Magnite (MGNI) & Scope3 Team Up for Sustainable Advertising
Magnite MGNI recently announced that it has entered into a global partnership with Scope3. This collaboration aims to provide carbon emissions data across MGNI's extensive omnichannel inventory. Consequently, advertisers will have the ability to measure their carbon emissions and synchronize the sustainability goals with their campaign performance.
As the largest independent Supply-Side Platform (SSP), the company is committed to minimizing the environmental footprint and assisting its clients in doing the same. Magnite also has ongoing collaboration with publishers, marketers and industry peers to continually innovate and develop more energy-efficient practices while enhancing advertising results.
As a component of its collaboration, Magnite will provide Green Media Products (GMPs) powered by Scope3 data. These GMPs empower advertisers and media purchasers to readily pinpoint supply paths that naturally minimize climate-related risks by avoiding high-carbon inventory.
Scope3 has developed and employed the most detailed and all-encompassing emissions data model in the industry, which is specifically designed for the precise measurement of carbon emissions in digital advertising.
Magnite, Inc. Price and Consensus
Magnite, Inc. price-consensus-chart | Magnite, Inc. Quote
Recent Partnerships to Aid Magnite's Top-Line Growth
Magnite recently inked some notable deals with Mediaocean, Virgin Media and FreeWheel. These partnerships are expected to aid the company’s top line in the upcoming quarters.
The Zacks Consensus Estimate for MGNI’s 2023 revenues is pegged at $546.4 million, indicating a year-over-year decline of 5.31%. The consensus estimate for 2023 earnings is pegged at a profit of 52 cents per share, indicating a year-over-year decline of 18.75%.
Magnite has collaborated with Mediaocean, a vital platform for omnichannel advertising. This partnership aims to grant local linear buyers direct access to streaming and Connected TV (CTV) inventory. Within the Mediaocean platform, local buyers can allocate their localized budget to MGNI and efficiently carry out CTV purchases using their existing planning tools. This will streamline operations for linear buying teams.
MGNI has been chosen as the preferred SSP to assist Virgin Media's free ad-supported streaming television channels. Virgin Media will also make use of SpringServe, which is Magnite's ad-serving platform designed for over-the-top, CTV and video advertising.
The company has disclosed a technical integration with FreeWheel, a global technology platform serving the television advertising industry. This integration aims to improve the capability of FreeWheel technology users by enabling them to access various sources of demand through a single platform, covering both programmatic and direct transactions.
Zacks Rank & Key Picks
Currently, Magnite carries a Zacks Rank #4 (Sell).
Shares of Magnite have fallen 22.8% year to date against the Zacks Computer and Technology sector’s rise of 37.6% in the same period.
ACM Research ACMR, NVIDIA NVDA and Uber Technologies UBER are some better-ranked stocks from the broader sector which investors can consider. Currently, ACMR, NVDA and UBER sport a Zacks Rank #1 (Strong Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.
Shares of ACM Research have gained 128.1% year to date. The Zacks Consensus Estimate for ACMR’s 2023 revenues is pegged at $561.43 million, indicating year-over-year growth of 44.39%. The consensus mark for earnings is pegged at 35 cents per share, which has remained unchanged over the past 30 days.
Shares of NVIDIA have surged 211.2% year to date. The Zacks Consensus Estimate for NVDA’s 2024 revenues is pegged at $54.03 billion, indicating year-over-year growth of 81.69%. The consensus mark for earnings is pegged at $3.32 per share, which has increased by $1.10 over the past 30 days.
Shares of Uber Technologies have soared 94.7% year to date. The Zacks Consensus Estimate for UBER’s 2023 revenues is pegged at $37.44 billion, indicating a year-over-year rise of 17.45%. The consensus mark for earnings is pegged at 13 cents per share, which has remained unchanged over the past 30 days.
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