Magnite (MGNI)

• Market cap: $2.49B
• 1 day: -3.18%
• 5 days: -9.52%
• 1 month: 12.47%
• 3 months: 6.83%
• 6 months: 29.52%
• Year to date: 9.81%
• 1 year: 86.11%
• 5 years: 40.21%
• 10 years: 1.78%
• 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 Q4 regulatory filings by fund managers ($100M+ AUM)

30% more first-time investments, than exits

New positions opened: 48 | Existing positions closed: 37

17% more capital invested

Capital invested by funds: $1.67B [Q3] → $1.95B (+$286M) [Q4]

11% more funds holding in top 10

Funds holding in top 10: 9 [Q3] → 10 (+1) [Q4]

1.78% more ownership

Funds ownership: 85.39% [Q3] → 87.17% (+1.78%) [Q4]

1% more repeat investments, than reductions

Existing positions increased: 96 | Existing positions reduced: 95

0% less funds holding

Funds holding: 277 [Q3] → 276 (-1) [Q4]

5% less call options, than puts

Call options by funds: $70.8M | Put options by funds: $74.9M

Research analyst outlook

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

• Low target: $15 15% downside
• Avg. target: $19.60 11% upside
• High target: $22 24% upside

5 analyst ratings

• positive: 4 80%
• neutral: 1 20%
• negative: 0 0%

Needham Laura Martin 75% 1-year accuracy 250 / 335 met price target	13% upside $20	Buy Reiterated	17 Jan 2025
Wells Fargo Alec Brondolo 55% 1-year accuracy 6 / 11 met price target	15% downside $15	Equal-Weight Maintained	16 Jan 2025
RBC Capital Matthew Swanson 54% 1-year accuracy 22 / 41 met price target	24% upside $22	Outperform Maintained	3 Jan 2025
Wolfe Research Shweta Khajuria 64% 1-year accuracy 16 / 25 met price target	7% upside $19	Outperform Maintained	3 Jan 2025
Scotiabank Nat Schindler 71% 1-year accuracy 10 / 14 met price target	24% upside $22	Sector Outperform Initiated	5 Dec 2024