MNTN (NYSE:MNTN) Price Target Cut to $17.00 by Analysts at Citigroup

MNTN (NYSE:MNTN) had its price target reduced by analysts 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 target price would indicate a potential upside of 58.88% from the company’s current price.

A number of other brokerages have also recently commented on MNTN. 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 note on Wednesday. Wall Street Zen raised MNTN from a “hold” rating to a “buy” rating in a research report on Saturday, November 8th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of MNTN in a research report on Monday, December 29th. Finally, Morgan Stanley decreased their target price on MNTN from $22.50 to $20.50 and set an “equal weight” rating for the company in a research report on Tuesday, January 13th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $24.15.

MNTN Trading Down 4.0%

Shares of MNTN stock traded down $0.45 during trading hours on Thursday, hitting $10.70. 2,241,705 shares of the company’s stock were exchanged, compared to its average volume of 994,176. The company has a market capitalization of $473.26 million and a PE ratio of -6.89. MNTN has a 12-month low of $7.71 and a 12-month high of $32.49. The business’s 50 day simple moving average is $11.15 and its 200-day simple moving average is $16.03.

MNTN (NYSE:MNTN) last posted 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 business had revenue of $87.10 million during the quarter, compared to analyst estimates of $86.18 million. MNTN’s revenue was up 24.8% on a year-over-year basis.

Insider Transactions at MNTN

In other MNTN news, Director Hadi Partovi sold 86,665 shares of the firm’s stock in a transaction on Wednesday, December 3rd. The stock was sold at an average price of $13.39, for a total value of $1,160,444.35. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In the last 90 days, insiders sold 447,520 shares of company stock valued at $6,005,775. Insiders own 60.30% of the company’s stock.

Institutional Trading of MNTN

Institutional investors have recently added to or reduced their stakes in the stock. Wellington Management Group LLP grew its position in MNTN by 67.8% in the 3rd quarter. Wellington Management Group LLP now owns 5,345,302 shares of the company’s stock valued at $99,155,000 after acquiring an additional 2,159,075 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of MNTN by 787.7% during the 3rd quarter. Vanguard Group Inc. now owns 621,392 shares of the company’s stock worth $11,527,000 after purchasing an additional 551,392 shares during the last quarter. Federated Hermes Inc. purchased a new stake in MNTN during the second quarter worth approximately $11,482,000. JPMorgan Chase & Co. lifted its position in shares of MNTN by 7,337.0% during the 4th quarter. JPMorgan Chase & Co. now owns 343,513 shares of the company’s stock worth $4,102,000 after buying an additional 338,894 shares during the last quarter. Finally, G2 Investment Partners Management LLC acquired a new position in MNTN in the second quarter valued at $6,996,000. Institutional investors and hedge funds 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.