Magnite, Inc.

MGNI

After the markets opened on January 7, 2021, analyst Spruce Point Capital Management published a scathing research report concerning Magnite, Inc. (NASDAQ: MGNI). In this report, Spruce Point wrote “[w]e believe investors are being misguided by Magnite’s growth prospects and see 25%-50% downside,” and that Magnite “continued to mask challenges with inaccurate financial reporting.” This report stunned the market, and Magnite shares are presently trading well below their opening price, having fallen to as low as $22.65 intraday, representing a decrease of approximately 16%. This represents hundreds of millions of dollars in lost market capitalization.

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