Kopion Asset Management LLC Has $10.21 Million Stake 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 cut its position in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) by 29.4% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 423,178 shares of the company's stock after selling 175,822 shares during the quarter. Magnite accounts for about 6.9% of Kopion Asset Management LLC's portfolio, making the stock its 5th biggest holding. Kopion Asset Management LLC owned about 0.30% of Magnite worth $10,207,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. MCF Advisors LLC boosted its position in Magnite by 2,100.0% during the first quarter. MCF Advisors LLC now owns 2,200 shares of the company's stock valued at $25,000 after purchasing an additional 2,100 shares during the last quarter. Smartleaf Asset Management LLC boosted its position in Magnite by 74.9% during the first quarter. Smartleaf Asset Management LLC now owns 2,810 shares of the company's stock valued at $33,000 after purchasing an additional 1,203 shares during the last quarter. AllSquare Wealth Management LLC boosted its position in Magnite by 76.8% during the first quarter. AllSquare Wealth Management LLC now owns 3,580 shares of the company's stock valued at $41,000 after purchasing an additional 1,555 shares during the last quarter. GAMMA Investing LLC boosted its position in Magnite by 10,170.3% during the first quarter. GAMMA Investing LLC now owns 3,800 shares of the company's stock valued at $43,000 after purchasing an additional 3,763 shares during the last quarter. Finally, Smithfield Trust Co boosted its position in Magnite by 38.9% during the first quarter. Smithfield Trust Co now owns 5,930 shares of the company's stock valued at $67,000 after purchasing an additional 1,660 shares during the last quarter. 73.40% of the stock is currently owned by institutional investors.

Magnite Stock Performance

MGNI opened at $23.87 on Monday. Magnite, Inc. has a 12-month low of $8.22 and a 12-month high of $26.65. The stock has a market cap of $3.40 billion, a price-to-earnings ratio of 82.31, a PEG ratio of 1.64 and a beta of 3.05. The business has a 50 day moving average of $23.69 and a 200-day moving average of $17.83. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.45.

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

Analysts Set New Price Targets

Several research analysts recently commented on the company. Royal Bank Of Canada increased their price target on Magnite from $19.00 to $27.00 and gave the company an "outperform" rating in a research report on Thursday, July 31st. Wells Fargo & Company increased their price target on Magnite from $13.00 to $24.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 8th. Scotiabank reissued an "outperform" rating and set a $30.00 price target (up from $22.00) on shares of Magnite in a research report on Thursday, August 7th. Susquehanna increased their price target on Magnite from $22.00 to $28.00 and gave the company a "positive" rating in a research report on Thursday, August 7th. Finally, Benchmark increased their price target on Magnite from $30.00 to $31.00 and gave the company a "buy" rating in a research report on Thursday, August 7th. Ten analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, Magnite currently has an average rating of "Moderate Buy" and a consensus target price of $25.82.

Insider Buying and Selling at Magnite

In other Magnite news, CTO David Buonasera sold 2,950 shares of the stock in a transaction on Wednesday, September 3rd. The stock was sold at an average price of $25.37, for a total transaction of $74,841.50. Following the transaction, the chief technology officer owned 238,629 shares in the company, valued at $6,054,017.73. This trade represents a 1.22% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Adam Lee Soroca sold 24,986 shares of Magnite stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $24.69, for a total value of $616,904.34. Following the sale, the insider directly owned 346,393 shares of the company's stock, valued at $8,552,443.17. This represents a 6.73% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,045,229 shares of company stock worth $22,477,319 in the last 90 days. Company insiders own 4.30% of the company's stock.

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.

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