MNTN Inc. (NYSE:MNTN) Sees Significant Increase in Short Interest

MNTN Inc. (NYSE:MNTN) was the recipient of a large increase in short interest during the month of June. As of June 15th, there was short interest totaling 1,622,446 shares, an increase of 116.3% from the May 31st total of 749,966 shares. Based on an average daily volume of 1,150,316 shares, the short-interest ratio is currently 1.4 days. Approximately 3.3% of the shares of the company are short sold.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Soros Fund Management LLC acquired a new position in MNTN during the second quarter worth about $2,187,000. Raymond James Financial Inc. acquired a new position in shares of MNTN in the 2nd quarter worth approximately $2,111,000. Bamco Inc. NY bought a new stake in shares of MNTN in the 2nd quarter worth approximately $1,531,000. Balyasny Asset Management L.P. bought a new stake in MNTN during the second quarter worth approximately $3,442,000. Finally, Boothbay Fund Management LLC acquired a new stake in shares of MNTN during the 2nd quarter valued at $2,183,000. Institutional investors own 72.90% of the company’s stock.

MNTN Price Performance

NYSE MNTN opened at $9.03 on Tuesday. MNTN has a 12 month low of $7.67 and a 12 month high of $32.00. The firm has a market capitalization of $550.92 million and a PE ratio of -301.00. The company’s 50 day simple moving average is $9.01 and its 200 day simple moving average is $9.83.

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

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Morgan Stanley cut their price target on 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 downgraded MNTN from a “strong-buy” rating to a “buy” rating in a research note on Saturday, June 6th. Raymond James Financial reiterated an “outperform” rating and set a $15.00 price target on shares of MNTN in a research report on Wednesday, May 6th. Citizens Jmp decreased their price target on MNTN from $23.00 to $19.00 and set a “market outperform” rating for the company in a research note on Wednesday, May 6th. Finally, Tigress Financial reissued a “strong-buy” rating and set a $26.00 price target on shares of MNTN in a report on Wednesday, June 3rd. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, MNTN has a consensus rating of “Moderate Buy” and an average target price of $19.85.

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.