News · Magnite, Inc. (MGNI) · Communication Services

Magnite rises 20.8% after stronger-than-expected Q3 results and outlook lift

Session of November 5, 2026 · Published November 6, 2026 · 4 min read

What happened

Magnite (MGNI) rose 20.8% on November 5, 2026, after reporting third-quarter results that beat expectations and raising its full-year outlook. The company said contribution ex-TAC grew 20% year-over-year to $201 million and contribution ex-TAC from connected TV rose 39% year-over-year to $105 million. Adjusted EBITDA grew 46% year-over-year and adjusted EBITDA margin was 42% for the quarter. The company reported quarterly earnings of $0.33 per share against $0.29 expected, and a transcript of the earnings call was published the same period. Because the earnings were released at this session, the results were the direct cause of the move.

Closing price over the last 30 trading sessions. On November 5, 2026, MGNI closed at $27.52, up 20.8% on the day and 14.8% higher than 30 sessions earlier.

How big was the move

The stock closed at $27.52 after the session, having risen 20.8% that day and 22.7% over the last five sessions. The stock opened 13.0% above the previous close and traded at 4.9 times its 20-day average volume, signaling unusually heavy activity. The session’s move was 5.6 times a typical daily move for this stock, and its beta of 1.74 indicates the stock tends to move more than the market. By contrast, the S&P 500 fell 4.4% on the day and was down 4.7% over five sessions, while the Communication Services sector median fell 2.6% on the day, leaving the stock 23.3 percentage points better than the sector median.

Each bar is one day's price change; the outlined bar is November 5, 2026. A typical daily move over the past year was 3.6%, so the latest move equals 5.8 times that. Moves outside the dashed lines (about 7.2%) are unusual.

The technical picture

The stock showed strong momentum into the report. The stock was 17.6% above its 20-day moving average and 14.8% above its 50-day moving average, while it stood 54.8% above its 200-day moving average. The 50-day average was above the 200-day average, a sign of an established uptrend, and the stock had spent 103 consecutive trading days above the 200-day average. The Relative Strength Index (14 days) read 69, inside the neutral range between 30 and 70. The shares sat 2.3% below their 52-week high and had risen 9.0% over one month, 11.3% over three months and 64.5% over one year. The one-year gain left the stock 55.9 percentage points ahead of the S&P 500. Volatility was 58% annualized over 60 days, lower than 67% of its own readings over five years.

Closing price over the past year. MGNI ends the period at its 52-week high, above its 50-day average ($23.98) and above its 200-day average ($17.78).

Fundamentals and valuation

On a trailing four-quarter basis through September 30, 2026, Magnite reported revenue of $766.7 million, which grew 9.1% from a year earlier and accelerated slightly from growth of 8.3% in the prior quarter. Diluted earnings per share for the period were $1.20, which rose 219.9% from a year earlier. Gross margin expanded to 66.6% from 62.3% a year earlier, and operating margin increased to 18.5% from 12.2%.

Quarterly revenue by period end. The latest quarter brought $204M, 13.8% more than the same quarter a year earlier.

Free-cash-flow margin registered 30.3% and return on invested capital was 8.6%. The balance sheet showed net debt of 0.1 times EBITDA, and the share count decreased by 1.5% over one year. Those metrics point to improving profitability and cash conversion alongside modest leverage.

Valuation metrics showed a price to trailing earnings of 22.9 times trailing earnings and a price to forward earnings of 24.3 times expected earnings. The stock’s free-cash-flow yield was 7.5%. Versus its own history, the price to trailing earnings was lower than 60% of its own readings over the past five years, where the five-year median was 54.3 times earnings. PromtFinance scores rank the company strongly on Quality at 80 and exceptionally on Momentum at 99, with Growth at 78; Value was 44 and Stability was 35.

Earnings and analyst expectations

Magnite’s last report on November 4, 2026, included quarterly earnings of $0.33 per share against $0.29 expected, a 15.4% beat. The quarter marked a third consecutive quarter beating estimates, and the average surprise over the last four reports was 10.6% above estimates. Historically, the stock’s typical two-day reaction after recent reports had been modest, where it rose 0.3% on average. The next scheduled report date is February 24, 2027.

Diluted earnings per share by quarter. The latest quarter shows $0.23, against $0.13 in the same quarter a year earlier.

Analysts covering the stock numbered 32, with a consensus rating of Buy and 59% of ratings at Buy or Strong Buy. The consensus price target stood at $28.00, 1.7% above the closing price on November 5, 2026. Market value at the close was $3.08 billion.

What to watch

February 24, 2027: next scheduled earnings report.
The company’s raised full-year outlook after Q3 results, and any updated guidance or detail in subsequent disclosures.
Trends in connected TV contribution and political advertising, which drove the quarter’s upside and showed a 39% year-over-year rise in connected TV contribution ex-TAC to $105 million and a 20% year-over-year increase in total contribution ex-TAC to $201 million.
Adjusted EBITDA trajectory and margin, after adjusted EBITDA grew 46% year-over-year with an adjusted EBITDA margin of 42% for the quarter.
Changes in analyst estimates or consensus price target following the earnings release, where the current consensus target is $28.00.

Full MGNI analysis: scores, chart and financials →