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Shares of Millennial Media (NYSE:MM) traded down 37.2% on Thursday after Telsey Advisory Group lowered their price target on the stock from $8.00 to $5.00, Analyst Ratings Net reports. Telsey Advisory Group currently has a not rated rating on the stock. Millennial Media traded as low as $2.90 and last traded at $3.36, with a volume of 9,177,484 shares. The stock had previously closed at $5.35.

Several other analysts have also recently commented on the stock. Analysts at Canaccord Genuity reiterated a “hold” rating on shares of Millennial Media in a research note on Thursday. They now have a $4.00 price target on the stock, down previously from $7.00. Separately, analysts at Stifel Nicolaus reiterated a “buy” rating on shares of Millennial Media in a research note on Thursday. They now have a $6.00 price target on the stock, down previously from $10.00. Finally, analysts at Morgan Stanley downgraded shares of Millennial Media from an “equal weight” rating to an “underweight” rating in a research note on Thursday. One research analyst has rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $6.96.

The stock’s 50-day moving average is $6.5 and its 200-day moving average is $6.80. The company’s market cap is $356.0 million.

Millennial Media (NYSE:MM) last issued its quarterly earnings data on Wednesday, May 7th. The company reported ($0.04) earnings per share for the quarter, beating the analysts’ consensus estimate of ($0.10) by $0.06. The company had revenue of $72.60 million for the quarter, compared to the consensus estimate of $75.52 million. During the same quarter last year, the company posted ($0.01) earnings per share. Millennial Media’s revenue was up 47.0% compared to the same quarter last year. Analysts expect that Millennial Media will post $-0.12 EPS for the current fiscal year.

Millennial Media, Inc is an independent mobile advertising platform company. The Company’s technology, tools and services help developers maximize their advertising revenue, acquire users for their applications and gain insight about their users.

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