MNTN (NYSE:MNTN) Stock Price Down 6.6% – What’s Next?

MNTN Inc. (NYSE:MNTN)’s stock price dropped 6.6% on Monday. The stock traded as low as $10.28 and last traded at $10.28. Approximately 349,446 shares were traded during trading, a decline of 63% from the average session volume of 949,260 shares. The stock had previously closed at $11.01.

Analyst Upgrades and Downgrades

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

MNTN Price Performance

The stock has a market cap of $624.72 million, a PE ratio of 14.17 and a beta of 0.94. The company’s fifty day moving average is $11.38 and its 200-day moving average is $10.02.

MNTN (NYSE:MNTN) last announced 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). MNTN had a return on equity of 18.85% and a net margin of 18.00%.The company had revenue of $82.54 million for the quarter, compared to analyst estimates of $82.34 million. During the same period in the prior year, the business posted ($0.65) earnings per share. MNTN’s revenue for the quarter was up 20.5% on a year-over-year basis. Analysts expect that MNTN Inc. will post 0.87 EPS for the current year.

Insider Transactions at MNTN

In other MNTN news, major shareholder Baroda Ventures Llc sold 275,115 shares of the company’s stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $12.75, for a total value of $3,507,716.25. Following the sale, the insider owned 6,375,543 shares in the company, valued at approximately $81,288,173.25. This represents a 4.14% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Insiders sold 335,555 shares of company stock valued at $4,266,038 over the last three months. 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 company. Pacer Advisors Inc. purchased a new stake in MNTN during the first quarter worth $771,000. Zazove Associates LLC increased its holdings in MNTN by 18.7% in the first quarter. Zazove Associates LLC now owns 150,322 shares of the company’s stock valued at $1,323,000 after buying an additional 23,721 shares in the last quarter. Militia Capital Management LLC acquired a new position in shares of MNTN in the first quarter worth about $2,362,000. Renaissance Technologies LLC boosted its stake in shares of MNTN by 40.7% during the 1st quarter. Renaissance Technologies LLC now owns 646,217 shares of the company’s stock worth $5,687,000 after acquiring an additional 187,028 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership acquired a new stake in shares of MNTN during the 1st quarter valued at about $162,000. 72.90% of the stock is currently owned by institutional investors and hedge funds.

About MNTN

MNTN, Inc is an advertising technology company that provides a software platform for buying, managing and measuring connected television (CTV) advertising. Its platform is designed to help brands use television advertising to drive measurable business outcomes, including customer acquisition, website visits and sales.

MNTN’s services include campaign planning, audience targeting, automated media buying, creative support, attribution and performance reporting. The company combines access to streaming television inventory with tools intended to make television advertising more accessible to growth-focused businesses and advertising agencies.