MNTN (NYSE:MNTN) Shares Up 12.5% – Here’s What Happened

MNTN Inc. (NYSE:MNTN)’s share price shot up 12.5% on Monday . The stock traded as high as $10.65 and last traded at $10.6060. 1,560,585 shares were traded during trading, an increase of 92% from the average session volume of 811,550 shares. The stock had previously closed at $9.43.

Analyst Ratings Changes

Several brokerages have recently weighed in on MNTN. Raymond James Financial restated an “outperform” rating and set a $15.00 target price on shares of MNTN in a research note on Wednesday, May 6th. Evercore set a $27.00 target price on MNTN in a research note on Wednesday, February 11th. Tigress Financial lowered their target price on MNTN from $36.00 to $26.00 and set a “buy” rating for the company in a research note on Tuesday, March 3rd. Wall Street Zen upgraded MNTN from a “buy” rating to a “strong-buy” rating in a research note on Saturday, February 14th. Finally, Weiss Ratings upgraded MNTN from a “sell (e+)” rating to a “sell (d)” rating in a research note on Thursday, May 28th. Ten analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $20.68.

MNTN Stock Down 3.1%

The firm has a market capitalization of $635.18 million and a price-to-earnings ratio of -347.03. The stock has a 50 day moving average of $9.04 and a 200 day moving average of $10.48.

MNTN (NYSE:MNTN) last posted its quarterly earnings results on Tuesday, May 5th. The company reported $0.11 EPS for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.01). The firm had revenue of $73.70 million during the quarter, compared to analyst estimates of $72.63 million. MNTN had a return on equity of 16.44% and a net margin of 7.84%.The firm’s revenue for the quarter was up 14.2% on a year-over-year basis. During the same quarter last year, the business posted ($1.41) earnings per share. Analysts predict that MNTN Inc. will post 0.99 earnings per share for the current year.

Hedge Funds Weigh In On MNTN

A number of hedge funds have recently bought and sold shares of MNTN. Soros Fund Management LLC acquired a new position in MNTN in the second quarter worth about $2,187,000. Raymond James Financial Inc. acquired a new position in MNTN in the second quarter worth about $2,111,000. Bamco Inc. NY acquired a new position in MNTN in the second quarter worth about $1,531,000. Balyasny Asset Management L.P. bought a new position in MNTN in the second quarter worth about $3,442,000. Finally, Boothbay Fund Management LLC bought a new position in MNTN in the second quarter worth about $2,183,000. 72.90% of the stock is currently owned by institutional investors and hedge funds.

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.