MNTN (NYSE:MNTN) Trading Down 7.5% – Here’s Why

MNTN Inc. (NYSE:MNTN)’s share price fell 7.5% during trading on Friday . The company traded as low as $9.13 and last traded at $9.0530. 160,323 shares traded hands during mid-day trading, a decline of 83% from the average daily volume of 945,355 shares. The stock had previously closed at $9.79.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. Citizens Jmp cut their price target on MNTN from $23.00 to $19.00 and set a “market outperform” rating for the company in a report on Wednesday, May 6th. Canaccord Genuity Group decreased their price objective on shares of MNTN from $20.00 to $18.00 and set a “buy” rating on the stock in a report on Tuesday, April 14th. Morgan Stanley lowered their price objective on shares of MNTN from $20.50 to $18.00 and set an “equal weight” rating for the company in a research report on Wednesday, May 6th. Wall Street Zen downgraded shares of MNTN from a “strong-buy” rating to a “buy” rating in a research note on Sunday, July 12th. Finally, Tigress Financial reiterated a “strong-buy” rating and set a $26.00 target price on shares of MNTN in a research report on Wednesday, June 3rd. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $19.85.

MNTN Stock Down 8.4%

The company has a market cap of $547.26 million, a P/E ratio of -299.00 and a beta of 0.81. The business has a 50-day moving average price of $9.20 and a two-hundred day moving average price of $9.69.

MNTN (NYSE:MNTN) last posted its quarterly earnings results on Tuesday, May 5th. The company reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.12 by ($0.01). The firm had revenue of $73.70 million during the quarter, compared to the consensus estimate of $72.63 million. MNTN had a net margin of 7.84% and a return on equity of 16.44%. MNTN’s revenue was up 14.2% on a year-over-year basis. During the same quarter in the prior year, the business earned ($1.41) EPS. As a group, sell-side analysts expect that MNTN Inc. will post 0.99 EPS for the current fiscal year.

Institutional Investors Weigh In On MNTN

Several institutional investors have recently modified their holdings of the business. Soros Fund Management LLC acquired a new position in MNTN in the second quarter valued at approximately $2,187,000. Raymond James Financial Inc. acquired a new stake in MNTN during the 2nd quarter worth $2,111,000. Bamco Inc. NY acquired a new stake in MNTN during the 2nd quarter worth $1,531,000. Balyasny Asset Management L.P. bought a new stake in shares of MNTN during the 2nd quarter valued at $3,442,000. Finally, Boothbay Fund Management LLC acquired a new position in shares of MNTN in the 2nd quarter valued at $2,183,000. Institutional investors and hedge funds own 72.90% of the company’s stock.

MNTN Company Profile

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.