What Makes Magnite (MGNI) an Attractive Investment?

Choice Equities Capital Management, a hedge fund manager, released its second-quarter 2023 investor letter recently. You can view it here. In the second quarter, the fund returned +8.0% on a net basis which brought the year-to-date net performance to +9.0%. This compares to Russell 2000’s +5.2% gain for Q2 and +8.1% year-to-date. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Choice Equities Capital Management highlighted stocks like Magnite, Inc. (NASDAQ:MGNI) in the second quarter 2023 investor letter. Headquartered in New York, New York, Magnite, Inc. (NASDAQ:MGNI) is an independent sell-side advertising platform. On August 1, 2023, Magnite, Inc. (NASDAQ:MGNI) stock closed at $14.84 per share. One-month return of Magnite, Inc. (NASDAQ:MGNI) was 10.01%, and its shares gained 66.55% of their value over the last 52 weeks. Magnite, Inc. (NASDAQ:MGNI) has a market capitalization of $2.012 billion.

Choice Equities Capital Management made the following comment about Magnite, Inc. (NASDAQ:MGNI) in its second quarter 2023 investor letter:

“Magnite, Inc. (NASDAQ:MGNI) – The management team at Magnite continues to execute impressively. Shares look to have digested a meaningful decline in 2022 while double digit or better top-line organic growth appears to be ramping up on the back of continued market share wins in CTV and on ad spending that is likely to benefit from political spending over the next year and half. With highly attractive incremental margins and impressive cash generative abilities, shares look attractively valued based on the company’s likely trajectory.”

Magnite, Inc. (NASDAQ:MGNI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 14 hedge fund portfolios held Magnite, Inc. (NASDAQ:MGNI) at the end of first quarter which was 24 in the previous quarter.

We discussed Magnite, Inc. (NASDAQ:MGNI) in another article and shared the list of best advertising agency stocks to buy. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.