MNTN (NYSE:MNTN) Cut to In-Line at Evercore

Key Points

• Evercore downgraded MNTN from Outperform to In-Line and set a $7 price target, implying 32.7% downside from the stock’s current price.
• MNTN’s third-quarter revenue rose 14.6% year over year to $80.25 million, but missed estimates; EPS of $0.10 also fell short of the $0.20 consensus. The article also cites go-to-market issues that prompted a guidance cut.
• Analyst views are mixed but skew cautious: MarketBeat reports an average Hold rating and a $17 consensus target, while Raymond James and Citizens JMP also downgraded the stock.

MNTN (NYSE:MNTN - Get Free Report) was downgraded by stock analysts at Evercore from an "outperform" rating to an "in-line" rating in a research note issued to investors on Thursday, Briefing.com reports. They currently have a $7.00 price target on the stock. Evercore's target price points to a potential downside of 32.72% from the stock's current price.

A number of other research analysts have also commented on MNTN. Wall Street Zen upgraded MNTN from a "hold" rating to a "buy" rating in a research report on Monday, September 28th. Raymond James Financial downgraded MNTN from an "outperform" rating to a "market perform" rating in a research report on Thursday. Freedom Broker began coverage on MNTN in a research note on Tuesday. They set a "buy" rating and a $16.50 price target on the stock. Citizens Jmp cut MNTN from an "outperform" rating to a "market perform" rating in a report on Thursday. Finally, Citigroup cut MNTN from a "neutral" rating to a "market perform" rating in a report on Thursday. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, MNTN presently has an average rating of "Hold" and a consensus target price of $17.00.

MNTN Trading Up 6.9%

Shares of MNTN stock opened at $10.40 on Thursday. MNTN has a 1 year low of $7.67 and a 1 year high of $14.98. The firm's 50 day moving average is $10.87 and its 200-day moving average is $9.97. The firm has a market capitalization of $643.93 million, a price-to-earnings ratio of 14.65 and a beta of 1.17.

MNTN (NYSE:MNTN - Get Free Report) last released its quarterly 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). The company had revenue of $80.25 million for the quarter, compared to the consensus estimate of $87.77 million. MNTN had a net margin of 18.00% and a return on equity of 18.85%. MNTN's revenue for the quarter was up 14.6% compared to the same quarter last year. During the same period last year, the company earned $0.08 earnings per share. On average, equities research analysts forecast that MNTN will post 0.87 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other MNTN news, major shareholder Baroda Ventures Llc sold 275,115 shares of the firm's stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $12.75, for a total value of $3,507,716.25. Following the transaction, the insider directly owned 6,375,543 shares of the company's stock, valued at approximately $81,288,173.25. This trade represents a 4.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold 335,555 shares of company stock valued at $4,266,038 in the last quarter. Corporate insiders own 19.60% of the company's stock.

Institutional Trading of MNTN

Institutional investors and hedge funds have recently made changes to their positions in the business. Alps Advisors Inc. bought a new position in shares of MNTN in the 3rd quarter worth $493,000. One Way Holdings LLC acquired a new stake in shares of MNTN during the third quarter worth $1,122,000. State of Alaska Department of Revenue bought a new stake in MNTN in the third quarter valued at about $26,000. Pacer Advisors Inc. bought a new stake in MNTN in the first quarter valued at about $771,000. Finally, Zazove Associates LLC lifted its stake in MNTN by 18.7% in the first quarter. Zazove Associates LLC now owns 150,322 shares of the company's stock valued at $1,323,000 after buying an additional 23,721 shares during the period. Institutional investors own 72.90% of the company's stock.

MNTN News Roundup

Here are the key news stories impacting MNTN this week:

• Positive Sentiment: Third-quarter revenue increased 14.6% year over year, and EPS rose to $0.10 from $0.08 a year earlier. However, both revenue and earnings missed analysts’ estimates. MNTN Q3 earnings results
• Negative Sentiment: MNTN reported $0.10 per share versus a consensus estimate of $0.20, while revenue of $80.25 million came in below expectations of $87.77 million. The earnings and sales misses raise concerns about execution and near-term growth. MNTN Q3 earnings and revenues lag estimates
• Negative Sentiment: Management’s go-to-market issues prompted a guidance cut, adding to concerns beyond the quarterly miss. MNTN guidance cut
• Negative Sentiment: Raymond James and Citizens JMP both downgraded MNTN to Market Perform from more favorable ratings, signaling reduced conviction in the stock’s near-term upside. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.