Why Magnite (MGNI) Soared Last Week?

We recently published a list of 10 Firms That Soared Last Week. In this article, we are going to take a look at where Magnite, Inc. (NASDAQ:MGNI) stands against other firms that soared last week.

Last week saw volatile trading in the stock market as investors scrambled to react from a series of positive and negative catalysts which sparked buying and selling positions across the board.

On Friday alone, Wall Street’s major indices fell into the red territory over renewed fears of growing trade tensions from some of the world’s largest economies, coupled with expectations of a higher inflation rate.

However, 10 firms defied a broader market slump, posting impressive gains in just a week’s trading.

To come up with last week’s biggest advancers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.

A marketing manager examining a publisher’s digital inventory on a laptop.

Magnite, Inc. (NASDAQ:MGNI)

Magnite, Inc. (NASDAQ:MGNI) saw its share prices grow by 23 percent in just a week, ending Friday’s trading at $21.17 apiece as investor sentiment was boosted by its recent partnership with Elon Musk’s X, formerly Twitter.

While the specific terms of the partnership were not disclosed, MGNI, known for its technology that aids web publishers, application developers, and streaming TV providers in managing and selling advertisements, would serve one of X’s supply-side partners (SSP) by offering a more streamlined advertising system to X and giving advertisers the option to include or exclude the social media platform’s inventory from their media buys.

A representative from Magnite (NASDAQ:MGNI) was said to have confirmed the partnership, saying that the collaboration would benefit advertisers leveraging the MGNI platform.

Magnite (NASDAQ:MGNI) joins Google and InMobi in providing SSP solutions to X.

Overall, MGNI ranks 10th on our list of firms that soared last week. While we acknowledge the potential of MGNI as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is as promising as MGNI but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.