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Why Magnite Stock Dropped Today

Why Magnite Stock Dropped Today

Shares of Magnite (NASDAQ: MGNI) dropped by as much as 16% today after getting a downgrade from Wall Street. Truist Securities downgraded its rating on Magnite shares from buy to hold, while analyst Matthew Thornton adjusted his price target from $12 to $37 to accommodate for the recent rally. The jump has put Magnite's valuation into ambitious territory and altered the risk/reward profile.