Wall Street Zen Downgrades MNTN (NYSE:MNTN) to Hold

Key Points

• Wall Street Zen downgraded MNTN from “Buy” to “Hold,” although the broader analyst consensus remains “Moderate Buy” with an average price target of $18.65.
• MNTN shares opened at $11.28, near their 50-day average, after the company reported quarterly revenue of $82.54 million, up 20.5% year over year, but earnings per share of $0.09 missed estimates of $0.19.
• Insiders have been selling shares, including a major shareholder’s $3.5 million sale, while institutional investors own a substantial 72.9% of the company.

MNTN (NYSE:MNTN - Get Free Report) was downgraded by Wall Street Zen from a "buy" rating to a "hold" rating in a report released on Sunday, Wall Street Zen reports.

A number of other brokerages have also recently issued reports on MNTN. Weiss Ratings raised shares of MNTN from a "sell (d)" rating to a "sell (d+)" rating in a report on Wednesday, August 19th. Morgan Stanley set a $16.00 price target on MNTN in a report on Monday, August 10th. Evercore set a $22.00 price target on MNTN in a research report on Wednesday, August 5th. Citigroup dropped their price objective on MNTN from $17.00 to $16.00 and set a "buy" rating on the stock in a research note on Thursday, August 13th. Finally, Tigress Financial reduced their target price on MNTN from $26.00 to $22.00 and set a "strong-buy" rating for the company in a research note on Thursday, August 13th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, MNTN presently has an average rating of "Moderate Buy" and an average price target of $18.65.

MNTN Trading Down 0.4%

Shares of MNTN opened at $11.28 on Friday. The company's fifty day simple moving average is $11.27 and its 200 day simple moving average is $9.99. MNTN has a 1-year low of $7.67 and a 1-year high of $20.84. The company has a market cap of $698.18 million, a price-to-earnings ratio of 15.89 and a beta of 0.94.

MNTN (NYSE:MNTN - Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The company reported $0.09 EPS for the quarter, missing analysts' consensus estimates of $0.19 by ($0.10). MNTN had a net margin of 18.00% and a return on equity of 18.85%. The firm had revenue of $82.54 million during the quarter, compared to analyst estimates of $82.34 million. During the same quarter in the prior year, the business earned ($0.65) EPS. The business's revenue was up 20.5% compared to the same quarter last year. As a group, research analysts forecast that MNTN will post 0.87 earnings per share for the current year.

Insider Activity at MNTN

In related news, major shareholder Baroda Ventures Llc sold 275,115 shares of MNTN stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $12.75, for a total transaction of $3,507,716.25. Following the completion of the sale, the insider owned 6,375,543 shares of the company's stock, valued at approximately $81,288,173.25. The trade was a 4.14% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Over the last ninety days, insiders have sold 335,555 shares of company stock worth $4,266,038. Insiders own 19.60% of the company's stock.

Institutional Investors Weigh In On MNTN

Institutional investors have recently made changes to their positions in the company. Mercato Management Legacy LLC bought a new position in shares of MNTN during the first quarter worth approximately $54,279,000. Militia Capital Management LLC bought a new stake in MNTN in the 1st quarter valued at $2,362,000. Manchester Financial Inc. acquired a new position in MNTN in the 4th quarter valued at $2,388,000. Renaissance Technologies LLC grew its holdings in MNTN by 40.7% in the 1st quarter. Renaissance Technologies LLC now owns 646,217 shares of the company's stock valued at $5,687,000 after buying an additional 187,028 shares in the last quarter. Finally, UBS Group AG increased its position in MNTN by 142.1% during the 4th quarter. UBS Group AG now owns 288,267 shares of the company's stock worth $3,442,000 after buying an additional 169,218 shares during the period. Institutional investors own 72.90% of the company's stock.

About MNTN

MNTN, Inc is an advertising technology company that provides a software platform for buying, managing and measuring connected television (CTV) advertising. Its platform is designed to help brands use television advertising to drive measurable business outcomes, including customer acquisition, website visits and sales.

MNTN's services include campaign planning, audience targeting, automated media buying, creative support, attribution and performance reporting. The company combines access to streaming television inventory with tools intended to make television advertising more accessible to growth-focused businesses and advertising agencies.

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