We recently published a list of These 10 Stocks Moved the Market This Week, Here’s Why. In this article, we are going to take a look at where Magnite, Inc. (NASDAQ:MGNI) stands against other stocks that moved the market this week.
The stock market edged lower week-on-week, as cautious investors repositioned their portfolios ahead of the United States and China’s high-stakes negotiations on trade policies that have for months dented global economies.
On a week-on-week basis, the Dow Jones was down by 0.16 percent, the S&P 500 dropped 0.47 percent, while the Nasdaq dipped by 0.27 percent.
Beyond the major indices, 10 companies bucked a wider market decline, with gains skyrocketing in just a week’s trading.
In this article, we name the 10 top-performing companies this week and the primary reasons that bolstered their gains.
To come up with the list, we considered only the stocks with a $2-billion market capitalization and $5-million trading volume.
The stocks were chosen based on the highest percentage increase in closing prices on May 9 as against their prices a week earlier, or on May 2.
A marketing manager examining a publisher’s digital inventory on a laptop.
Shares of Magnite Inc. rallied by 24.69 percent in just a week’s trading, ending at $15.10 last Friday from the $12.11 close a week earlier, with the boost primarily driven by its strong earnings performance in the first quarter of the year.
On Wednesday, Magnite, Inc. (NASDAQ:MGNI) said it narrowed its net loss by 46 percent to $9.6 million from the $17.8 million registered in the same period a year earlier. Revenues improved by 4 percent to $155.8 million from $149.3 million year-on-year.
Despite the strong figures, the company remained cautious about its business outlook for the rest of the year amid the potential impact of the ongoing market uncertainties on its business.
However, Magnite, Inc. (NASDAQ:MGNI) CEO Michael Barrett said that the firm was banking on the antitrust ruling against Google’s alleged monopoly of the markets for publisher ad servers and ad exchanges, and by illegally tying its ad server to its ad exchange.
“This ruling and its ensuing remedies have the potential to radically transform the open internet and create a more level playing field, which could significantly increase our monetization opportunities and market share, possibly as soon as next year,” Barrett said.
Magnite, Inc. (NASDAQ:MGNI) is a US-based advertising technology company that was formed following a merger between Rubicon Project and Telaria.
