MGNI - Why Magnite Stock Rocketed Higher on Thursday
2024-05-16 12:23:55 ET
Shares of Magnite (NASDAQ: MGNI) charged sharply higher Thursday morning, surging as much as 31.4%. As of 11:53 a.m. ET, the stock was still up 30.5%.
The catalyst that sent the adtech specialist soaring was a new big-name ad partner.
At the ad industry upfronts -- the annual advertising sales event for television and streaming platforms -- Netflix (NASDAQ: NFLX) dropped several nuggets that made waves. First, the company revealed that its less expensive ad-supported tier has quickly grown to 40 million global accounts just 18 months after its debut. Even more surprising, the tally is up from 23 million in January.
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Why Magnite Stock Rocketed Higher on Thursday