MNTN Inc. (NYSE: MNTN) is set to see its lock-up period expire on November 18, 2023. This follows the company’s public offering on May 22, 2023, during which it issued 11,700,000 shares, raising a total of $187.2 million at an initial share price of $16.00. The end of the lock-up period will allow company insiders and significant shareholders to sell their shares freely.
Analysts have recently provided updates on MNTN’s stock performance. On November 5, 2023, Morgan Stanley set a target price of $22.50 for MNTN. Meanwhile, Evercore ISI adjusted its target from $39.00 to $33.00, maintaining an “outperform” rating. Citizens JMP also lowered its price objective from $33.00 to $23.00, while JMP Securities echoed this target price. Needham & Company LLC revised its target down from $35.00 to $18.00, keeping a “buy” rating.
The overall sentiment among analysts shows a cautious optimism toward MNTN. Out of the ratings, one analyst has assigned a “Strong Buy,” eight have opted for “Buy,” one has given a “Hold,” and one has issued a “Sell” rating. According to data from MarketBeat.com, MNTN holds a consensus rating of “Moderate Buy” with an average target price of $27.15.
Recent Earnings Results
MNTN’s latest earnings report, released on November 4, 2023, revealed earnings per share (EPS) of $0.08, surpassing analysts’ expectations of $0.04 by $0.04. The company recorded a revenue of $70 million for the quarter, slightly below the anticipated $70.11 million. This figure marks a 22.6% increase compared to the same period last year. MNTN has also set guidance for Q4 2025, focusing on sustained growth.
Institutional investors have shown significant interest in MNTN recently. Several hedge funds have either increased or established new positions in the company. TD Asset Management Inc. acquired approximately $731,000 in shares, while Concurrent Investment Advisors LLC added around $492,000. Additionally, Bank of Montreal Can made a notable investment of $4.432 million in MNTN. Overall, institutional ownership now stands at 72.90%.
Company Overview
MNTN Inc. is dedicated to transforming Connected TV (CTV) into a next-generation performance marketing channel. Their innovative Performance TV (PTV) software platform combines the compelling storytelling of television advertising with the advanced targeting, measurement, and attribution capabilities typically associated with paid search and social media marketing.
As the lock-up period approaches its end, MNTN Inc. is poised for potential shifts in its stock dynamics, which could influence both investor sentiment and market performance. Stakeholders are keenly observing these developments as they unfold.
