MNTN (NYSE:MNTN) Shares Down 6.6% - Here's What Happened

Key Points

• MNTN shares fell 6.6% to $10.28 on Monday, with trading volume down 63% from the stock’s average session volume.
• Analyst sentiment remains positive overall: MNTN has a “Moderate Buy” consensus rating and an average price target of $18.65, despite some recent target-price reductions.
• The company exceeded quarterly revenue expectations with $82.54 million, up 20.5% year over year, but earnings per share of $0.09 missed estimates of $0.19. A major shareholder also sold 275,115 shares worth about $3.5 million.

Shares of MNTN Inc. (NYSE:MNTN - Get Free Report) fell 6.6% during trading on Monday. The company traded as low as $10.28 and last traded at $10.28. 349,446 shares changed hands during mid-day trading, a decline of 63% from the average session volume of 949,260 shares. The stock had previously closed at $11.01.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Wall Street Zen raised shares of MNTN from a "hold" rating to a "buy" rating in a research note on Monday. Weiss Ratings raised MNTN from a "sell (d)" rating to a "sell (d+)" rating in a research report on Wednesday, August 19th. Citigroup lowered their target price on MNTN from $17.00 to $16.00 and set a "buy" rating for the company in a report on Thursday, August 13th. Tigress Financial dropped their target price on shares of MNTN from $26.00 to $22.00 and set a "strong-buy" rating on the stock in a report on Thursday, August 13th. Finally, Morgan Stanley set a $16.00 target price on shares of MNTN in a research report on Monday, August 10th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $18.65.

MNTN Stock Performance

The stock has a fifty day moving average price of $11.38 and a 200-day moving average price of $10.02. The firm has a market capitalization of $624.72 million, a PE ratio of 14.17 and a beta of 0.94.

MNTN (NYSE:MNTN - Get Free Report) last issued its quarterly earnings data on Tuesday, August 4th. The company reported $0.09 earnings per share for the quarter, missing analysts' consensus estimates of $0.19 by ($0.10). MNTN had a return on equity of 18.85% and a net margin of 18.00%.The company had revenue of $82.54 million for the quarter, compared to analysts' expectations of $82.34 million. During the same quarter last year, the company earned ($0.65) earnings per share. The company's revenue for the quarter was up 20.5% compared to the same quarter last year. Research analysts expect that MNTN Inc. will post 0.87 earnings per share for the current fiscal year.

Insider Activity

In related news, major shareholder Baroda Ventures Llc sold 275,115 shares of the business'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 transaction of $3,507,716.25. Following the completion of the transaction, the insider owned 6,375,543 shares in the company, valued at $81,288,173.25. The trade was a 4.14% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Over the last quarter, insiders have sold 335,555 shares of company stock valued at $4,266,038. 19.60% of the stock is owned by insiders.

Institutional Investors Weigh In On MNTN

Several institutional investors have recently bought and sold shares of MNTN. Pacer Advisors Inc. acquired a new position in shares of MNTN during the first quarter worth $771,000. Zazove Associates LLC boosted its position in shares of MNTN by 18.7% in the 1st quarter. Zazove Associates LLC now owns 150,322 shares of the company's stock worth $1,323,000 after purchasing an additional 23,721 shares in the last quarter. Militia Capital Management LLC purchased a new position in MNTN during the 1st quarter worth $2,362,000. Renaissance Technologies LLC raised its stake in MNTN by 40.7% in the first 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 during the last quarter. Finally, Arrowstreet Capital Limited Partnership acquired a new stake in MNTN in the first quarter worth about $162,000. 72.90% of the stock is currently owned by institutional investors and hedge funds.

MNTN Company Profile

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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