MNTN (NYSE:MNTN) Rating Lowered to “Market Perform” at Citizens Jmp

MNTN (NYSE:MNTN) was downgraded by equities researchers at Citizens Jmp from an “outperform” rating to a “market perform” rating in a note issued to investors on Thursday, MarketBeat.com reports.

A number of other research analysts also recently commented on MNTN. Tigress Financial decreased their price objective on shares of MNTN from $26.00 to $22.00 and set a “strong-buy” rating for the company in a research report on Thursday, August 13th. Wall Street Zen raised shares of MNTN from a “hold” rating to a “buy” rating in a report on Monday, September 28th. Raymond James Financial downgraded shares of MNTN from an “outperform” rating to a “market perform” rating in a research note on Thursday. Weiss Ratings upgraded MNTN from a “sell (d)” rating to a “sell (d+)” rating in a report on Wednesday, August 19th. Finally, Morgan Stanley set a $16.00 price target on MNTN in a research report on Monday, August 10th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $14.15.

MNTN Price Performance

NYSE:MNTN traded up $0.57 on Thursday, hitting $5.28. 3,599,358 shares of the company’s stock were exchanged, compared to its average volume of 594,859. The company has a market cap of $326.47 million, a P/E ratio of 7.23 and a beta of 1.17. The firm has a 50-day moving average price of $10.55 and a 200-day moving average price of $9.91. MNTN has a 52 week low of $4.60 and a 52 week high of $14.89.

MNTN (NYSE:MNTN) last issued its quarterly earnings results on Wednesday, November 4th. The company reported $0.10 EPS for the quarter, missing the consensus estimate of $0.20 by ($0.10). MNTN had a net margin of 18.00% and a return on equity of 18.85%. The company had revenue of $80.25 million for the quarter, compared to analyst estimates of $87.77 million. During the same period last year, the company posted $0.08 earnings per share. The business’s revenue for the quarter was up 14.6% on a year-over-year basis. On average, research analysts expect that MNTN will post 0.87 earnings per share for the current fiscal year.

Insider Transactions at MNTN

In other news, major shareholder Baroda Ventures Llc sold 275,115 shares of the company’s stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $12.75, for a total value of $3,507,716.25. Following the transaction, the insider owned 6,375,543 shares of the company’s stock, valued at approximately $81,288,173.25. This represents a 4.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold 335,555 shares of company stock worth $4,266,038 in the last three months. Company insiders own 19.60% of the company’s stock.

Institutional Trading of MNTN

Several hedge funds have recently added to or reduced their stakes in MNTN. One Way Holdings LLC acquired a new position in MNTN in the 3rd quarter valued at $1,122,000. Militia Capital Management LLC bought a new position in MNTN during the 1st quarter worth $2,362,000. Mercato Management Legacy LLC acquired a new stake in shares of MNTN during the first quarter worth $54,279,000. Pacer Advisors Inc. acquired a new stake in shares of MNTN during the first quarter worth $771,000. Finally, Renaissance Technologies LLC boosted its position in shares of 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 acquiring an additional 187,028 shares during the period. 72.90% of the stock is owned by institutional investors and hedge funds.

Trending Headlines about MNTN

Here are the key news stories impacting MNTN this week:

• Positive Sentiment: Susquehanna lowered its price target from $20 to $12 but maintained a positive rating, signaling continued potential upside in the analyst’s view. Susquehanna price target article
• Neutral Sentiment: MNTN announced upcoming investor-conference meetings with its CEO and CFO, offering a chance to address investor concerns, but no new operating developments were disclosed. Investor conference announcement
• Negative Sentiment: Third-quarter results missed estimates: adjusted EPS was $0.10 and revenue was $80.25 million, below analysts’ $87.77 million forecast. MNTN also cut its revenue outlook, citing sales-execution challenges and disruption in its sales organization; it expects fourth-quarter revenue of $75 million to $78 million. Earnings and outlook coverage
• Negative Sentiment: Several law firms have announced investigations into whether MNTN or its executives adequately disclosed sales-force, customer-acquisition and growth issues. These are allegations under investigation, not findings of wrongdoing, but add uncertainty for investors. Robbins LLP investigation notice
• Negative Sentiment: Analyst sentiment also weakened: Evercore downgraded MNTN to “in-line,” while Raymond James and Citizens JMP cut their ratings to “market perform.” Raymond James downgrade

About MNTN

MNTN, Inc is an advertising technology company that provides software for planning, launching, measuring and optimizing connected television (CTV) advertising campaigns. Its platform is designed to help businesses use television advertising with the targeting, automation and performance measurement capabilities commonly associated with digital marketing.

The company’s products support campaign creation, audience targeting, media buying and analytics across streaming television environments.