Citigroup Lowers MNTN (NYSE:MNTN) Price Target to $17.00

MNTN (NYSE:MNTN) had its price objective lowered by equities researchers at Citigroup from $22.00 to $17.00 in a report released on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. Citigroup’s price objective would suggest a potential upside of 64.79% from the stock’s previous close.

Other research analysts also recently issued reports about the company. Wall Street Zen upgraded MNTN from a “hold” rating to a “buy” rating in a report on Saturday, November 8th. Morgan Stanley dropped their price objective on shares of MNTN from $22.50 to $20.50 and set an “equal weight” rating for the company in a research report on Tuesday, January 13th. JMP Securities set a $23.00 price objective on shares of MNTN in a research report on Wednesday, November 5th. Canaccord Genuity Group set a $20.00 price objective on MNTN in a research note on Thursday, December 4th. Finally, Tigress Financial reiterated a “strong-buy” rating and set a $36.00 price objective on shares of MNTN in a research note on Friday, November 7th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $24.15.

MNTN Stock Down 5.8%

Shares of MNTN stock opened at $10.32 on Thursday. The business has a fifty day simple moving average of $11.04 and a 200-day simple moving average of $15.87. MNTN has a fifty-two week low of $7.71 and a fifty-two week high of $32.49. The stock has a market cap of $456.28 million and a P/E ratio of -6.66.

MNTN (NYSE:MNTN) last announced its quarterly earnings results on Tuesday, February 10th. The company reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.26 by $0.17. MNTN had a negative net margin of 2.22% and a positive return on equity of 12.69%. The company had revenue of $87.10 million for the quarter, compared to the consensus estimate of $86.18 million. The company’s revenue for the quarter was up 24.8% compared to the same quarter last year.

Insider Activity at MNTN

In related news, Director Hadi Partovi sold 86,665 shares of the stock in a transaction that occurred on Wednesday, December 3rd. The shares were sold at an average price of $13.39, for a total transaction of $1,160,444.35. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In the last 90 days, insiders have sold 447,520 shares of company stock valued at $6,005,775. 60.30% of the stock is owned by insiders.

Institutional Investors Weigh In On MNTN

Several hedge funds have recently made changes to their positions in the company. Marshall Wace LLP acquired a new stake in shares of MNTN during the fourth quarter worth approximately $395,000. Walleye Capital LLC boosted its holdings in MNTN by 125.5% during the fourth quarter. Walleye Capital LLC now owns 112,739 shares of the company’s stock valued at $1,346,000 after acquiring an additional 62,739 shares during the period. Hudson Bay Capital Management LP bought a new position in MNTN in the 4th quarter worth approximately $160,000. HRT Financial LP acquired a new position in MNTN during the 4th quarter valued at $394,000. Finally, Aristides Capital LLC bought a new stake in shares of MNTN in the fourth quarter valued at about $191,000. Hedge funds and other institutional investors own 72.90% of the company’s stock.

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.