MNTN (NYSE:MNTN) Trading 7.7% Higher – Here’s Why

MNTN Inc. (NYSE:MNTN) shares were up 7.7% on Friday . The stock traded as high as $9.09 and last traded at $9.05. Approximately 758,897 shares changed hands during trading, a decline of 12% from the average session volume of 861,430 shares. The stock had previously closed at $8.40.

Analysts Set New Price Targets

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

MNTN Stock Performance

The stock has a market capitalization of $583.87 million and a P/E ratio of -319.00. The stock has a 50-day moving average price of $9.03 and a two-hundred day moving average price of $9.87.

MNTN (NYSE:MNTN) last announced its earnings results on Tuesday, May 5th. The company reported $0.11 EPS for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.01). The business had revenue of $73.70 million for 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% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($1.41) EPS. Equities analysts anticipate that MNTN Inc. will post 0.99 earnings per share for the current fiscal year.

Hedge Funds Weigh In On MNTN

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Aster Capital Management DIFC Ltd purchased a new stake in MNTN in the fourth quarter worth about $43,000. Los Angeles Capital Management LLC purchased a new stake in MNTN in the fourth quarter worth about $53,000. JPMorgan Chase & Co. purchased a new position in shares of MNTN during the third quarter valued at approximately $86,000. Cary Street Partners Financial LLC boosted its position 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 purchasing an additional 4,640 shares in the last quarter. Finally, Royal Bank of Canada boosted its position in shares of MNTN by 2,093.6% in the 4th quarter. Royal Bank of Canada now owns 5,857 shares of the company’s stock worth $70,000 after purchasing an additional 5,590 shares in the last quarter. 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.