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

Key Points

• Kopion Asset Management increased its stake in Magnite by 149.2% in Q4 to 614,459 shares (about 0.43% of the company, ~$9.97M), making MGNI its fifth-largest holding and ~7.1% of Kopion's portfolio.
• Analyst sentiment is broadly positive — nine Buys versus two Holds produce a consensus "Moderate Buy" and an average target price of $24.10, though individual targets range from $13 to $39.
• Institutional investors own 73.4% of Magnite while insiders hold 3.8%; insider Adam Lee Soroca sold 21,529 shares in February, reducing his position by 5.25%.

Kopion Asset Management LLC raised its stake in Magnite, Inc. (NASDAQ:MGNI - Free Report) by 149.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 614,459 shares of the company's stock after purchasing an additional 367,858 shares during the quarter. Magnite accounts for about 7.1% of Kopion Asset Management LLC's portfolio, making the stock its 5th biggest position. Kopion Asset Management LLC owned approximately 0.43% of Magnite worth $9,973,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently modified their holdings of the company. JPMorgan Chase & Co. raised its position in Magnite by 28.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,209,413 shares of the company's stock valued at $26,341,000 after buying an additional 271,325 shares during the last quarter. Polar Asset Management Partners Inc. bought a new stake in shares of Magnite in the 3rd quarter worth $4,658,000. Strategic Advocates LLC purchased a new stake in shares of Magnite in the third quarter valued at about $42,000. CIBC Bancorp USA Inc. bought a new position in shares of Magnite during the third quarter valued at about $325,000. Finally, Castleark Management LLC boosted its holdings in Magnite by 35.0% during the third quarter. Castleark Management LLC now owns 193,185 shares of the company's stock worth $4,208,000 after purchasing an additional 50,035 shares during the last quarter. Hedge funds and other institutional investors own 73.40% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on MGNI shares. Rosenblatt Securities reiterated a "buy" rating and issued a $39.00 price objective on shares of Magnite in a research note on Thursday, February 26th. Evercore reaffirmed an "outperform" rating and issued a $20.00 target price on shares of Magnite in a report on Thursday, February 26th. Wells Fargo & Company decreased their price target on Magnite from $20.00 to $13.00 and set an "equal weight" rating for the company in a research report on Friday, February 27th. Weiss Ratings reiterated a "hold (c)" rating on shares of Magnite in a report on Thursday, January 22nd. Finally, Benchmark cut their price objective on Magnite from $31.00 to $30.00 and set a "buy" rating on the stock in a research report on Thursday, February 26th. Nine research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $24.10.

Magnite Stock Performance

Shares of MGNI stock opened at $12.49 on Friday. The firm has a market cap of $1.80 billion, a price-to-earnings ratio of 13.29, a P/E/G ratio of 0.69 and a beta of 2.34. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.02 and a current ratio of 1.02. Magnite, Inc. has a 52 week low of $8.22 and a 52 week high of $26.65. The firm's 50-day simple moving average is $13.30 and its two-hundred day simple moving average is $16.56.

Insider Activity at Magnite

In related news, insider Adam Lee Soroca sold 21,529 shares of Magnite stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $12.00, for a total value of $258,348.00. Following the sale, the insider owned 388,425 shares of the company's stock, valued at approximately $4,661,100. The trade was a 5.25% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 3.80% of the company's stock.

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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