Why Magnite Stock Soared Today
Shares of Magnite (NASDAQ: MGNI) soared on Thursday, and there's no clear catalyst to explain the move. There are a few reasons investors might be increasingly bullish about the company. But those fall short when it comes to explaining the move today. Nevertheless, Magnite stock was up 13% as of 2:45 p.m. EST.
Magnite stock plummeted recently as Spruce Point Capital Management suggested the stock had 50% downside. But Susquehanna analyst Shyam Patil was quick to refute the downside risk, saying it was one of the best positioned companies in the connected-TV space, according to TheFly.com. That's a bullish note. But that's from Monday, so it doesn't really help explain today's move.
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Source Fool.com
