Magnite Inc (NASDAQ:MGNI) on Wednesday reported better-than-expected second-quarter financial results.

Magnite posted adjusted earnings of 26 cents per share, beating market estimates of 25 cents per share. The company’s sales came in at $192.823 million versus estimates of $179.209 million.

Magnite said it sees third-quarter sales of $188.000 million-$192.000 million, versus market estimates of $185.357 million.

“We significantly beat consensus expectations on both the top and bottom line in the second quarter, driven by outperformance in CTV—which grew 36% year-over-year—and a return to growth in DV+. Our CTV momentum continues to be broad-based across leading publisher partners and anchored by the strategic differentiation of SpringServe,” said Michael G. Barrett, CEO of Magnite.

Magnite shares surged 11.2% to $22.99 in pre-market trading.

These analysts made changes to their price targets on Magnite following earnings announcement.

• BTIG analyst Tyler DiMatteo maintained the stock with a Buy and raised the price target from $20 to $27.
• Rosenblatt analyst Barton Crockett maintained the stock with a Buy and raised the price target from $39 to $40.

Considering buying MGNI stock? Here’s what analysts think:

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