Magnite (MGNI)

• Market cap: $2.23B
• 1 day: -4.86%
• 5 days: 14.03%
• 1 month: 28.65%
• 3 months: 26.70%
• 6 months: 61.73%
• Year to date: 72.28%
• 1 year: 100.89%
• 5 years: 95.92%
• 10 years: 21.55%
• Sector: Information Technology
• Industry: Computer Programming, Data Processing, Etc.

About: Magnite is one of the largest supply-side platform providers, or SSP, in online advertising. The firm was previously named The Rubicon Project (an online ad exchange) and became Magnite after merging with Telaria (an SSP focused mainly on streaming video providers) in 2020. The firm also purchased another of the leading SSPs within the CTV market, SpotX, in 2021 for $1.2 billion, cementing its long-term focus on grabbing market share in this area. The firm generates nearly 45% of its revenue from the programmatic sale of CTV ad inventory, 35% from mobile online sites and apps, and the remaining from websites accessed via computer.

Employees: 911

Fund manager confidence

Based on 2024 Q3 regulatory filings by fund managers ($100M+ AUM)

39% more repeat investments, than reductions

Existing positions increased: 104 | Existing positions reduced: 75

17% more capital invested

Capital invested by funds: $1.4B [Q2] → $1.63B (+$237M) [Q3]

13% more first-time investments, than exits

New positions opened: 43 | Existing positions closed: 38

8.59% more ownership

Funds ownership: 75.02% [Q2] → 83.61% (+8.59%) [Q3]

2% more funds holding

Funds holding: 267 [Q2] → 272 (+5) [Q3]

6% more call options, than puts

Call options by funds: $51.1M | Put options by funds: $48.2M

20% less funds holding in top 10

Funds holding in top 10: 10 [Q2] → 8 (-2) [Q3]

Research analyst outlook

8 Wall Street Analysts provided 1 year price targets over the past 3 months

• Low target: $13 18% downside
• Avg. target: $18.50 17% upside
• High target: $21 32% upside

8 analyst ratings

• positive: 7 88%
• neutral: 1 13%
• negative: 0 0%

Macquarie Tim Nollen 76% 1-year accuracy 29 / 38 met price target	14% upside $18	Outperform Maintained	8 Nov 2024
Wells Fargo	18% downside $13	Equal-Weight Initiated	28 Oct 2024
Benchmark Daniel Kurnos 65% 1-year accuracy 51 / 79 met price target	32% upside $21	Buy Reiterated	2 Oct 2024
Needham Laura Martin 67% 1-year accuracy 109 / 162 met price target	5% downside $15	Buy Reiterated	2 Oct 2024
RBC Capital Matthew Hedberg 70% 1-year accuracy 75 / 107 met price target	20% upside $19	Outperform Reiterated	27 Sept 2024