MNTN (NYSE:MNTN) Price Target Cut to $20.50 by Analysts at Morgan Stanley

MNTN (NYSE:MNTN) had its price target decreased by research analysts at Morgan Stanley from $22.50 to $20.50 in a research report issued on Tuesday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Morgan Stanley’s target price suggests a potential upside of 73.58% from the stock’s previous close.

A number of other research firms have also recently commented on MNTN. UBS Group set a $20.50 price target on MNTN in a report on Tuesday. Wall Street Zen upgraded shares of MNTN from a “hold” rating to a “buy” rating in a research report on Saturday, November 8th. Citizens Jmp cut their target price on shares of MNTN from $33.00 to $23.00 and set a “market outperform” rating for the company in a research note on Wednesday, November 5th. Zacks Research upgraded shares of MNTN from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 1st. Finally, Evercore ISI cut their price objective on MNTN from $39.00 to $33.00 and set an “outperform” rating for the company in a research report on Wednesday, November 5th. Two analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $25.83.

MNTN Price Performance

Shares of MNTN stock traded down $0.24 on Tuesday, hitting $11.81. 84,875 shares of the stock traded hands, compared to its average volume of 395,102. MNTN has a 52 week low of $11.46 and a 52 week high of $32.49. The firm has a 50 day simple moving average of $12.91 and a two-hundred day simple moving average of $18.21. The firm has a market cap of $522.36 million and a price-to-earnings ratio of -8.39.

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

Insider Activity at MNTN

In related news, Director Hadi Partovi sold 192,598 shares of MNTN stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $13.46, for a total value of $2,592,369.08. Following the completion of the transaction, the director owned 254,922 shares in the company, valued at approximately $3,431,250.12. This trade represents a 43.04% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Over the last ninety days, insiders have sold 447,520 shares of company stock valued at $6,005,775.

Hedge Funds Weigh In On MNTN

A number of large investors have recently made changes to their positions in MNTN. KLP Kapitalforvaltning AS purchased a new stake in MNTN in the 3rd quarter worth about $54,000. JPMorgan Chase & Co. bought a new position in shares of MNTN during the third quarter valued at approximately $86,000. Bank of America Corp DE raised its holdings in shares of MNTN by 622,300.0% in the third quarter. Bank of America Corp DE now owns 6,224 shares of the company’s stock worth $115,000 after buying an additional 6,223 shares during the period. Quantbot Technologies LP bought a new stake in shares of MNTN during the 3rd quarter worth approximately $170,000. Finally, AMH Equity Ltd purchased a new position in MNTN during the 3rd quarter valued at $186,000. 72.90% of the stock is 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.