MGNI - Is It Too Late to Buy Magnite Stock?
2023-08-13 07:20:00 ET
Magnite 's (NASDAQ: MGNI) stock sank 35% to a nine-month low on Aug. 10 in response to its second-quarter earnings report. The ad tech company's revenue rose 11% year over year to $152.5 million, which exceeded analysts' expectations by $18 million. Its adjusted EPS fell 36% to $0.09 but also cleared the consensus forecast by six cents.
Unfortunately, concerns about the slowing growth of Magnite's connected TV (CTV) business, its shrinking margins, high leverage, and long-term competitive threats all overshadowed its earnings beat. Let's review those red flags and if they indicate it's too late to buy Magnite as a long-term play on the digital advertising market.
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Is It Too Late to Buy Magnite Stock?