Kopion Asset Management LLC Sells 8,910 Shares of Magnite, Inc. (NASDAQ:MGNI)

Kopion Asset Management LLC lessened its position in Magnite, Inc. (NASDAQ:MGNI) by 1.4% in the 4th quarter, Holdings Channel reports. The firm owned 641,509 shares of the company’s stock after selling 8,910 shares during the period. Magnite accounts for approximately 7.2% of Kopion Asset Management LLC’s investment portfolio, making the stock its 4th biggest holding. Kopion Asset Management LLC’s holdings in Magnite were worth $10,213,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Benjamin F. Edwards & Company Inc. lifted its position in shares of Magnite by 973.5% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 4,380 shares of the company’s stock worth $58,000 after purchasing an additional 3,972 shares in the last quarter. Quarry LP grew its holdings in shares of Magnite by 446.8% in the 3rd quarter. Quarry LP now owns 5,517 shares of the company’s stock valued at $76,000 after acquiring an additional 4,508 shares in the last quarter. DekaBank Deutsche Girozentrale acquired a new stake in shares of Magnite in the second quarter valued at about $93,000. Blue Trust Inc. boosted its position in Magnite by 87.0% during the third quarter. Blue Trust Inc. now owns 7,931 shares of the company’s stock valued at $105,000 after purchasing an additional 3,689 shares during the last quarter. Finally, Lebenthal Global Advisors LLC acquired a new stake in shares of Magnite in the 3rd quarter valued at approximately $141,000. 73.40% of the stock is owned by institutional investors and hedge funds.

Magnite Price Performance

Shares of MGNI traded up $0.48 during midday trading on Wednesday, hitting $16.12. The company’s stock had a trading volume of 137,044 shares, compared to its average volume of 1,514,150. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.76. Magnite, Inc. has a one year low of $8.38 and a one year high of $18.38. The stock has a market capitalization of $2.27 billion, a price-to-earnings ratio of 268.67, a price-to-earnings-growth ratio of 1.35 and a beta of 2.51. The company’s fifty day simple moving average is $16.30 and its two-hundred day simple moving average is $14.32.

Insider Buying and Selling at Magnite

In other news, CEO Michael G. Barrett sold 27,004 shares of the company’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $17.63, for a total transaction of $476,080.52. Following the completion of the transaction, the chief executive officer now directly owns 782,910 shares in the company, valued at approximately $13,802,703.30. This represents a 3.33 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO David Day sold 13,345 shares of the firm’s stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $17.00, for a total value of $226,865.00. Following the sale, the chief financial officer now directly owns 374,014 shares in the company, valued at approximately $6,358,238. This trade represents a 3.45 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 366,097 shares of company stock worth $6,165,147 over the last 90 days. Insiders own 4.30% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently commented on MGNI shares. Wolfe Research lifted their price objective on shares of Magnite from $14.00 to $19.00 and gave the company an “outperform” rating in a research report on Friday, January 3rd. Needham & Company LLC upped their price target on shares of Magnite from $17.00 to $20.00 and gave the company a “buy” rating in a research note on Thursday, December 5th. Wells Fargo & Company assumed coverage on shares of Magnite in a report on Monday, October 28th. They issued an “equal weight” rating and a $13.00 price target on the stock. Macquarie restated an “outperform” rating and issued a $18.00 price target on shares of Magnite in a research note on Friday, November 8th. Finally, Royal Bank of Canada lifted their target price on Magnite from $19.00 to $22.00 and gave the stock an “outperform” rating in a report on Friday, January 3rd. One equities research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $18.19.

About Magnite

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.