MNTN (NYSE:MNTN) Shares Cross Above Two Hundred Day Moving Average Following Weak Earnings

MNTN Inc. (NYSE:MNTN)’s stock price crossed above its 200-day moving average during trading on Wednesday following a better than expected earnings announcement. The stock has a 200-day moving average of $9.97 and traded as high as $10.74. MNTN shares last traded at $10.4040, with a volume of 1,341,520 shares trading hands.

The company reported $0.10 EPS for the quarter, missing the consensus estimate of $0.20 by ($0.10). MNTN had a return on equity of 18.85% and a net margin of 18.00%. The firm’s revenue for the quarter was up 14.6% compared to the same quarter last year. During the same period last year, the firm posted $0.08 earnings per share.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Wall Street Zen upgraded MNTN from a “hold” rating to a “buy” rating in a report on Monday, September 28th. Weiss Ratings raised MNTN from a “sell (d)” rating to a “sell (d+)” rating in a research report on Wednesday, August 19th. Freedom Broker initiated coverage on shares of MNTN in a research note on Tuesday. They set a “buy” rating and a $16.50 target price for the company. Morgan Stanley set a $16.00 price objective on MNTN in a research report on Monday, August 10th. Finally, Citigroup decreased their target price on shares of MNTN from $17.00 to $16.00 and set a “buy” rating on the stock in a research report on Thursday, August 13th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, MNTN currently has an average rating of “Moderate Buy” and an average target price of $18.45.

Insiders Place Their Bets

In other MNTN news, major shareholder Baroda Ventures Llc sold 275,115 shares of the business’s stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $12.75, for a total value of $3,507,716.25. Following the completion of the transaction, the insider directly owned 6,375,543 shares of the company’s stock, valued at approximately $81,288,173.25. The trade was a 4.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In the last ninety days, insiders have sold 335,555 shares of company stock valued at $4,266,038. Company insiders own 19.60% of the company’s stock.

Hedge Funds Weigh In On MNTN

Several large investors have recently made changes to their positions in MNTN. Mercato Management Legacy LLC bought a new position in shares of MNTN in the 1st quarter worth $54,279,000. Renaissance Technologies LLC increased its stake in MNTN by 40.7% during the 1st quarter. Renaissance Technologies LLC now owns 646,217 shares of the company’s stock worth $5,687,000 after purchasing an additional 187,028 shares in the last quarter. Militia Capital Management LLC bought a new stake in shares of MNTN during the first quarter worth $2,362,000. Zazove Associates LLC raised its stake in shares of MNTN by 18.7% in the 1st quarter. Zazove Associates LLC now owns 150,322 shares of the company’s stock valued at $1,323,000 after purchasing an additional 23,721 shares during the period. Finally, Teachers Retirement System of The State of Kentucky raised its position in MNTN by 95.6% in the 1st quarter. Teachers Retirement System of The State of Kentucky now owns 145,491 shares of the company’s stock valued at $1,280,000 after buying an additional 71,114 shares during the last quarter. Institutional investors and hedge funds own 72.90% of the company’s stock.

MNTN Stock Up 6.9%

The stock’s fifty day moving average price is $10.87 and its 200-day moving average price is $9.97. The company has a market capitalization of $643.90 million, a price-to-earnings ratio of 14.65 and a beta of 1.17.

MNTN Company Profile

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.