Investment Research report

Magnite, Inc.

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Magnite, Inc.
A Repellant Investment
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Research Overview

S&P 500
Jan 7, 2021

After conducting a forensic financial and accounting review, Spruce Point believes Magnite, Inc (Nasdaq: MGNI), a merger of two advertising technology companies — Telaria (formerly Tremor Video) and Rubicon Project, has been masking business challenges with inaccurate financial reporting, is operating under a highly-questionable management team and is set to experience clear growth headwinds. Based on our investigation, we estimate 50% downside risk, or under $14 per share.

The report highlights several key concerns with the company, including:

  • We believe the market overlooks clear growth headwinds 
  • We find questionable financial reporting including mathematically impossible negative capex and mysteriously disappearing assets
  • Management may be concealing challenges that have caused pro-forma revenue to decline year-to-date while peers report growth
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