5 Best Marketing Stocks to Buy

4. Magnite, Inc. (NASDAQ:MGNI)

Number of Hedge Fund Holders: 21

Average Analyst Price Target Upside: 66.8%

Magnite, Inc. (NASDAQ:MGNI) is an online advertising technology company that offers online advertising solutions. The company’s independent omnichannel sell-side advertising platform provides applications and services to its clients. In Q4 of 2023, 21 hedge funds had investments in Magnite, Inc. (NASDAQ:MGNI), with positions worth $94.127 million. Nine Ten Partners is the top investor in the company as of Q4 of 2023 and has a position worth $38.599 million.

Magnite, Inc. (NASDAQ:MGNI) has received Buy-equivalent ratings from 8 out of 10 analysts that have covered the stock, and its average price target of $15.40 represents an upside of 66.8% from current levels, as of May 9.

Madison Investments made the following comment about Magnite, Inc. (NASDAQ:MGNI) in its Q3 2023 investor letter:

“GOGO Inc., Magnite Inc., and Model N Inc. were our weakest performers in the quarter. Magnite, Inc. (NASDAQ:MGNI) provides the underlying technology that makes advertising online possible. It is poised to capitalize on the massive shift in advertising dollars that is taking place, away from linear TV (Broadcast, Cable, and Satellite) to Connected TV or CTV (ad supported streaming services like Netflix and Hulu). Although the opportunity is large, it is still early in the game, and the company is experiencing some near-term growing pains as their outlook for the balance of the year disappointed investors due to the writers and actors strike. The UAW strike also impacted auto advertisement. We believe these are short-term issues and MGNI’s competitive position is getting stronger.”