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

Shares of MNTN Inc. (NYSE:MNTN) dropped 7.5% during mid-day trading on Friday . The stock 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 session volume of 945,355 shares. The stock had previously closed at $9.79.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Tigress Financial restated a “strong-buy” rating and set a $26.00 price objective on shares of MNTN in a research note on Wednesday, June 3rd. Morgan Stanley lowered their target price on MNTN from $20.50 to $18.00 and set an “equal weight” rating on the stock in a research report on Wednesday, May 6th. Wall Street Zen cut MNTN from a “strong-buy” rating to a “buy” rating in a research report on Sunday, July 12th. Canaccord Genuity Group decreased their price target on MNTN from $20.00 to $18.00 and set a “buy” rating for the company in a research note on Tuesday, April 14th. Finally, Raymond James Financial reiterated an “outperform” rating and set a $15.00 price objective on shares of MNTN in a research note on Wednesday, May 6th. One equities 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 given a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $19.85.

MNTN Trading Down 6.4%

The firm has a market capitalization of $559.16 million, a price-to-earnings ratio of -305.33 and a beta of 0.81. The company’s 50 day moving average is $9.19 and its 200-day moving average is $9.69.

MNTN (NYSE:MNTN) last released its quarterly earnings data 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). MNTN had a net margin of 7.84% and a return on equity of 16.44%. The business had revenue of $73.70 million during the quarter, compared to the consensus estimate of $72.63 million. During the same quarter in the prior year, the company earned ($1.41) EPS. MNTN’s quarterly revenue was up 14.2% on a year-over-year basis. Research analysts expect that MNTN Inc. will post 0.99 EPS for the current year.

Hedge Funds Weigh In On MNTN

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MNTN. Soros Fund Management LLC acquired a new position in shares of MNTN in the second quarter valued at $2,187,000. Raymond James Financial Inc. acquired a new position in MNTN in the 2nd quarter valued at about $2,111,000. Bamco Inc. NY acquired a new position in MNTN in the 2nd quarter valued at about $1,531,000. Balyasny Asset Management L.P. acquired a new stake in MNTN during the second quarter worth approximately $3,442,000. Finally, Boothbay Fund Management LLC bought a new stake in shares of MNTN during the second quarter worth approximately $2,183,000. 72.90% of the stock is owned by institutional investors.

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.