MNTN (NYSE:MNTN) Stock Gets Downgrade from Evercore

MNTN (NYSE:MNTN) was downgraded by investment analysts at Evercore from an “outperform” rating to an “in-line” rating in a report released on Thursday, Marketbeat.com reports. They currently have a $7.00 target price on the stock. Evercore‘s price objective would indicate a potential upside of 32.70% from the company’s previous close.

MNTN has been the topic of several other reports. Citigroup cut MNTN from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $16.00 to $7.00 in a research report on Thursday. Freedom Broker initiated coverage on shares of MNTN in a research report on Tuesday. They set a “buy” rating and a $16.50 price target for the company. Weiss Ratings upgraded shares of MNTN from a “sell (d)” rating to a “sell (d+)” rating in a research note on Wednesday, August 19th. Raymond James Financial downgraded shares of MNTN from an “outperform” rating to a “market perform” rating in a report on Thursday. Finally, Tigress Financial cut their target price on shares of MNTN from $26.00 to $22.00 and set a “strong-buy” rating for the company in a research report on Thursday, August 13th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, six have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $14.15.

MNTN Stock Performance

Shares of MNTN stock traded up $0.57 during trading on Thursday, hitting $5.28. The company’s stock had a trading volume of 3,599,358 shares, compared to its average volume of 594,859. MNTN has a 52 week low of $4.60 and a 52 week high of $14.89. The company has a market capitalization of $326.47 million, a PE ratio of 7.23 and a beta of 1.17. The company has a fifty day simple moving average of $10.55 and a two-hundred day simple moving average of $9.91.

MNTN (NYSE:MNTN) last released its earnings results on Wednesday, November 4th. The company reported $0.10 EPS for the quarter, missing the consensus estimate of $0.20 by ($0.10). MNTN had a return on equity of 18.85% and a net margin of 18.00%. The company had revenue of $80.25 million during the quarter, compared to the consensus estimate of $87.77 million. During the same period last year, the firm posted $0.08 earnings per share. The company’s revenue was up 14.6% compared to the same quarter last year. As a group, analysts predict that MNTN 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 MNTN stock in a transaction that occurred on Tuesday, August 18th. The shares were 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 $81,288,173.25. The trade was a 4.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In the last quarter, insiders have sold 335,555 shares of company stock worth $4,266,038. 19.60% of the stock is currently owned by company insiders.

Institutional Trading of MNTN

A number of hedge funds and other institutional investors have recently modified their holdings of MNTN. Mercato Management Legacy LLC purchased a new position in shares of MNTN during the 1st quarter valued at $54,279,000. Renaissance Technologies LLC boosted its holdings in MNTN by 40.7% in the 1st quarter. Renaissance Technologies LLC now owns 646,217 shares of the company’s stock worth $5,687,000 after buying an additional 187,028 shares during the period. Militia Capital Management LLC purchased a new stake in MNTN in the 1st quarter worth $2,362,000. Russell Investments Group Ltd. increased its stake in MNTN by 1,352.5% in the 3rd quarter. Russell Investments Group Ltd. now owns 180,395 shares of the company’s stock worth $1,835,000 after buying an additional 167,975 shares in the last quarter. Finally, Zazove Associates LLC raised its holdings in MNTN by 18.7% during the first quarter. Zazove Associates LLC now owns 150,322 shares of the company’s stock valued at $1,323,000 after acquiring an additional 23,721 shares during the period. 72.90% of the stock is owned by hedge funds and other institutional investors.

Key Headlines Impacting MNTN

Here are the key news stories impacting MNTN this week:

• Positive Sentiment: Susquehanna lowered its price target from $20 to $12 but maintained a positive rating, signaling continued potential upside in the analyst’s view. Susquehanna price target article
• Neutral Sentiment: MNTN announced upcoming investor-conference meetings with its CEO and CFO, offering a chance to address investor concerns, but no new operating developments were disclosed. Investor conference announcement
• Negative Sentiment: Third-quarter results missed estimates: adjusted EPS was $0.10 and revenue was $80.25 million, below analysts’ $87.77 million forecast. MNTN also cut its revenue outlook, citing sales-execution challenges and disruption in its sales organization; it expects fourth-quarter revenue of $75 million to $78 million. Earnings and outlook coverage
• Negative Sentiment: Several law firms have announced investigations into whether MNTN or its executives adequately disclosed sales-force, customer-acquisition and growth issues. These are allegations under investigation, not findings of wrongdoing, but add uncertainty for investors. Robbins LLP investigation notice
• Negative Sentiment: Analyst sentiment also weakened: Evercore downgraded MNTN to “in-line,” while Raymond James and Citizens JMP cut their ratings to “market perform.” Raymond James downgrade

About MNTN

MNTN, Inc is an advertising technology company that provides software for planning, launching, measuring and optimizing connected television (CTV) advertising campaigns. Its platform is designed to help businesses use television advertising with the targeting, automation and performance measurement capabilities commonly associated with digital marketing.

The company’s products support campaign creation, audience targeting, media buying and analytics across streaming television environments.