RBC Capital an “Outperform” Rating on Magnite, Inc. (MGNI)

Magnite, Inc. (NASDAQ:MGNI) is one of the 10 Best Russell 2000 Stocks to Invest In According to Hedge Funds.

On May 7, 2026, RBC Capital lowered its price target on Magnite, Inc. (NASDAQ:MGNI) to $20 from $23. The firm maintained an “Outperform” rating on the shares. It also stated that the price cut shows “multiple contraction” even though “solid Q1” revenue and adjusted EBITDA beat forecasts.

A day earlier, Magnite, Inc. (NASDAQ:MGNI) reported Q1 revenue of $164.4 million, growing by 6% YoY. It also reported a contribution ex-TAC of $160.9 million, a 10% jump that landed at the high end of guidance. CTV grew with the contribution from ex-TAC from the segment, jumping 30% to $82.3 million, now over half of the total.

The company also reported a net income of $4.4 million compared to a $9.6 million loss a year before, and adjusted EBITDA bumped up 16% to $42.9 million.

CEO Michael G Barrett said the firm “exceeded total top and bottom line expectations” and noted CTV momentum and AI use across operations.

Magnite, Inc. (NASDAQ:MGNI) is a technology solution firm that automates the acquisition and selling of digital advertising inventory for buyers and sellers.

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