Wall Street Zen Downgrades MNTN (NYSE:MNTN) to Buy

MNTN (NYSE:MNTN) was downgraded by Wall Street Zen from a “strong-buy” rating to a “buy” rating in a research note issued on Saturday.

Other analysts have also issued reports about the company. Morgan Stanley lowered their price objective on MNTN from $20.50 to $18.00 and set an “equal weight” rating for the company in a report on Wednesday, May 6th. Susquehanna lowered their price objective on MNTN from $38.00 to $20.00 and set a “positive” rating for the company in a report on Wednesday, February 11th. Tigress Financial reissued a “strong-buy” rating and issued a $26.00 price objective on shares of MNTN in a report on Wednesday. Citigroup decreased their target price on MNTN from $22.00 to $17.00 and set a “buy” rating for the company in a research note on Thursday, February 12th. Finally, Evercore set a $27.00 target price on MNTN in a research note on Wednesday, February 11th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, MNTN currently has an average rating of “Moderate Buy” and a consensus price target of $20.68.

MNTN Stock Performance

Shares of NYSE MNTN opened at $9.35 on Friday. MNTN has a 1 year low of $7.67 and a 1 year high of $32.00. The firm has a market cap of $570.20 million and a price-to-earnings ratio of -311.53. The stock’s 50-day simple moving average is $9.11 and its 200-day simple moving average is $10.39.

MNTN (NYSE:MNTN) last announced its quarterly earnings data on Tuesday, May 5th. The company reported $0.11 earnings per share 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%. The firm’s quarterly revenue was up 14.2% compared to the same quarter last year. During the same period in the prior year, the firm earned ($1.41) earnings per share. As a group, research analysts predict that MNTN will post 0.99 EPS for the current year.

Hedge Funds Weigh In On MNTN

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Renaissance Technologies LLC boosted its position in shares of MNTN by 40.7% during the first quarter. Renaissance Technologies LLC now owns 646,217 shares of the company’s stock worth $5,687,000 after buying an additional 187,028 shares during the period. Arrowstreet Capital Limited Partnership acquired a new position in shares of MNTN during the first quarter worth approximately $162,000. Mercato Management Legacy LLC acquired a new position in shares of MNTN during the first quarter worth approximately $54,279,000. Militia Capital Management LLC acquired a new position in shares of MNTN during the first quarter worth approximately $2,284,000. Finally, Chicago Partners Investment Group LLC acquired a new position in shares of MNTN during the first quarter worth approximately $156,000. 72.90% of the stock is currently owned by institutional investors and hedge funds.

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.