Magnite, Inc. (NASDAQ:MGNI) Position Reduced by Kopion Asset Management LLC

Kopion Asset Management LLC trimmed its position in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) by 6.6% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 599,000 shares of the company's stock after selling 42,509 shares during the period. Magnite makes up about 5.3% of Kopion Asset Management LLC's holdings, making the stock its 11th biggest holding. Kopion Asset Management LLC owned 0.42% of Magnite worth $6,835,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in MGNI. SBI Securities Co. Ltd. acquired a new stake in Magnite during the fourth quarter worth about $25,000. GAMMA Investing LLC grew its holdings in shares of Magnite by 10,170.3% during the 1st quarter. GAMMA Investing LLC now owns 3,800 shares of the company's stock worth $43,000 after purchasing an additional 3,763 shares during the period. Larson Financial Group LLC increased its position in Magnite by 179.2% during the 4th quarter. Larson Financial Group LLC now owns 3,647 shares of the company's stock worth $58,000 after purchasing an additional 2,341 shares in the last quarter. Quantbot Technologies LP purchased a new position in Magnite in the fourth quarter valued at approximately $87,000. Finally, Jones Financial Companies Lllp raised its holdings in Magnite by 20.6% in the fourth quarter. Jones Financial Companies Lllp now owns 5,853 shares of the company's stock valued at $93,000 after buying an additional 1,000 shares during the period. 73.40% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. Benchmark decreased their price objective on shares of Magnite from $25.00 to $24.00 and set a "buy" rating for the company in a research note on Thursday, May 8th. Craig Hallum set a $24.00 price target on shares of Magnite and gave the stock a "buy" rating in a research report on Tuesday, May 20th. Needham & Company LLC increased their price target on Magnite from $14.00 to $18.00 and gave the company a "buy" rating in a report on Monday, May 12th. Lake Street Capital cut their price objective on Magnite from $21.00 to $19.00 and set a "buy" rating on the stock in a research report on Thursday, May 8th. Finally, Rosenblatt Securities reaffirmed a "buy" rating and issued a $18.00 target price on shares of Magnite in a research report on Thursday, May 8th. One analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $19.58.

Magnite Stock Up 0.4%

MGNI traded up $0.07 on Wednesday, reaching $16.67. The company's stock had a trading volume of 384,065 shares, compared to its average volume of 2,118,296. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11. The business's 50 day moving average is $12.87 and its 200 day moving average is $15.11. The stock has a market cap of $2.35 billion, a price-to-earnings ratio of 277.83, a price-to-earnings-growth ratio of 1.00 and a beta of 2.73. Magnite, Inc. has a 1 year low of $8.22 and a 1 year high of $21.29.

Magnite (NASDAQ:MGNI - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The company reported $0.12 earnings per share for the quarter, topping the consensus estimate of $0.06 by $0.06. The company had revenue of $145.85 million during the quarter, compared to analyst estimates of $142.18 million. Magnite had a net margin of 2.62% and a return on equity of 4.64%. The firm's revenue for the quarter was up 4.3% compared to the same quarter last year. During the same period last year, the business earned $0.05 EPS. As a group, research analysts forecast that Magnite, Inc. will post 0.33 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Adam Lee Soroca sold 8,328 shares of the firm's stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $17.00, for a total value of $141,576.00. Following the transaction, the insider now directly owns 437,117 shares in the company, valued at approximately $7,430,989. This trade represents a 1.87% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CTO David Buonasera sold 8,742 shares of Magnite stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $16.00, for a total transaction of $139,872.00. Following the completion of the transaction, the chief technology officer now directly owns 258,702 shares of the company's stock, valued at $4,139,232. This trade represents a 3.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 48,115 shares of company stock worth $769,952. Corporate insiders own 3.80% of the company's stock.

About Magnite

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.