MNTN (NYSE:MNTN) Trading 7.2% Higher – Here’s What Happened

MNTN Inc. (NYSE:MNTN)’s stock price was up 7.2% during trading on Thursday . The stock traded as high as $10.73 and last traded at $10.64. Approximately 502,419 shares were traded during trading, a decline of 47% from the average daily volume of 953,897 shares. The stock had previously closed at $9.93.

Analyst Ratings Changes

Several research firms have recently issued reports on MNTN. Canaccord Genuity Group set a $20.00 price objective on shares of MNTN in a report on Thursday, December 4th. Morgan Stanley lowered their price target on MNTN from $22.50 to $20.50 and set an “equal weight” rating on the stock in a research note on Tuesday, January 13th. Evercore set a $27.00 price target on MNTN in a report on Wednesday, February 11th. Weiss Ratings reiterated a “sell (e+)” rating on shares of MNTN in a research report on Monday, December 29th. Finally, Needham & Company LLC cut their target price on MNTN from $35.00 to $18.00 and set a “buy” rating for the company in a research note on Wednesday, November 5th. Ten equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $22.55.

MNTN Trading Up 7.7%

The company has a 50 day moving average of $10.46 and a 200 day moving average of $14.38. The firm has a market cap of $789.70 million and a price-to-earnings ratio of -6.90.

MNTN (NYSE:MNTN) last issued its quarterly earnings data on Tuesday, February 10th. The company reported $0.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.26 by $0.17. MNTN had a positive return on equity of 9.51% and a negative net margin of 2.22%.The company had revenue of $87.10 million during the quarter, compared to analysts’ expectations of $86.18 million. MNTN’s revenue was up 24.8% on a year-over-year basis.

Institutional Trading of MNTN

Several hedge funds have recently modified their holdings of the company. Bank of Montreal Can acquired a new stake in shares of MNTN in the second quarter valued at approximately $4,432,000. Claro Advisors LLC acquired a new position in MNTN during the 2nd quarter worth $336,000. HBK Investments L P acquired a new stake in shares of MNTN in the 2nd quarter valued at $2,187,000. Seven Grand Managers LLC bought a new stake in shares of MNTN during the second quarter worth $536,000. Finally, Walleye Capital LLC acquired a new position in shares of MNTN during the second quarter valued at $875,000. Institutional investors and hedge funds 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.