Zazove Associates LLC Makes New Investment in MNTN Inc. $MNTN

Zazove Associates LLC purchased a new position in MNTN Inc. (NYSE:MNTN) in the third quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 50,000 shares of the company’s stock, valued at approximately $928,000. Zazove Associates LLC owned 0.11% of MNTN at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in MNTN. BCS Private Wealth Management Inc. acquired a new stake in MNTN in the second quarter worth approximately $209,000. State of Tennessee Department of Treasury bought a new stake in shares of MNTN in the 2nd quarter worth $223,000. Claro Advisors LLC acquired a new stake in shares of MNTN in the second quarter valued at $336,000. Oxford Asset Management LLP bought a new position in MNTN during the second quarter valued at about $487,000. Finally, Concurrent Investment Advisors LLC acquired a new position in MNTN during the second quarter worth about $492,000. Institutional investors and hedge funds own 72.90% of the company’s stock.

Insider Activity at MNTN

In other news, Director Hadi Partovi sold 86,665 shares of MNTN stock in a transaction on Wednesday, December 3rd. The stock was sold at an average price of $13.39, for a total transaction of $1,160,444.35. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders sold a total of 447,520 shares of company stock valued at $6,005,775 over the last ninety days.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on MNTN shares. Wall Street Zen upgraded shares of MNTN from a “hold” rating to a “buy” rating in a research report on Saturday, November 8th. Canaccord Genuity Group set a $20.00 target price on shares of MNTN in a research note on Thursday, December 4th. Weiss Ratings restated a “sell (e+)” rating on shares of MNTN in a report on Monday, December 22nd. Citigroup upgraded MNTN from a “neutral” rating to a “buy” rating and cut their price objective for the company from $33.00 to $22.00 in a research report on Friday, October 24th. Finally, Morgan Stanley set a $22.50 price objective on MNTN in a research note on Wednesday, November 5th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $26.50.

MNTN Stock Performance

MNTN stock opened at $11.87 on Monday. MNTN Inc. has a 52-week low of $11.46 and a 52-week high of $32.49. The company’s 50 day simple moving average is $13.87 and its 200-day simple moving average is $18.88.

MNTN (NYSE:MNTN) last posted its quarterly earnings data on Tuesday, November 4th. The company reported $0.08 EPS for the quarter, topping analysts’ consensus estimates of $0.04 by $0.04. The firm had revenue of $70.00 million during the quarter, compared to analyst estimates of $70.11 million. The firm’s revenue for the quarter was up 22.6% on a year-over-year basis.

MNTN Company Profile

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.