Magnite Stock: Bear vs. Bull
Magnite's (NASDAQ: MGNI) stock hit an all-time high of $64.39 per share during the Reddit-fueled "meme stock" rally last February. But today shares of the advertising technology company hover near a 52-week low of about $15.
Magnite became the largest independent SSP (sell-side platform) for digital ads after it was formed by the merger of two smaller ad tech companies, The Rubicon Project and Telaria, in April 2020. SSPs enable publishers and digital media owners to manage and sell their own ad inventories.
At first, investors were impressed by Magnite's connected TV (CTV) business, which was growing at a much faster rate than its desktop and mobile ad businesses. However, Magnite's subsequent acquisitions exposed a troubling gap between its organic and inorganic growth, and it wasn't growing as rapidly as many of its ad tech peers on an organic basis.
Source Fool.com
