Why Magnite Stock Lost 14% in July
Shares of Magnite (NASDAQ: MGNI) were pulling back last month as a pair of news items weighed on the ad tech stock even as the broad market rallied.
First, Netflix made a surprising move, choosing Microsoft as its advertising partner, which includes using the tech giant's own ad tech platform, likely blocking out pure plays like Magnite. Then, the following week, Snapchat parent Snap plunged on a dismal second-quarter earnings report, sending digital advertising stocks down broadly.
According to data from S&P Global Market Intelligence, Magnite stock finished July down 14%. As you can see from the chart, it was a volatile month for the ad tech company.
Source Fool.com
