Short Interest in MNTN Inc. (NYSE:MNTN) Increases By 116.3%
by Teresa Graham · The Cerbat GemMNTN Inc. (NYSE:MNTN – Get Free Report) was the recipient of a large growth in short interest during the month of June. As of June 15th, there was short interest totaling 1,622,446 shares, a growth of 116.3% from the May 31st total of 749,966 shares. Currently, 3.3% of the shares of the stock are short sold. Based on an average daily trading volume, of 1,150,316 shares, the short-interest ratio is presently 1.4 days.
Institutional Trading of MNTN
A number of institutional investors have recently made changes to their positions in the stock. Mercato Management Legacy LLC purchased a new position in shares of MNTN in the first quarter worth $54,279,000. Mercato Partners Growth Iii GP LLC purchased a new stake in MNTN during the 4th quarter valued at $73,646,000. Wellington Management Group LLP grew its holdings in MNTN by 67.8% in the 3rd quarter. Wellington Management Group LLP now owns 5,345,302 shares of the company’s stock worth $99,155,000 after acquiring an additional 2,159,075 shares during the last quarter. Vanguard Group Inc. increased its position in shares of MNTN by 787.7% in the third quarter. Vanguard Group Inc. now owns 621,392 shares of the company’s stock valued at $11,527,000 after acquiring an additional 551,392 shares during the period. Finally, Mariner LLC purchased a new position in shares of MNTN in the fourth quarter valued at about $4,306,000. Hedge funds and other institutional investors own 72.90% of the company’s stock.
MNTN Price Performance
NYSE MNTN traded up $1.66 during trading on Wednesday, hitting $10.86. 2,253,486 shares of the company’s stock traded hands, compared to its average volume of 946,347. The stock has a fifty day moving average of $8.99 and a two-hundred day moving average of $9.80. MNTN has a 12-month low of $7.67 and a 12-month high of $32.00. The firm has a market cap of $662.75 million and a P/E ratio of -362.10.
MNTN (NYSE:MNTN – Get Free Report) last released its quarterly earnings data on Tuesday, May 5th. The company reported $0.11 EPS 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 analysts’ expectations of $72.63 million. MNTN had a return on equity of 16.44% and a net margin of 7.84%.The firm’s quarterly revenue was up 14.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($1.41) EPS. As a group, analysts expect that MNTN will post 0.99 earnings per share for the current fiscal year.
Analyst Upgrades and Downgrades
Several research analysts recently issued reports on MNTN shares. Canaccord Genuity Group cut their target price on shares of MNTN from $20.00 to $18.00 and set a “buy” rating for the company in a research report on Tuesday, April 14th. Weiss Ratings upgraded MNTN from a “sell (e+)” rating to a “sell (d)” rating in a research report on Thursday, May 28th. Raymond James Financial reaffirmed an “outperform” rating and set a $15.00 price target on shares of MNTN in a research note on Wednesday, May 6th. Tigress Financial reiterated a “strong-buy” rating and set a $26.00 price objective on shares of MNTN in a research report on Wednesday, June 3rd. Finally, Morgan Stanley decreased their price objective on MNTN from $20.50 to $18.00 and set an “equal weight” rating on the stock in a report on Wednesday, May 6th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, MNTN currently has a consensus rating of “Moderate Buy” and a consensus target price of $19.85.
Read Our Latest Stock Report on MNTN
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.