MNTN (NYSE:MNTN) Stock Price Down 4.8% – Should You Sell?

Shares of MNTN Inc. (NYSE:MNTN) traded down 4.8% on Wednesday. The stock traded as low as $9.98 and last traded at $9.9720. 114,091 shares changed hands during mid-day trading, a decline of 88% from the average session volume of 934,841 shares. The stock had previously closed at $10.47.

Analysts Set New Price Targets

Several equities analysts have weighed in on MNTN shares. Tigress Financial cut their price target on MNTN from $26.00 to $22.00 and set a “strong-buy” rating for the company in a report on Thursday, August 13th. Weiss Ratings raised MNTN from a “sell (d)” rating to a “sell (d+)” rating in a research note on Wednesday, August 19th. Evercore set a $22.00 target price on MNTN in a report on Wednesday, August 5th. Citigroup cut their price target on shares of MNTN from $17.00 to $16.00 and set a “buy” rating on the stock in a report on Thursday, August 13th. Finally, Wall Street Zen upgraded shares of MNTN from a “hold” rating to a “buy” rating in a research note on Monday, September 28th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, MNTN presently has a consensus rating of “Moderate Buy” and an average price target of $18.65.

MNTN Trading Down 4.4%

The company has a market capitalization of $619.80 million, a PE ratio of 14.08 and a beta of 1.15. The business’s 50-day simple moving average is $11.52 and its 200-day simple moving average is $10.13.

MNTN (NYSE:MNTN) last released its quarterly earnings data on Tuesday, August 4th. The company reported $0.09 EPS for the quarter, missing the consensus estimate of $0.19 by ($0.10). MNTN had a return on equity of 18.85% and a net margin of 18.00%. The company had revenue of $82.54 million during the quarter, compared to analysts’ expectations of $82.34 million. During the same quarter in the prior year, the company posted ($0.65) EPS. The company’s revenue for the quarter was up 20.5% on a year-over-year basis. Sell-side analysts forecast that MNTN Inc. will post 0.87 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, major shareholder Baroda Ventures Llc sold 275,115 shares of MNTN stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $12.75, for a total transaction of $3,507,716.25. Following the transaction, the insider owned 6,375,543 shares in the company, valued at $81,288,173.25. The trade was a 4.14% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold a total of 335,555 shares of company stock worth $4,266,038 over the last quarter. Insiders own 19.60% of the company’s stock.

Hedge Funds Weigh In On MNTN

Several large investors have recently made changes to their positions in the stock. Mercato Management Legacy LLC purchased a new position in MNTN during the 1st quarter valued at about $54,279,000. Militia Capital Management LLC purchased a new stake in shares of MNTN in the 1st quarter valued at approximately $2,362,000. Renaissance Technologies LLC increased its position in shares of MNTN by 40.7% in the 1st quarter. Renaissance Technologies LLC now owns 646,217 shares of the company’s stock valued at $5,687,000 after purchasing an additional 187,028 shares during the last quarter. Pacer Advisors Inc. acquired a new stake in shares of MNTN in the 1st quarter valued at $771,000. Finally, Teachers Retirement System of The State of Kentucky lifted its position in shares of MNTN by 95.6% during the 1st quarter. Teachers Retirement System of The State of Kentucky now owns 145,491 shares of the company’s stock worth $1,280,000 after purchasing an additional 71,114 shares during the last quarter. 72.90% of the stock is currently owned by institutional investors and hedge funds.

About MNTN

MNTN, Inc operates a software platform designed to help businesses plan, purchase, manage and measure connected television (CTV) advertising campaigns. Its platform applies performance-marketing tools to television advertising, enabling brands to reach audiences across streaming and other digital video environments.

The company provides campaign management, audience targeting, automated media buying, creative support and performance measurement capabilities. MNTN’s services are intended to help advertisers and agencies use television advertising to drive measurable business outcomes, including customer acquisition, website visits and sales.

MNTN was previously known as SteelHouse and is headquartered in Los Angeles, California.