MNTN Sees Unusually Large Options Volume (NYSE:MNTN)

MNTN Inc. (NYSE:MNTN) was the target of some unusual options trading on Tuesday. Traders acquired 6,259 call options on the company. This is an increase of approximately 987% compared to the average daily volume of 576 call options.

Institutional Trading of MNTN

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Soros Fund Management LLC bought a new stake in shares of MNTN during the 2nd quarter worth $2,187,000. Raymond James Financial Inc. purchased a new stake in MNTN during the second quarter valued at about $2,111,000. Bamco Inc. NY bought a new stake in MNTN during the second quarter worth about $1,531,000. Balyasny Asset Management L.P. purchased a new position in shares of MNTN in the 2nd quarter worth about $3,442,000. Finally, Boothbay Fund Management LLC bought a new position in shares of MNTN during the 2nd quarter valued at about $2,183,000. Hedge funds and other institutional investors own 72.90% of the company’s stock.

MNTN Trading Up 0.9%

Shares of MNTN traded up $0.07 during trading hours on Tuesday, reaching $8.85. 464,075 shares of the company’s stock traded hands, compared to its average volume of 945,931. MNTN has a 12 month low of $7.67 and a 12 month high of $32.00. The stock has a market cap of $539.63 million, a PE ratio of -294.83 and a beta of 0.81. The firm’s 50 day simple moving average is $9.21 and its 200-day simple moving average is $9.65.

MNTN (NYSE:MNTN) last posted its quarterly earnings data on Tuesday, May 5th. The company reported $0.11 earnings per share for the quarter, missing the consensus estimate of $0.12 by ($0.01). The company had revenue of $73.70 million during the quarter, compared to the consensus estimate of $72.63 million. MNTN had a return on equity of 16.44% and a net margin of 7.84%.The firm’s revenue for the quarter was up 14.2% on a year-over-year basis. During the same quarter last year, the company posted ($1.41) earnings per share. As a group, analysts expect that MNTN will post 0.99 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on MNTN. Morgan Stanley lowered their price target on shares of MNTN from $20.50 to $18.00 and set an “equal weight” rating on the stock in a report on Wednesday, May 6th. Wall Street Zen raised shares of MNTN from a “buy” rating to a “strong-buy” rating in a report on Monday. 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. Canaccord Genuity Group cut their price target on shares of MNTN from $20.00 to $18.00 and set a “buy” rating for the company in a report on Tuesday, April 14th. Finally, Raymond James Financial restated an “outperform” rating and set a $15.00 price target on shares of MNTN in a research report on Wednesday, May 6th. One investment 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 issued a Sell rating to the stock. According to MarketBeat.com, MNTN currently has an average rating of “Moderate Buy” and a consensus target price of $19.85.

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.