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 $12.55 and were up 2.2%, trading above their 50-day and 200-day moving averages but well below the 12-month high of $23.25.
• Institutional investors and hedge funds own 72.9% of MNTN, with firms including Royal Bank of Canada and Barclays significantly increasing their positions recently.

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

MNTN has been the topic of a number of other reports. Morgan Stanley set a $16.00 price target on shares of MNTN in a report on Monday, August 10th. Citizens Jmp lowered their target price on shares of MNTN from $23.00 to $19.00 and set a "market outperform" rating on the stock in a research note on Wednesday, May 6th. Citigroup dropped their target price on MNTN from $17.00 to $16.00 and set a "buy" rating on the stock in a research report on Thursday. Raymond James Financial reaffirmed an "outperform" rating and issued a $15.00 price target on shares of MNTN in a report on Wednesday, May 6th. Finally, Tigress Financial lowered their price target on MNTN from $26.00 to $22.00 and set a "strong-buy" rating on the stock in a research report on Thursday. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, MNTN has an average rating of "Moderate Buy" and an average target price of $18.65.

MNTN Trading Up 2.2%

Shares of MNTN stock opened at $12.55 on Friday. The firm has a market cap of $776.66 million, a P/E ratio of 17.67 and a beta of 0.71. The stock's fifty day moving average price is $9.74 and its 200-day moving average price is $9.48. MNTN has a 12 month low of $7.67 and a 12 month high of $23.25.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Aster Capital Management DIFC Ltd purchased a new position in shares of MNTN during the 4th quarter worth $43,000. Los Angeles Capital Management LLC purchased a new stake in shares of MNTN in the fourth quarter valued at about $53,000. Royal Bank of Canada increased its position in MNTN by 2,093.6% during the fourth quarter. Royal Bank of Canada now owns 5,857 shares of the company's stock worth $70,000 after purchasing an additional 5,590 shares during the last quarter. JPMorgan Chase & Co. purchased a new position in MNTN during the third quarter worth about $86,000. Finally, Barclays PLC boosted its holdings in MNTN by 2,341.4% in the 4th quarter. Barclays PLC now owns 9,326 shares of the company's stock valued at $111,000 after purchasing an additional 8,944 shares during the last quarter. 72.90% of the stock is 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.

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