Kopion Asset Management LLC Has $12.80 Million Stake in Magnite, Inc. $MGNI

Key Points

• Kopion Asset Management reduced its Magnite stake by 21.2% in the second quarter, selling 181,453 shares. It still held 674,451 shares worth approximately $12.8 million, representing 8.1% of the fund’s portfolio.
• Magnite reported quarterly adjusted earnings of $0.13 per share, beating estimates by $0.02, while revenue rose 5.5% year over year to $164.37 million. Analysts project full-year earnings of $0.55 per share.
• Analysts maintain a generally positive outlook, with eight Buy ratings and two Holds producing a “Moderate Buy” consensus and an average price target of $24.56. However, insiders sold 491,639 shares worth about $8.7 million over the past 90 days.

Kopion Asset Management LLC reduced its stake in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) by 21.2% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 674,451 shares of the company's stock after selling 181,453 shares during the quarter. Magnite comprises approximately 8.1% of Kopion Asset Management LLC's holdings, making the stock its 4th largest position. Kopion Asset Management LLC owned 0.47% of Magnite worth $12,801,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Smartleaf Asset Management LLC boosted its holdings in shares of Magnite by 20.5% during the second quarter. Smartleaf Asset Management LLC now owns 3,387 shares of the company's stock valued at $82,000 after acquiring an additional 577 shares during the period. US Bancorp DE increased its holdings in shares of Magnite by 75.8% in the 3rd quarter. US Bancorp DE now owns 1,596 shares of the company's stock worth $35,000 after acquiring an additional 688 shares during the period. PNC Financial Services Group Inc. increased its holdings in shares of Magnite by 45.1% in the 3rd quarter. PNC Financial Services Group Inc. now owns 2,428 shares of the company's stock worth $53,000 after acquiring an additional 755 shares during the period. AYAL Capital Advisors Ltd lifted its position in Magnite by 0.5% in the 4th quarter. AYAL Capital Advisors Ltd now owns 200,000 shares of the company's stock valued at $3,246,000 after purchasing an additional 1,000 shares during the last quarter. Finally, CANADA LIFE ASSURANCE Co lifted its position in Magnite by 2.4% in the 3rd quarter. CANADA LIFE ASSURANCE Co now owns 44,552 shares of the company's stock valued at $992,000 after purchasing an additional 1,047 shares during the last quarter. 73.40% of the stock is owned by institutional investors and hedge funds.

Magnite Stock Performance

MGNI stock opened at $20.86 on Wednesday. The company has a 50-day simple moving average of $18.14 and a 200 day simple moving average of $14.76. The company has a market capitalization of $2.99 billion, a P/E ratio of 20.06, a PEG ratio of 1.00 and a beta of 2.26. 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 fifty-two week low of $10.82 and a fifty-two week high of $26.65.

Magnite (NASDAQ:MGNI - Get Free Report) last released its earnings results on Wednesday, May 6th. The company reported $0.13 EPS for the quarter, beating the consensus estimate of $0.11 by $0.02. Magnite had a net margin of 21.96% and a return on equity of 8.40%. The firm had revenue of $164.37 million for the quarter, compared to analysts' expectations of $159.24 million. During the same quarter last year, the company earned $0.12 EPS. Magnite's quarterly revenue was up 5.5% on a year-over-year basis. Sell-side analysts predict that Magnite, Inc. will post 0.55 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have commented on the stock. BTIG Research began coverage on shares of Magnite in a research report on Tuesday, June 9th. They issued a "buy" rating and a $20.00 target price for the company. Weiss Ratings raised Magnite from a "hold (c-)" rating to a "hold (c)" rating in a report on Monday, May 11th. Needham & Company LLC reiterated a "buy" rating and set a $25.00 price objective on shares of Magnite in a research report on Thursday, April 16th. Wells Fargo & Company increased their price objective on 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 restated an "outperform" rating on shares of Magnite in a research report on Thursday, May 28th. Eight equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $24.56.

Insiders Place Their Bets

In other news, Director David T. Pearson sold 10,766 shares of the stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $15.65, for a total value of $168,487.90. Following the completion of the transaction, the director directly owned 79,001 shares in the company, valued at $1,236,365.65. This trade represents a 11.99% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Sean Patrick Buckley sold 19,233 shares of the business's stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $19.00, for a total value of $365,427.00. Following the sale, the insider directly owned 373,514 shares in the company, valued at approximately $7,096,766. The trade was a 4.90% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 491,639 shares of company stock valued at $8,676,734. 3.20% of the stock is currently owned by insiders.

About Magnite

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).

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