MNTN (NYSE:MNTN) Stock Price Down 6% – Here’s What Happened

MNTN Inc. (NYSE:MNTN)’s stock price fell 6% during trading on Wednesday . The stock traded as low as $12.54 and last traded at $12.4270. 178,518 shares traded hands during mid-day trading, a decline of 82% from the average daily volume of 974,686 shares. The stock had previously closed at $13.22.

Wall Street Analysts Forecast Growth

Several research firms have commented on MNTN. Morgan Stanley set a $16.00 price objective on MNTN in a research report on Monday, August 10th. Citigroup dropped their price target on shares of MNTN from $17.00 to $16.00 and set a “buy” rating on the stock in a research report on Thursday, August 13th. Citizens Jmp decreased their price objective on shares of MNTN from $23.00 to $19.00 and set a “market outperform” rating for the company in a research report on Wednesday, May 6th. Raymond James Financial restated an “outperform” rating and set a $15.00 target price on shares of MNTN in a research report on Wednesday, May 6th. Finally, Evercore set a $22.00 price target on MNTN in a report on Wednesday, August 5th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $18.65.

MNTN Trading Down 5.4%

The company has a market cap of $774.24 million, a PE ratio of 17.52 and a beta of 0.71. The business has a fifty day simple moving average of $10.30 and a two-hundred day simple moving average of $9.65.

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

Insider Buying and Selling

In other MNTN news, major shareholder Baroda Ventures Llc sold 275,115 shares of the business’s 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 of the company’s stock, valued at approximately $81,288,173.25. The trade was a 4.14% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders sold a total of 335,555 shares of company stock worth $4,266,038 in the last quarter. Company insiders own 19.60% of the company’s stock.

Institutional Investors Weigh In On MNTN

Several hedge funds and other institutional investors have recently bought and sold shares of MNTN. Aster Capital Management DIFC Ltd acquired a new position in shares of MNTN in the 4th quarter valued at $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. Cary Street Partners Financial LLC boosted its stake in MNTN by 29.5% during the fourth quarter. Cary Street Partners Financial LLC now owns 20,385 shares of the company’s stock worth $243,000 after buying an additional 4,640 shares during the period. Finally, Royal Bank of Canada increased its position in shares of MNTN by 2,093.6% during the fourth quarter. Royal Bank of Canada now owns 5,857 shares of the company’s stock valued at $70,000 after acquiring an additional 5,590 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.