Magnite Retail Chatter Spikes After Stock Hits Multi-Year Highs As Analyst Flags ‘Substantial’ Benefits From Google Adtech Antitrust Ruling

Magnite Inc. (MGNI) attracted strong retail chatter on Stocktwits on Monday as the shares of the omni-channel sell-side advertising platform provider jumped during the session.

In Tuesday's early premarket session, the stock gave some of the gains as it traded down by over 0.50%.

The New York-based company benefited from a positive analyst action, which sent its shares soaring by 14.31% on Monday, with the upside accompanied by more than twice the average volume.

According to Investing.com, Rosenblatt Securities maintained a ‘Buy’ rating for Magnite stock and raised the price target to $39 from $18 on Monday. 

Analysts at the research firm expect the company to reap substantial benefits from the upcoming AdTech antitrust remedy and penalty phase against Alphabet, Inc.’s (GOOGL) (GOOG) Google. 

In late April, a judge ruled that Google violated U.S. antitrust laws by monopolizing the markets for publisher ad servers and ad exchanges, and by illegally tying its ad server to its ad exchange.

The benefits that Rosenblatt estimates could accrue as early as 2026, the analysts said, adding that it sees earnings improvement from behavioral remedies and potential proceeds from settlements. 

Rosenblatt said the stock price hasn’t yet baked in the potential benefits.

Additionally, analysts believe that the ruling against Google was strong, potentially withstanding appeals, if any, thereby creating a favorable environment for Magnite in the digital advertising ecosystem.

Following Rosenblatt’s note, the message volume on the Magnite stream on Stocktwits increased by 6,800% over the 24 hours leading up to late Monday. 

Sentiment toward the stock remained ‘extremely bullish’ (79/100) by early Tuesday.

Magnite stock has gained over 51% this year, and it hit a multi-year high of $24.46 in Monday’s session.

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