Magnite, Inc. (NASDAQ:MGNI) Stock Holdings Cut by Kopion Asset Management LLC

Kopion Asset Management LLC lessened its position in Magnite, Inc. (NASDAQ:MGNI - Free Report) by 20.6% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 650,419 shares of the company's stock after selling 168,533 shares during the period. Magnite accounts for 6.5% of Kopion Asset Management LLC's investment portfolio, making the stock its 7th biggest position. Kopion Asset Management LLC owned approximately 0.46% of Magnite worth $9,008,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in MGNI. UMB Bank n.a. raised its position in shares of Magnite by 111.8% in the 2nd quarter. UMB Bank n.a. now owns 2,251 shares of the company's stock worth $30,000 after acquiring an additional 1,188 shares in the last quarter. Asset Dedication LLC purchased a new position in Magnite during the second quarter valued at $52,000. Blue Trust Inc. purchased a new position in Magnite during the second quarter valued at $56,000. Benjamin F. Edwards & Company Inc. lifted its position in Magnite by 973.5% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 4,380 shares of the company's stock valued at $58,000 after buying an additional 3,972 shares during the period. Finally, DekaBank Deutsche Girozentrale purchased a new position in Magnite during the second quarter valued at $93,000. Institutional investors own 73.40% of the company's stock.

Insider Transactions at Magnite

In related news, CTO David Buonasera sold 10,000 shares of Magnite stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $12.65, for a total transaction of $126,500.00. Following the transaction, the chief technology officer now directly owns 258,102 shares in the company, valued at approximately $3,264,990.30. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Magnite news, CTO David Buonasera sold 10,000 shares of the firm's stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $12.65, for a total transaction of $126,500.00. Following the sale, the chief technology officer now owns 258,102 shares in the company, valued at approximately $3,264,990.30. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CRO Sean Patrick Buckley sold 2,623 shares of the company's stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $12.53, for a total value of $32,866.19. Following the completion of the transaction, the executive now directly owns 331,742 shares of the company's stock, valued at approximately $4,156,727.26. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 95,533 shares of company stock worth $1,206,203 in the last 90 days. 4.30% of the stock is currently owned by insiders.

Magnite Stock Performance

Shares of MGNI stock traded down $0.14 on Wednesday, reaching $12.18. The stock had a trading volume of 281,322 shares, compared to its average volume of 1,583,947. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.10 and a current ratio of 1.10. Magnite, Inc. has a 1 year low of $6.28 and a 1 year high of $15.92. The stock has a market cap of $1.72 billion, a P/E ratio of -112.00, a price-to-earnings-growth ratio of 1.05 and a beta of 2.41. The company has a 50 day simple moving average of $13.03 and a 200 day simple moving average of $12.31.

Magnite (NASDAQ:MGNI - Get Free Report) last released its quarterly earnings results on Wednesday, August 7th. The company reported $0.14 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.15 by ($0.01). Magnite had a negative net margin of 0.83% and a positive return on equity of 3.74%. The firm had revenue of $162.88 million for the quarter, compared to the consensus estimate of $144.04 million. During the same quarter in the prior year, the firm earned ($0.04) earnings per share. The company's revenue for the quarter was up 6.8% compared to the same quarter last year. Equities research analysts expect that Magnite, Inc. will post 0.31 EPS for the current year.

Wall Street Analyst Weigh In

MGNI has been the subject of several recent research reports. Royal Bank of Canada reissued an "outperform" rating and set a $19.00 price objective on shares of Magnite in a research report on Friday, September 27th. Craig Hallum reissued a "buy" rating and set a $20.00 price objective on shares of Magnite in a research report on Wednesday, August 21st. Wolfe Research initiated coverage on Magnite in a report on Tuesday, July 16th. They set an "outperform" rating and a $16.00 price target for the company. Bank of America raised their price target on Magnite from $15.00 to $17.00 and gave the company a "buy" rating in a report on Monday, July 29th. Finally, Benchmark restated a "buy" rating and set a $21.00 price target on shares of Magnite in a report on Wednesday, October 2nd. Ten analysts have rated the stock with a buy rating, According to MarketBeat, the stock has an average rating of "Buy" and an average target price of $17.25.

Magnite Profile

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.