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Why Magnite Stock Is Soaring Today

TheMotleyFool

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Shares of Magnite (NASDAQ: MGNI), the world's largest independent sell-side advertising platform, have been soaring recently. The stock jumped as much as 10.4% on Wednesday and is up about 7% as of 1:45 p.m. EST. Shares are up 57% over the past week.

This follows third-quarter results earlier this month that crushed Wall Street estimates, a handful of analyst upgrades for the stock, and bullish commentary from management during recent investor presentations. And now, the stock's massive valuation gap relative to demand-side advertising platform peer The Trade Desk (NASDAQ: TTD) appears to be narrowing.

Image source: Getty Images.

Source Fool.com

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