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

Kopion Asset Management LLC decreased its position in Magnite, Inc. (NASDAQ:MGNI) by 23.0% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 519,164 shares of the company’s stock after selling 155,287 shares during the quarter. Magnite accounts for 8.6% of Kopion Asset Management LLC’s portfolio, making the stock its 3rd biggest holding. Kopion Asset Management LLC’s holdings in Magnite were worth $13,114,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of MGNI. GAMMA Investing LLC lifted its stake in shares of Magnite by 32.1% in the 3rd quarter. GAMMA Investing LLC now owns 2,916 shares of the company’s stock valued at $74,000 after purchasing an additional 708 shares during the last quarter. Versant Capital Management Inc raised its holdings in Magnite by 20.1% during the 3rd quarter. Versant Capital Management Inc now owns 5,662 shares of the company’s stock valued at $143,000 after buying an additional 947 shares during the period. Tidal Investments LLC raised its holdings in Magnite by 24.0% during the 2nd quarter. Tidal Investments LLC now owns 165,838 shares of the company’s stock valued at $3,148,000 after buying an additional 32,074 shares during the period. WINTON GROUP Ltd bought a new stake in Magnite in the second quarter worth $2,314,000. Finally, Allworth Financial LP boosted its stake in Magnite by 63.7% during the second quarter. Allworth Financial LP now owns 1,567 shares of the company’s stock worth $30,000 after buying an additional 610 shares during the period. 73.40% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on MGNI. Needham & Company LLC increased their target price on shares of Magnite from $25.00 to $30.00 and gave the company a “buy” rating in a research note on Thursday, September 3rd. Rosenblatt Securities reiterated a “buy” rating and set a $40.00 price target on shares of Magnite in a report on Friday, October 2nd. Susquehanna upped their price target on shares of Magnite from $22.00 to $30.00 and gave the company a “positive” rating in a report on Thursday, August 6th. Scotiabank reissued an “outperform” rating and issued a $27.00 price objective on shares of Magnite in a research note on Thursday, August 6th. Finally, Craig Hallum restated a “buy” rating and set a $32.00 target price on shares of Magnite in a research report on Thursday, September 17th. Ten investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $29.36.

Insider Transactions at Magnite

In related news, insider Katie Evans sold 13,997 shares of the company’s stock in a transaction dated Friday, September 11th. The shares were sold at an average price of $24.00, for a total value of $335,928.00. Following the completion of the sale, the insider directly owned 441,800 shares of the company’s stock, valued at $10,603,200. This represents a 3.07% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Douglas Knopper sold 37,337 shares of the firm’s stock in a transaction dated Thursday, September 17th. The shares were sold at an average price of $26.28, for a total transaction of $981,216.36. Following the transaction, the director directly owned 51,136 shares in the company, valued at $1,343,854.08. This trade represents a 42.20% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 667,759 shares of company stock valued at $15,677,119 over the last three months. 3.20% of the stock is currently owned by corporate insiders.

Magnite Trading Down 0.1%

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

Magnite (NASDAQ:MGNI) last issued its earnings results on Wednesday, August 5th. The company reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.02. Magnite had a return on equity of 9.33% and a net margin of 22.49%.The business had revenue of $192.82 million during the quarter, compared to analysts’ expectations of $179.15 million. During the same period in the prior year, the business earned $0.20 EPS. The business’s revenue for the quarter was up 11.3% compared to the same quarter last year. As a group, sell-side analysts forecast that Magnite, Inc. will post 0.61 EPS for the current year.

Magnite Company 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.