MGNI - Here's Why Magnite Stock Is Jumping Today
2024-05-24 13:05:27 ET
Shares of supply-side digital advertising platform Magnite (NASDAQ: MGNI) jumped higher on Friday after a prominent analyst recommended buying the stock. Investors might be surprised that commentary such as this could cause such a big move -- Magnite stock was up 11% as of 10:50 a.m. ET today. But the analyst noted some big news in recent days that many investors might have overlooked.
According to StreetInsider, Bank of America analyst Omar Dessouky just upgraded Magnite stock from a neutral rating to a buy. It's an under-the-radar advertising technology (adtech) stock , and many investors don't really follow the news with Magnite. So those who don't keep up are reading Dessouky's note this morning and learning about the big deals that the company just secured.
Last week, Netflix said that Magnite will be a key partner in its evolving programmatic ad strategy, and there aren't many potential deals bigger than this for a small adtech company.
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Here's Why Magnite Stock Is Jumping Today