MNTN (NYSE:MNTN) Stock Price Up 5.4% – Here’s Why

Shares of MNTN Inc. (NYSE:MNTN) shot up 5.4% during mid-day trading on Friday . The company traded as high as $13.34 and last traded at $13.28. 160,032 shares changed hands during mid-day trading, a decline of 84% from the average daily volume of 973,872 shares. The stock had previously closed at $12.60.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on MNTN shares. Citizens Jmp reduced their price target on MNTN from $23.00 to $19.00 and set a “market outperform” rating for the company in a report on Wednesday, May 6th. Tigress Financial dropped their price objective on MNTN from $26.00 to $22.00 and set a “strong-buy” rating on the stock in a research note on Thursday, August 13th. Raymond James Financial reaffirmed an “outperform” rating and issued a $15.00 price objective on shares of MNTN in a research report on Wednesday, May 6th. Morgan Stanley set a $16.00 target price on MNTN in a report on Monday, August 10th. Finally, Wall Street Zen cut MNTN from a “buy” rating to a “hold” rating in a research note on Sunday, August 16th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $18.65.

MNTN Stock Performance

The firm has a market cap of $816.95 million, a P/E ratio of 18.59 and a beta of 0.71. The firm’s fifty day moving average is $10.47 and its 200 day moving average is $9.72.

MNTN (NYSE:MNTN) last issued its quarterly earnings data on Tuesday, August 4th. The company reported $0.09 earnings per share (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 for the quarter, compared to analyst estimates of $82.34 million. During the same quarter last year, the business earned ($0.65) earnings per share. The company’s revenue was up 20.5% on a year-over-year basis. As a group, equities research analysts forecast that MNTN Inc. will post 0.87 EPS for the current year.

Insiders Place Their Bets

In related news, major shareholder Baroda Ventures Llc sold 275,115 shares of MNTN stock in a transaction that occurred 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 completion of the sale, the insider directly owned 6,375,543 shares of the company’s stock, valued at approximately $81,288,173.25. This trade represents a 4.14% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Over the last ninety days, insiders sold 335,555 shares of company stock worth $4,266,038. Company insiders own 19.60% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. California State Teachers Retirement System acquired a new stake in shares of MNTN during the second quarter worth $55,000. Pacer Advisors Inc. acquired a new stake in MNTN in the 1st quarter worth about $771,000. Zazove Associates LLC grew its position in shares of MNTN by 18.7% during the 1st quarter. Zazove Associates LLC now owns 150,322 shares of the company’s stock worth $1,323,000 after purchasing an additional 23,721 shares in the last quarter. Militia Capital Management LLC bought a new position in shares of MNTN during the first quarter worth approximately $2,362,000. Finally, Renaissance Technologies LLC raised its position in shares of MNTN by 40.7% in the first quarter. Renaissance Technologies LLC now owns 646,217 shares of the company’s stock valued at $5,687,000 after buying an additional 187,028 shares in the last quarter. Institutional investors own 72.90% of the company’s stock.

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.