Wall Street was optimistic to start the final trading session of the week. Stocks were looking to add to yesterday’s solid gains and were on track for the biggest weekly increase in months. So far this week, the S&P 500 has seen a 2.23% increase, The Nasdaq is up 2.28% and the Dow has gained 2.67%. Let’s see where today’s session leads.
An announcement from Alphabet (GOOG) yesterday could be a game changer for online advertisers. In today’s trade we’ll give you the ticker for a company that stands to benefit greatly from upcoming changes to Google’s advertising policies.
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Well, yesterday a collective sigh of relief came for these advertisers along with Alphabet’s announcement the Google Chrome web browser would delay the removal of third-party cookies until 2023. The company expects to phase cookies out over a three-month period beginning in mid-2023.
This is great news for leading supply-side advertising platform, Magnite (MGNI), which saw an 8% gain in yesterday’s session and was looking to add to those gains today. In the near term, an influx in new customer acquisition and customer spending inspired by the announcement may continue to boost MGNI. The company acknowledges the risk of the eventual disruption in third party cookies and they are positioning themselves for a bright future through plans for diversification.
Magnite is increasingly turning its focus to connected TV, a market that’s expected to grow at a CAGR of 23% and a platform that is mostly outside of Google’s domain. They are looking towards a shift to a sell-side platform, which would give more power to clients and develop better access to user data.
Analysts expect Magnite’s revenue to increase 79% to $395.9 million this year, and grow another 30% to $514.3 million in 2022. Plus, adjusted EPS for MGNI is expected to soar 250% this year.
On August 3rd, the digital ad exchange operator will be looking to surpass analyst expectations of $0.11/ share in quarterly earnings, which represents a year-over-year increase of 210%. Revenues are expected to be $95 million, up 124.3% from the previous year.
The current consensus recommendation is to Buy MGNI. Of 7 analysts offering recommendations 6 rate the stock a Buy and 1 calls it a Hold. There are no Sell ratings for MGNI stock. The median 12-month target price of $48 represents a 36% gain from its current price.
Where to invest $1,000 right now...
Before you consider buying Magnite, you'll want to see this.
Investing legend, Keith Kohl just revealed his #1 stock for 2022...
And it's not Magnite.
Jeff Bezos, Peter Thiel, and the Rockefellers are betting a colossal nine figures on this tiny company that trades publicly for $5.
Keith say’s he thinks investors will be able to turn a small $50 stake into $150,000.
Find that to be extraordinary?
But you have to act now, because a catalyst coming in a few weeks is set to take this company mainstream... And by then, it could be too late.
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