Why Magnite Shares Are Tumbling Today
Portfolio Pulse from Lekha Gupta
Magnite Inc's shares fell by around 35% after Q2 FY23 results, despite beating estimates. The company reported Q2 adjusted EPS of $0.09 and sales of $152.50 million. However, several analysts reduced the price target following the results. Stephens & Co., RBC Capital Markets, and B. Riley Securities all lowered their price targets for the company. The analysts cited softer CTV revenues and the impact of the MediaMath bankruptcy as reasons for the reduction.
August 10, 2023 | 6:52 pm
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Magnite Inc's shares fell by around 35% after Q2 FY23 results, despite beating estimates. Several analysts reduced the price target following the results, citing softer CTV revenues and the impact of the MediaMath bankruptcy.
Despite beating estimates, Magnite Inc's shares fell significantly due to lowered price targets by several analysts. The analysts cited softer CTV revenues and the impact of the MediaMath bankruptcy as reasons for the reduction, which could negatively impact the company's future performance.
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