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Magnite Soars 1.72% on Redfin Partnership, Q1 Earnings

Mover TrackerWednesday, May 14, 2025 6:39 pm ET

13min read

Magnite (MGNI) surged 1.72% today, marking its tenth consecutive day of gains, with a 39.53% increase over the past 10 days. The share price reached its highest level since February 2025, with an intraday gain of 3.37%.

The strategy of buying MGNI shares after they reached a recent high and holding for 1 week yielded moderate returns over the past 5 years, with a 7.48% annualized gain. However, the maximum drawdown of 22.10% during the 2023-2024 period highlights the strategy's vulnerability during market downturns. Overall, while the strategy provided some growth, it also came with significant volatility, making it essential to consider both the potential returns and risks.

Magnite's recent partnership with Redfin has significantly impacted its stock price. On May 14, 2025, Redfin chose Magnite as its preferred sell-side platform (SSP) to enhance data-driven advertising across the real estate journey. This collaboration allows advertisers to target exclusive audiences at key points in the home-buying process, providing national scale and hyper-local targeting in a brand-safe environment. The partnership aims to create impactful advertising experiences, leveraging Redfin’s extensive network and sophisticated intent signals.

Magnite's financial performance for the first quarter of 2025 has also been a driving force behind its stock price movements. The company exceeded its top-line guidance, with Connected TV (CTV) growing by 15% and Display Video (DV+) growing by 9%. Additionally, Magnite's adjusted EBITDA significantly surpassed expectations, indicating strong financial performance and investor confidence.

Analysts have also taken note of Magnite's positive market sentiment and growth potential. Needham & Company LLC recently lifted their target price for Magnite's stock from $14.00 to $18.00 and issued a "buy" rating, reflecting the company's strong performance and future prospects. This positive outlook from analysts has further bolstered investor confidence in Magnite's stock.

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