What Happened?
Shares of digital advertising platform Magnite (NASDAQ: MGNI) jumped 4% in the afternoon session after it received a bullish analyst rating and announced a strategic partnership with advertising giant Dentsu. The advertising technology firm revealed a collaboration with Dentsu in Europe, the Middle East, and Africa (EMEA) to improve its media supply chain. Dentsu planned to use Magnite's video-focused tools to support its "Total TV" advertising strategy. This partnership aimed to strengthen Dentsu's ability to deliver targeted ad campaigns for its clients. Adding to the positive sentiment, analysts at Benchmark raised their price target on Magnite's stock to $30 from $24, maintaining a "Buy" rating. The firm pointed to strong growth in the connected TV (CTV) advertising market, which involves ads on streaming services, as a key reason for its optimistic outlook.
After the initial pop the shares cooled down to $23.34, up 3.6% from previous close.
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What Is The Market Telling Us
Magnite’s shares are extremely volatile and have had 32 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.
The previous big move we wrote about was 24 days ago when the stock gained 13.8% on the news that it hit a new 52-week high, largely driven by a substantial price target increase from Rosenblatt. The investment firm raised its target to $39 from $18, citing potential benefits for Magnite from the ongoing AdTech antitrust ruling against Google.
Magnite is up 45% since the beginning of the year, and at $23.34 per share, it is trading close to its 52-week high of $24.67 from July 2025. Investors who bought $1,000 worth of Magnite’s shares 5 years ago would now be looking at an investment worth $3,916.
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