Magnite
MGNI
announced that SmartNews, a leading global information and news discovery company, selected it as its preferred supply-side platform.
It also implemented Magnite’s demand manager mobile app solution, through which buyers could prebid directly into SmartNews’ ad servers on a per-impression basis. This will make the monetization of ad spaces transparent and easier for SmartNews.
For Magnite, this deal not just grows a customer base that will add to its top line but also proves its consistent and efficient performance, and wins the trust of companies.
Magnite’s Partnerships to Aid Growth
Magnite has been making efforts to enhance its services and deliver better results to customers. Earlier this year, it launched Browsi, a technology-focused digital media solution creator into its demand manager control center.
Browsi provides innovative capabilities that will help Magnite improve its core web vitals scores, optimize the user experience, offer features like real-time viewability prediction and more. This has improved the demand manager services of Magnite and as a result of this, we see the company onboarding new customers like SmartNews.
Last month the company teamed up with rlaxx TV, an ad-supported VOD service, to manage its OTT inventory across CTV and mobile apps. The relax TV app is available on more than 60% of smart TVs across 26 countries, providing Magnite with a large scale of business.
Along with this, the company continues to serve streaming giants like Netflix and Disney. Disney has already launched its ad-supported plan and Netflix is about to do the same this month. These ad spaces again bring significant business to Magnite, which is expected to bolster its revenues.
Magnite projected fourth-quarter fiscal 2022 revenues ex-TAC at $151-$157 million, suggesting a 22% rise from that reported in the previous quarter. However, the projection indicates a 2.5% fall on a year-over-year basis.
The decline could be attributed to the ongoing slowdown in advertising, which is expected to prevail in the coming months due to recessionary fears.
Shares of Magnite have declined 35.7% year to date compared with the Zacks
Computer & Technology
Sector’s fall of 31.2%.
Zacks Rank & Stocks to Consider
Magnite currently has a Zacks Rank #4 (Sell).
Some better-ranked stocks in the same sector are
Asure Software
ASUR
,
Bel Fuse
BELFB
and
Arista Networks
ANET
, all sporting a Zacks Rank #1 (Strong Buy) at present.
You can see
the complete list of today’s Zacks #1 Rank stocks here
.
Shares of Asure Software have grown 7.4% year to date. The Zacks Consensus Estimate for earnings is pegged at 1 cent per share, which has been unchanged over the past 30 days.
Shares of Bel Fuse have outperformed the sector, witnessing growth of 161.1% year to date. Its earnings are estimated at $1.04, which has been unchanged over the past 30 days.
Shares of Arista Network have declined 8.9% year to date. Its earnings estimates are pegged at $1.21, which increased 0.8% in a month.
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