Shares of Magnite (NASDAQ: MGNI) have skyrocketed today, up by 16% as of 1:10 p.m. EST, after getting a bullish initiation from Wall Street. Susquehanna kicked off coverage of Magnite with a positive (equivalent to buy) rating alongside a price target of $30.
Magnite was created from the merger of Rubicon Project and Telaria, which closed earlier this year and created a leading supply side platform (SSP) for advertisers. Analyst Shyam Patil believes that Magnite is the best independent SSP, especially for connected TV (CTV) platforms. The advertising technology company is a leader in its sector thanks to its independence and scale, while Magnite also has a strong management team in place, in Patil's view.
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Why Magnite Stock Skyrocketed Today