Morgan Stanley Cuts MNTN (NYSE:MNTN) Price Target to $20.50

MNTN (NYSE:MNTN) had its target price decreased by analysts at Morgan Stanley from $22.50 to $20.50 in a report released on Tuesday,Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Morgan Stanley’s price objective would suggest a potential upside of 73.58% from the stock’s current price.

Other equities research analysts have also recently issued reports about the company. JMP Securities set a $23.00 target price on MNTN in a report on Wednesday, November 5th. Cowen upgraded MNTN to a “buy” rating in a report on Thursday, December 4th. UBS Group set a $20.50 target price on shares of MNTN in a report on Tuesday. Evercore ISI cut their target price on shares of MNTN from $39.00 to $33.00 and set an “outperform” rating on the stock in a research report on Wednesday, November 5th. Finally, Tigress Financial reaffirmed a “strong-buy” rating and issued a $36.00 price target on shares of MNTN in a research report on Friday, November 7th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $25.83.

MNTN Stock Down 2.0%

MNTN traded down $0.24 on Tuesday, reaching $11.81. 84,875 shares of the company traded hands, compared to its average volume of 395,102. The company has a market cap of $522.36 million and a P/E ratio of -8.39. MNTN has a one year low of $11.46 and a one year high of $32.49. The firm has a fifty day simple moving average of $12.91 and a two-hundred day simple moving average of $18.21.

MNTN (NYSE:MNTN) last issued its earnings results on Tuesday, November 4th. The company reported $0.08 EPS for the quarter, topping analysts’ consensus estimates of $0.04 by $0.04. The business had revenue of $70.00 million for the quarter, compared to analyst estimates of $70.11 million. MNTN had a negative net margin of 16.47% and a negative return on equity of 30.86%. MNTN’s revenue for the quarter was up 22.6% on a year-over-year basis.

Insider Activity at MNTN

In other news, Director Hadi Partovi sold 86,665 shares of the firm’s stock in a transaction on Wednesday, December 3rd. The stock was sold at an average price of $13.39, for a total value of $1,160,444.35. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In the last ninety days, insiders sold 447,520 shares of company stock worth $6,005,775.

Institutional Investors Weigh In On MNTN

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. KLP Kapitalforvaltning AS acquired a new stake in MNTN in the third quarter worth about $54,000. JPMorgan Chase & Co. purchased a new position in shares of MNTN in the 3rd quarter valued at approximately $86,000. Bank of America Corp DE boosted its stake in MNTN by 622,300.0% in the 3rd quarter. Bank of America Corp DE now owns 6,224 shares of the company’s stock worth $115,000 after purchasing an additional 6,223 shares in the last quarter. Quantbot Technologies LP purchased a new stake in MNTN during the 3rd quarter worth approximately $170,000. Finally, BCS Private Wealth Management Inc. acquired a new position in MNTN during the 2nd quarter valued at approximately $209,000. 72.90% of the stock is currently owned by hedge funds and other institutional investors.

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.