Why Magnite (MGNI) Stock Is Up Today

What Happened?

Shares of digital advertising platform Magnite (NASDAQ:MGNI) jumped 13.8% in the afternoon session after 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.

Is now the time to buy Magnite? Access our full analysis report here, it’s free.

What The Market Is Telling Us

Magnite’s shares are extremely volatile and have had 33 moves greater than 5% over the last year. But moves this big are rare even for Magnite and indicate this news significantly impacted the market’s perception of the business.

The previous big move we wrote about was 14 days ago when the stock gained 6.8% on the news that the major indices rebounded (Nasdaq +1.5%, S&P 500 +1.0%) as reports pointed to easing tensions between Israel and Iran. The Wall Street Journal said senior Iranian officials had signaled a willingness to restart stalled nuclear talks, on the condition that Washington refrain from joining Israel's ongoing strikes. This development triggered a significant decline in oil prices, easing inflation concerns. 

Magnite is up 48.7% since the beginning of the year, and at $23.93 per share, has set a new 52-week high. Investors who bought $1,000 worth of Magnite’s shares 5 years ago would now be looking at an investment worth $3,589.

Unless you’ve been living under a rock, it should be obvious by now that generative AI is going to have a huge impact on how large corporations do business. While Nvidia and AMD are trading close to all-time highs, we prefer a lesser-known (but still profitable) semiconductor stock benefiting from the rise of AI. Click here to access our free report on our favorite semiconductor growth story.