of Magnite from $19.00 to $27.00 and gave the company an "outperform" rating in a research note on Thursday, July 31st. Benchmark lifted their price target on shares of Magnite from $30.00 to $31.00 and gave the company a "buy" rating in a report on Thursday, August 7th. Scotiabank reaffirmed an "outperform" rating and set a $30.00 price target (up from $22.00) on shares of Magnite in a report on Thursday, August 7th. Susquehanna lifted their price target on shares of Magnite from $22.00 to $28.00 and gave the company a "positive" rating in a report on Thursday, August 7th. Finally, Wall Street Zen raised shares of Magnite from a "hold" rating to a "buy" rating in a report on Sunday, July 13th. Ten investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $25.82.

Magnite 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.