MNTN (NYSE:MNTN) Shares Down 20.5% After Earnings Miss

MNTN Inc. (NYSE:MNTN) shares fell 20.5% on Wednesday after the company announced weaker than expected quarterly earnings. The company traded as low as $9.05 and last traded at $9.0360. 299,684 shares changed hands during mid-day trading, a decline of 61% from the average session volume of 767,179 shares. The stock had previously closed at $11.36.

The company reported $0.11 EPS for the quarter, missing the consensus estimate of $0.12 by ($0.01). The company had revenue of $73.70 million during the quarter, compared to analysts’ expectations of $72.63 million. MNTN had a positive return on equity of 9.51% and a negative net margin of 2.22%.MNTN’s revenue was up 14.2% compared to the same quarter last year. During the same period in the previous year, the firm posted ($1.41) EPS.

Wall Street Analyst Weigh In

Several brokerages recently commented on MNTN. Weiss Ratings reissued a “sell (e+)” rating on shares of MNTN in a report on Friday, March 27th. Tigress Financial cut their price target on shares of MNTN from $36.00 to $26.00 and set a “buy” rating for the company in a report on Tuesday, March 3rd. UBS Group set a $20.50 target price on shares of MNTN in a report on Tuesday, January 13th. Canaccord Genuity Group dropped their target price on shares of MNTN from $20.00 to $18.00 and set a “buy” rating for the company in a report on Tuesday, April 14th. Finally, Citigroup dropped their target price on shares of MNTN from $22.00 to $17.00 and set a “buy” rating for the company in a report on Thursday, February 12th. Ten analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $22.36.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of MNTN. Aster Capital Management DIFC Ltd acquired a new position in MNTN in the fourth quarter valued at about $43,000. Los Angeles Capital Management LLC acquired a new position in MNTN in the fourth quarter valued at about $53,000. KLP Kapitalforvaltning AS acquired a new position in MNTN in the third quarter valued at about $54,000. Royal Bank of Canada lifted its position in MNTN by 2,093.6% in the fourth quarter. Royal Bank of Canada now owns 5,857 shares of the company’s stock valued at $70,000 after buying an additional 5,590 shares during the last quarter. Finally, JPMorgan Chase & Co. acquired a new position in MNTN in the third quarter valued at about $86,000. Institutional investors and hedge funds own 72.90% of the company’s stock.

MNTN Stock Down 20.7%

The stock’s 50-day simple moving average is $9.54 and its 200 day simple moving average is $11.42. The company has a market cap of $586.32 million and a price-to-earnings ratio of -5.83.

MNTN Company Profile

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.