Benzinga | Sep 3, 2020 11:26AM EDT

Why Magnite's Stock Is Moving Today

Magnite (NASDAQ:MGNI) shares traded higher on Thursday after Needham initiated coverage on the company's stock with a Buy rating and announced a $10 price target.

Magnite is an independent sell-side advertising platform that combines Rubicon Project's programmatic expertise with Telaria's leadership in CTV. Publishers use the company's technology to monetize their content across all screens and formats-including desktop, mobile, audio and CTV. Anchored in sunny Los Angeles, California, bustling New York, New York and London, Magnite has offices across North America, EMEA, LATAM and APAC.

Magnite traded down 2.85% to $7.34 at the time of publication. The stock has a 52-week high of $13.11 and a 52-week low of $4.09.