Kopion Asset Management LLC Sells 263,215 Shares of Magnite, Inc. (NASDAQ:MGNI)

Kopion Asset Management LLC reduced its holdings in Magnite, Inc. (NASDAQ:MGNI) by 30.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 603,231 shares of the company’s stock after selling 263,215 shares during the quarter. Magnite accounts for 7.0% of Kopion Asset Management LLC’s holdings, making the stock its 5th biggest position. Kopion Asset Management LLC owned about 0.44% of Magnite worth $8,234,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in MGNI. State of Wyoming purchased a new stake in Magnite during the fourth quarter valued at about $29,000. Covestor Ltd boosted its stake in Magnite by 7,927.8% in the 1st quarter. Covestor Ltd now owns 2,890 shares of the company’s stock worth $38,000 after purchasing an additional 2,854 shares during the period. Meeder Asset Management Inc. purchased a new position in Magnite during the 4th quarter worth approximately $42,000. Captrust Financial Advisors raised its stake in Magnite by 48.5% during the 1st quarter. Captrust Financial Advisors now owns 3,767 shares of the company’s stock valued at $50,000 after purchasing an additional 1,230 shares during the period. Finally, Kistler Tiffany Companies LLC raised its stake in Magnite by 108.7% during the 1st quarter. Kistler Tiffany Companies LLC now owns 6,200 shares of the company’s stock valued at $57,000 after purchasing an additional 3,229 shares during the period. 73.40% of the stock is owned by institutional investors and hedge funds.

Magnite Stock Down 2.1 %

Shares of NASDAQ:MGNI traded down $0.17 on Friday, reaching $8.06. The company had a trading volume of 1,410,838 shares, compared to its average volume of 1,286,246. The stock has a market capitalization of $1.10 billion, a P/E ratio of -4.69 and a beta of 2.19. The stock has a 50-day moving average price of $11.18 and a 200 day moving average price of $10.96. Magnite, Inc. has a twelve month low of $5.59 and a twelve month high of $15.73. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 0.97.

Magnite (NASDAQ:MGNI) last announced its quarterly earnings results on Wednesday, August 9th. The company reported ($0.04) EPS for the quarter, missing the consensus estimate of $0.02 by ($0.06). Magnite had a negative net margin of 38.65% and a positive return on equity of 2.07%. The company had revenue of $134.68 million for the quarter, compared to analyst estimates of $134.56 million. On average, equities analysts expect that Magnite, Inc. will post 0.13 EPS for the current year.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. TheStreet upgraded Magnite from a “d+” rating to a “c-” rating in a report on Monday, July 31st. Royal Bank of Canada dropped their target price on Magnite from $20.00 to $18.00 and set an “outperform” rating on the stock in a report on Thursday, August 10th. Evercore ISI upgraded shares of Magnite from an “in-line” rating to an “outperform” rating and raised their price target for the stock from $11.00 to $14.00 in a report on Wednesday, August 16th. Cannonball Research lowered shares of Magnite from a “buy” rating to a “neutral” rating in a research note on Monday, June 5th. Finally, Truist Financial decreased their target price on shares of Magnite from $15.00 to $12.00 and set a “buy” rating for the company in a research note on Monday, August 14th. Two analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, Magnite has a consensus rating of “Moderate Buy” and a consensus target price of $14.75.

Insider Activity

In other Magnite news, CTO David Buonasera sold 6,624 shares of Magnite stock in a transaction that occurred on Monday, July 3rd. The stock was sold at an average price of $13.43, for a total value of $88,960.32. Following the transaction, the chief technology officer now directly owns 215,338 shares of the company’s stock, valued at approximately $2,891,989.34. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In related news, CFO David Day sold 21,564 shares of the firm’s stock in a transaction on Thursday, June 29th. The stock was sold at an average price of $14.00, for a total value of $301,896.00. Following the completion of the transaction, the chief financial officer now directly owns 424,944 shares of the company’s stock, valued at $5,949,216. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CTO David Buonasera sold 6,624 shares of the stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $13.43, for a total transaction of $88,960.32. Following the completion of the transaction, the chief technology officer now directly owns 215,338 shares of the company’s stock, valued at approximately $2,891,989.34. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 135,990 shares of company stock valued at $1,625,936. 4.30% of the stock is owned by insiders.

About Magnite

Magnite, Inc operates an independent 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 provides applications and services for buyers, including advertisers, agencies, agency trading desks, and demand side platforms to buy digital advertising inventory.