Why Magnite Stock Lost 16% in September

Shares of Magnite (NASDAQ: MGNI) were heading lower last month as investors seemed to believe that the supply side adtech platform (SSP) was one of the losers in the antitrust ruling that allowed Alphabet's (NASDAQ: GOOG) (NASDAQ: GOOGL) to retain ownership of its Chrome web browser.

The decision was seen as a loss for Google's adtech competitors like Magnite, as the Chrome web browser helps Google's advertising business function and improves its ad targeting.

Later in the month, Magnite sued Google, becoming the third SSP to do so, a sign that it believes Google is not competing fairly. It also shows that this is unlikely to be the end of Google's legal saga.

Source Fool.com