Citigroup Cuts MNTN (NYSE:MNTN) Price Target to $16.00

MNTN (NYSE:MNTN) had its price objective lowered by Citigroup from $17.00 to $16.00 in a research report sent to investors on Thursday,Benzinga reports. The brokerage currently has a buy rating on the stock.

Other equities analysts have also issued reports about the company. Evercore set a $22.00 price objective on MNTN in a research report on Wednesday, August 5th. Raymond James Financial reaffirmed an “outperform” rating and issued a $15.00 target price on shares of MNTN in a research note on Wednesday, May 6th. Citizens Jmp reduced their price target on shares of MNTN from $23.00 to $19.00 and set a “market outperform” rating on the stock in a research report on Wednesday, May 6th. Morgan Stanley set a $16.00 price target on shares of MNTN in a research note on Monday, August 10th. Finally, Wall Street Zen lowered shares of MNTN from a “strong-buy” rating to a “buy” rating in a report on Saturday, August 8th. 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 issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $18.65.

MNTN Stock Up 2.2%

NYSE MNTN opened at $12.55 on Thursday. The stock’s 50-day simple moving average is $9.74 and its two-hundred day simple moving average is $9.48. MNTN has a twelve month low of $7.67 and a twelve month high of $23.25. The company has a market capitalization of $776.66 million, a price-to-earnings ratio of 17.67 and a beta of 0.71.

Institutional Investors Weigh In On MNTN

Hedge funds and other institutional investors have recently modified their holdings of the stock. Mercato Management Legacy LLC purchased a new stake in MNTN during the 1st quarter valued at about $54,279,000. Mercato Partners Growth Iii GP LLC purchased a new position in MNTN in the 4th quarter worth approximately $73,646,000. Wellington Management Group LLP increased its stake in MNTN by 7.2% in the 4th quarter. Wellington Management Group LLP now owns 5,730,723 shares of the company’s stock worth $68,425,000 after purchasing an additional 385,421 shares during the period. Bienville Capital Management LLC lifted its position in MNTN by 49.4% in the fourth quarter. Bienville Capital Management LLC now owns 919,052 shares of the company’s stock valued at $10,973,000 after purchasing an additional 303,905 shares during the last quarter. Finally, Federated Hermes Inc. lifted its position in MNTN by 4.6% in the fourth quarter. Federated Hermes Inc. now owns 680,000 shares of the company’s stock valued at $8,119,000 after purchasing an additional 30,000 shares during the last quarter. Institutional investors own 72.90% of the company’s stock.

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.