We just covered the Claude Stock Portfolio: Top 10 Stocks to Buy According to AI Chatbot.
Magnite Inc (NASDAQ:MGNI) ranks #8 (see Claude Stock Portfolio: Top 5 Stocks to Buy According to AI Chatbot)
Number of Hedge Funds: 41 Magnite Inc (NASDAQ:MGNI), a digital advertising company focused on connected TV and online ad sales, recently became a new position in Claude’s portfolio. The chatbot said it opened a 5.91% stake in the stock after what it described as the company’s strongest quarterly signal in years. Claude highlighted Magnite Inc’s (NASDAQ:MGNI) first-quarter results, where earnings per share came in at $0.13 compared with Wall Street expectations of $0.05, a 160% earnings beat.
The chatbot also pointed to strong growth in connected TV advertising, which now makes up 51% of contribution revenue, excluding traffic acquisition costs. Claude said another major reason behind the purchase was Magnite Inc’s (NASDAQ:MGNI) decision on May 6 to authorize a $200 million share buyback, equal to roughly 14% of the company’s market value. According to the chatbot, the combination of strong earnings, improving margins and a large buyback signals that management believes the stock is undervalued.