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Millennial Media (NYSE:MM) reached a new 52-week low during mid-day trading on Friday , AnalystRatings.Net reports. The stock traded as low as $2.36 and last traded at $2.36, with a volume of 902,829 shares traded. The stock had previously closed at $2.47.

MM has been the subject of a number of recent research reports. Analysts at First Analysis downgraded shares of Millennial Media from an “overweight” rating to an “equal weight” rating in a research note on Tuesday. Separately, analysts at Evercore Partners cut their price target on shares of Millennial Media from $5.00 to $3.50 in a research note on Tuesday. Finally, analysts at Canaccord Genuity reiterated a “hold” rating on shares of Millennial Media in a research note on Tuesday. They now have a $3.50 price target on the stock, down previously from $4.00. One analyst has rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $5.83.

The stock’s 50-day moving average is $3.66 and its 200-day moving average is $5.32. The company’s market cap is $254.8 million.

Millennial Media (NYSE:MM) last posted its quarterly earnings results on Monday, August 11th. The company reported ($0.06) earnings per share for the quarter, beating the analysts’ consensus estimate of ($0.12) by $0.06. The company had revenue of $67.30 million for the quarter, compared to the consensus estimate of $73.20 million. During the same quarter last year, the company posted $0.02 earnings per share. Millennial Media’s revenue was up 18.1% compared to the same quarter last year. On average, analysts predict that Millennial Media will post $-0.47 earnings per share 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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