MNTN (NYSE:MNTN) Shares Gap Up on Better-Than-Expected Earnings

MNTN Inc. (NYSE:MNTN)’s stock price gapped up prior to trading on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $8.13, but opened at $11.50. MNTN shares last traded at $11.2710, with a volume of 6,433,112 shares traded.

The company reported $0.43 earnings per share for the quarter, beating analysts’ consensus estimates of $0.26 by $0.17. MNTN had a positive return on equity of 12.69% and a negative net margin of 2.22%.The business had revenue of $87.10 million for the quarter, compared to the consensus estimate of $86.18 million. The firm’s revenue was up 24.8% compared to the same quarter last year.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on MNTN shares. Weiss Ratings reiterated a “sell (e+)” rating on shares of MNTN in a research note on Monday, December 29th. Citigroup dropped their price target on MNTN from $22.00 to $17.00 and set a “buy” rating on the stock in a research report on Thursday. TD Cowen raised MNTN to a “buy” rating in a research report on Thursday, December 4th. Evercore ISI set a $27.00 target price on shares of MNTN in a research report on Wednesday. Finally, Evercore cut their target price on shares of MNTN from $39.00 to $33.00 and set an “outperform” rating for the company in a research note on Wednesday, November 5th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, MNTN has an average rating of “Moderate Buy” and an average target price of $24.15.

Insider Transactions at MNTN

In other news, Director Hadi Partovi sold 86,665 shares of the stock in a transaction on Wednesday, December 3rd. The shares were sold at an average price of $13.39, for a total value of $1,160,444.35. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Over the last 90 days, insiders have sold 447,520 shares of company stock valued at $6,005,775. Insiders own 60.30% of the company’s stock.

Institutional Investors Weigh In On MNTN

Several institutional investors and hedge funds have recently made changes to their positions in the company. KLP Kapitalforvaltning AS acquired a new stake in shares of MNTN during the 3rd quarter worth about $54,000. Los Angeles Capital Management LLC acquired a new stake in shares of MNTN during the fourth quarter worth approximately $53,000. JPMorgan Chase & Co. bought a new position in shares of MNTN in the third quarter valued at approximately $86,000. Cary Street Partners Financial LLC boosted its holdings in shares of MNTN by 29.5% in the 4th quarter. Cary Street Partners Financial LLC now owns 20,385 shares of the company’s stock worth $243,000 after acquiring an additional 4,640 shares in the last quarter. Finally, Bank of America Corp DE grew its position in MNTN by 622,300.0% during the 3rd quarter. Bank of America Corp DE now owns 6,224 shares of the company’s stock worth $115,000 after acquiring an additional 6,223 shares during the last quarter. Institutional investors and hedge funds own 72.90% of the company’s stock.

MNTN Trading Down 1.7%

The stock has a fifty day moving average of $11.10 and a two-hundred day moving average of $15.99. The stock has a market capitalization of $484.76 million and a price-to-earnings ratio of -7.07.

About MNTN

MNTN is a software platform specializing in connected television (CTV) advertising, offering marketers the tools to plan, launch and measure streaming TV campaigns. Its platform enables brands to reach audiences across major OTT and CTV channels, helping advertisers target viewers based on demographic, behavioral and contextual data.

The company’s core product suite includes campaign management, real-time bidding and performance analytics. MNTN integrates with leading streaming services and ad exchanges, allowing clients to execute programmatic buys, track view-through conversions and optimize media spend through automated reporting dashboards.

Founded by experienced digital advertising professionals, MNTN is headquartered in Austin, Texas, and primarily serves brands and agencies across the United States and Canada.