Why Magnite Stock Jumped This Week
Shares of Magnite (NASDAQ: MGNI), a supply-side adtech platform, were moving higher this week as strong earnings reports from peers like The Trade Desk (NASDAQ: TTD) and Roku (NASDAQ: ROKU) lifted expectations for the company's own earnings report next week. There was no major company-specific news out on Magnite, but strong earnings reports from The Trade Desk and Roku created a rising tide in the adtech industry as beaten-down stocks in the sector rose on hopes that the ad market would soon turn around.