Shares of advertising-technology company Magnite (NASDAQ: MGNI) have gone up a lot in recent days. So far in November, the stock is up almost 50%. Part of that came on Thursday -- as of 12:30 p.m. EST, it was up 11%. It seems investors are still excited by a press release earlier this week that showed business is booming for Magnite.
Magnite's recent press release highlights how revenue in connected TV (CTV) was up 50% year over year in the third quarter. This was already known. But management went to great lengths to demonstrate just how well business is doing. For example, direct-to-consumer brands increased their CTV ad spending 159% in the third quarter. Consumer-packaged goods companies increased their spending by 86%. This growing adoption benefits Magnite.
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Here's What's Behind the Recent Surge for Magnite Stock