Why Magnite Stock Jumped to All-Time Highs Today

Evan Niu, CFA, The Motley Fool
·2-min read
Why Magnite Stock Jumped to All-Time Highs Today

Shares of Magnite (NASDAQ: MGNI) jumped 10.5% to all-time highs today after getting a price-target bump from Wall Street. Craig-Hallum boosted its valuation estimate from $25 to $45, which represents 24% upside from yesterday's closing price. Analyst Jason Kreyer reiterated a buy rating on the advertising technology specialist, arguing that Magnite will continue to benefit from the ongoing shift in ad budgets from linear TV to connected TV (CTV) platforms.