What specific information or guidance is likely to be disclosed at the investor meetings that could impact earnings expectations?

Magnite’s upcoming investor meetings will almost certainly focus on the “forward‑looking” metrics that drive its valuation – namely ad‑spend trends, programmatic revenue growth, and profitability outlook for the remainder of 2025 and FY‑26. Executives are likely to give a refreshed top‑line outlook (expected CPM uplift, fill‑rate expectations and gross‑margin guidance) and a detailed commentary on the impact of the recent “cookieless” transition, the performance of its newly launched unified‑auction platform, and any near‑term acquisition or partnership activity. In addition, we can expect clarification on the cost‑structure initiatives they have announced (e.g., head‑count rationalisation, cloud‑infrastructure savings) that could shift EBITDA guidance higher than the consensus. Finally, managers will probably address macro‑level ad‑spending sentiment—particularly the pace of recovery in retail, automotive and CPG verticals—and how inventory‑quality improvements are affecting eCPM trends.

For traders, the key actionable signal will be any upward or downward revision to quarterly revenue and adjusted EBITDA guidance. A beat‑and‑raise scenario (e.g., +5‑8 % Q3 revenue guidance with margin expansion) would likely trigger a short‑term rally, testing resistance around the recent high of ~$23.10 and possibly breaking the 50‑day EMA (~$22.30). Conversely, a cautious outlook—especially a lowered full‑year eCPM forecast or a warning about slower programmatic fill—could push the stock back toward the 200‑day SMA (~$20.80) and invite short‑covering or opportunistic short positions. Keep an eye on the volume spike around the conference dates; a sudden surge with price direction aligned to the guidance update would provide the clearest entry/exit cue.