Magnite, Inc. $MGNI Stock Sold by Kopion Asset Management LLC

Key Points

• Kopion Asset Management reduced its Magnite stake by 23% in the third quarter, selling 155,287 shares and retaining 519,164 shares worth approximately $13.1 million. Institutional investors collectively own 73.4% of MGNI.
• Analysts remain broadly bullish, with 10 Buy ratings and two Holds, producing a “Moderate Buy” consensus and an average price target of $29.36.
• Magnite reported quarterly earnings of $0.26 per share, exceeding estimates of $0.24, while revenue rose 11.3% year over year to $192.82 million. The stock recently traded at $25.42, near its 12-month high of $26.84.

Kopion Asset Management LLC decreased its stake in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) by 23.0% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 519,164 shares of the company's stock after selling 155,287 shares during the quarter. Magnite comprises about 8.6% of Kopion Asset Management LLC's investment portfolio, making the stock its 3rd biggest holding. Kopion Asset Management LLC owned about 0.36% of Magnite worth $13,114,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. BlackRock Inc. bought a new position in shares of Magnite during the second quarter valued at $241,296,000. Canada Pension Plan Investment Board purchased a new stake in shares of Magnite during the 2nd quarter valued at about $56,847,000. 325 Capital LLC boosted its holdings in shares of Magnite by 208.5% during the 4th quarter. 325 Capital LLC now owns 2,005,387 shares of the company's stock valued at $32,547,000 after acquiring an additional 1,355,326 shares during the last quarter. Bank of America Corp DE bought a new stake in shares of Magnite in the second quarter worth approximately $22,431,000. Finally, Bank of New York Mellon Corp bought a new stake in shares of Magnite in the second quarter worth approximately $22,059,000. 73.40% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on MGNI. BTIG Research restated a "buy" rating and issued a $27.00 target price on shares of Magnite in a report on Wednesday, September 9th. Susquehanna lifted their price objective on Magnite from $22.00 to $30.00 and gave the stock a "positive" rating in a report on Thursday, August 6th. B. Riley Financial upped their price objective on Magnite from $27.00 to $30.00 and gave the company a "buy" rating in a research report on Friday, September 18th. Benchmark increased their target price on Magnite from $30.00 to $33.00 and gave the company a "buy" rating in a report on Thursday, August 6th. Finally, Wells Fargo & Company boosted their price target on Magnite from $21.00 to $22.00 and gave the company an "equal weight" rating in a research note on Friday, August 7th. Ten analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, Magnite presently has a consensus rating of "Moderate Buy" and a consensus target price of $29.36.

Magnite Stock Performance

Shares of NASDAQ MGNI traded down $0.03 during trading on Friday, hitting $25.42. The company had a trading volume of 640,041 shares, compared to its average volume of 2,521,377. Magnite, Inc. has a 12 month low of $10.82 and a 12 month high of $26.84. The firm has a market capitalization of $3.65 billion, a P/E ratio of 23.35, a price-to-earnings-growth ratio of 0.83 and a beta of 2.33. The stock has a 50 day simple moving average of $23.94 and a 200 day simple moving average of $18.45. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.03 and a current ratio of 1.02.

Magnite (NASDAQ:MGNI - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The company reported $0.26 earnings per share for the quarter, topping analysts' consensus estimates of $0.24 by $0.02. The business had revenue of $192.82 million during the quarter, compared to analyst estimates of $179.15 million. Magnite had a net margin of 22.49% and a return on equity of 9.33%. The company's revenue was up 11.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.20 earnings per share. As a group, analysts anticipate that Magnite, Inc. will post 0.61 earnings per share for the current year.

Insider Transactions at Magnite

In related news, insider Sean Buckley sold 67,179 shares of the stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $24.49, for a total transaction of $1,645,213.71. Following the completion of the sale, the insider owned 315,805 shares in the company, valued at approximately $7,734,064.45. This trade represents a 17.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Douglas Knopper sold 37,337 shares of the business's stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $22.72, for a total value of $848,296.64. Following the completion of the transaction, the director directly owned 88,473 shares in the company, valued at approximately $2,010,106.56. This represents a 29.68% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 667,759 shares of company stock valued at $15,677,119. 3.20% of the stock is owned by corporate insiders.

Magnite Profile

Magnite, Inc is an independent sell-side advertising technology company that helps publishers, broadcasters and other content owners monetize digital advertising inventory. Its platform connects sellers of advertising space with brands, agencies and demand-side platforms, facilitating the automated buying and selling of ads across connected television (CTV), streaming video, mobile applications, websites, audio and digital out-of-home media.

The company offers tools for managing, packaging and selling advertising inventory, including programmatic auctions, direct and private marketplace transactions, audience targeting, yield optimization and measurement.

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