Citigroup Issues Pessimistic Forecast for MNTN (NYSE:MNTN) Stock Price

MNTN (NYSE:MNTN) had its price objective lowered by research analysts at Citigroup from $17.00 to $16.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Citigroup’s target price points to a potential upside of 29.84% from the company’s current price.

A number of other analysts have also recently commented on MNTN. Wall Street Zen cut MNTN from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 8th. Weiss Ratings upgraded shares of MNTN from a “sell (e+)” rating to a “sell (d)” rating in a research report on Thursday, May 28th. Evercore set a $22.00 price objective on shares of MNTN in a research report on Wednesday, August 5th. Morgan Stanley set a $16.00 price target on MNTN in a report on Monday. Finally, Tigress Financial reduced their price target on MNTN from $26.00 to $22.00 and set a “strong-buy” rating for the company in a research report on Thursday. One research 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 given a Sell rating to the company. According to data from MarketBeat, MNTN presently has a consensus rating of “Moderate Buy” and an average target price of $18.65.

MNTN Stock Up 3.1%

MNTN stock traded up $0.37 during trading hours on Thursday, hitting $12.32. The stock had a trading volume of 1,357,068 shares, compared to its average volume of 977,808. The stock has a market capitalization of $762.67 million, a P/E ratio of 17.36 and a beta of 0.71. MNTN has a 12-month low of $7.67 and a 12-month high of $23.25. The stock’s 50-day moving average price is $9.62 and its 200-day moving average price is $9.45.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Aster Capital Management DIFC Ltd purchased a new position in shares of MNTN during the 4th quarter worth $43,000. Los Angeles Capital Management LLC purchased a new stake in MNTN in the 4th quarter valued at about $53,000. JPMorgan Chase & Co. acquired a new position in MNTN in the third quarter valued at about $86,000. Royal Bank of Canada boosted its stake in MNTN by 2,093.6% during the fourth quarter. Royal Bank of Canada now owns 5,857 shares of the company’s stock worth $70,000 after buying an additional 5,590 shares during the period. Finally, Bank of America Corp DE increased its position in shares of MNTN by 622,300.0% during the third quarter. Bank of America Corp DE now owns 6,224 shares of the company’s stock valued at $115,000 after acquiring an additional 6,223 shares during the last quarter. 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.