Why One Fund Added $6.1 Million to Magnite Stock Despite a Flat 12 Months
Key Points
Texas-based Kopion Asset Management increased its stake in Magnite by 367,858 shares during the fourth quarter; the estimated trade value was $6.11 million based on quarterly average pricing.
The quarter-end position value rose by $4.60 million, reflecting both new purchases and stock price movements.
As of September 30, the fund reported holding 614,459 MGNI shares valued at $9.97 million, accounting for 7.13% of fund AUM.
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Texas-based Kopion Asset Management reported a buy of 367,858 shares of Magnite (NASDAQ:MGNI) in a Monday SEC filing, representing an estimated $6.11 million transaction based on quarterly average pricing.
What Happened
According to an SEC filing released Monday, Kopion Asset Management increased its holding in Magnite by 367,858 shares quarter-over-quarter. The estimated value of the added shares, based on the average closing price in the fourth quarter, is approximately $6.11 million. The fund ended the quarter with 614,459 shares, and the position’s total value rose by approximately $4.60 million, which includes both new purchases and price changes.
What Else to Know
The Magnite position represented 7.13% of Kopion's 13F reportable assets at quarter-end.
Top five holdings after the filing:
- NASDAQ: NICE: $12.03 million (8.6% of AUM)
- NYSE: FTI: $11.09 million (7.9% of AUM)
- NASDAQ: TRUP: $10.98 million (7.8% of AUM)
- NASDAQ: VRNS: $10.89 million (7.8% of AUM)
- NYSE: TNC: $9.07 million (6.5% of AUM)
As of Friday, shares of Magnite were priced at $16.06, roughly flat over the past year and underperforming the S&P 500 by 15.73 percentage points.
Company Overview
| Metric | Value |
|---|---|
| Price (as of Friday) | $16.06 |
| Market Capitalization | $2.42 billion |
| Revenue (TTM) | $702.57 million |
| Net Income (TTM) | $57.97 million |
Company Snapshot
- Magnite offers a sell-side advertising platform for publishers of digital media, including CTV channels, websites, and applications, enabling management and monetization of digital ad inventory.
- The company generates revenue primarily through technology solutions that facilitate transactions between digital content sellers and buyers, leveraging a marketplace model for digital advertising inventory.
- It serves publishers, advertisers, agencies, and demand-side platforms seeking to buy or sell digital advertising inventory across multiple channels and formats.
Magnite, Inc. operates an independent sell-side advertising platform in the digital advertising ecosystem. Magnite's platform offers applications and services for publishers to manage and monetize their digital advertising inventory, and provides buyers with tools to purchase digital advertising inventory.
What this transaction means for investors
Magnite’s shares have been roughly flat over the past year, yet the company’s underlying business continues to move in the opposite direction. In its latest quarter, Magnite reported revenue growth of 11% and adjusted EBITDA up 13% year over year, with connected TV contribution climbing 18% or 25% excluding political advertising.
Against that backdrop, adding more than 360,000 shares looks less like momentum chasing and more like a bet that public markets are mispricing execution. The position now sits just behind the fund’s largest holdings, alongside other software and digital platform names, suggesting this is part of a broader preference for scalable, cash-generating tech rather than a one-off trade.
That doesn’t necessarily mean Magnite is suddenly cheap, but its earnings power might be improving faster than the stock reflects. If CTV continues to take share and margins hold near current levels, today’s sideways price action could end up looking like a pause rather than a ceiling.
Glossary
13F assets under management: The portion of a fund's assets disclosed in quarterly SEC filings, covering certain U.S. securities.
AUM (Assets Under Management): The total market value of investments managed by a fund or investment firm.
Quarter-end position: The number of shares or value of a holding at the end of a financial quarter.
Sell-side advertising platform: Technology enabling publishers to manage and sell their digital advertising inventory to buyers.
Digital ad inventory: The supply of available digital advertising space that publishers offer to advertisers.
Marketplace model: A business structure where multiple buyers and sellers transact within a single platform.
Demand-side platforms: Technology platforms that allow advertisers or agencies to buy digital advertising inventory automatically.
TTM: The 12-month period ending with the most recent quarterly report.
Total return: The investment's price change plus all dividends and distributions, assuming those payouts are reinvested.
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Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Nice, Trupanion, and Varonis Systems. The Motley Fool recommends Magnite and Tennant. The Motley Fool has a disclosure policy.
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