Why Magnite Stock Is Rising Today
Shares of Magnite (NASDAQ: MGNI) are rising today, up about 10% as of 12:30 p.m. EDT. The move higher likely reflects a rebound following a sharp sell-off of the ad tech company's stock in recent weeks that may have left shares oversold.
Magnite became the world's largest programmatic advertising company on the sell-side of the ad-tech market (the opposite side as The Trade Desk) after a merger of CTV-focused Telaria and scaled programmatic player Rubicon Project earlier this year.
Magnite's stock has been hammered this year as concerns about the impact of the coronavirus on digital advertising spooked investors. Shares even slumped following the company's second-quarter earnings report in early August, which featured better-than-expected top- and bottom-line results and guidance from management for revenue to likely stop declining in Q3. One key highlight in the update was management's note that CTV revenue had accelerated from 12% year-over-year growth in Q2 to 50% growth during the beginning of Q3.
Source Fool.com
