Federated Hermes Inc. Acquires Shares of 525,000 MNTN Inc. $MNTN

Federated Hermes Inc. bought a new position in shares of MNTN Inc. (NYSE:MNTN) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 525,000 shares of the company’s stock, valued at approximately $11,482,000. Federated Hermes Inc. owned about 1.20% of MNTN at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Bank of Montreal Can purchased a new position in MNTN during the second quarter worth approximately $4,432,000. HBK Investments L P purchased a new position in shares of MNTN during the 2nd quarter worth $2,187,000. Walleye Capital LLC acquired a new position in shares of MNTN during the 2nd quarter valued at about $875,000. TD Asset Management Inc purchased a new stake in shares of MNTN in the second quarter valued at about $731,000. Finally, Seven Grand Managers LLC acquired a new stake in MNTN during the second quarter worth about $536,000. Institutional investors and hedge funds own 72.90% of the company’s stock.

MNTN Price Performance

NYSE MNTN opened at $12.93 on Thursday. The firm has a 50-day moving average price of $14.98. MNTN Inc. has a 1-year low of $12.28 and a 1-year high of $32.49.

MNTN (NYSE:MNTN) last posted its quarterly earnings data on Tuesday, November 4th. The company reported $0.08 EPS for the quarter, beating the consensus estimate of $0.04 by $0.04. The business had revenue of $70.00 million during the quarter, compared to analysts’ expectations of $70.11 million. MNTN’s revenue for the quarter was up 22.6% compared to the same quarter last year.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on MNTN. Wall Street Zen raised shares of MNTN from a “hold” rating to a “buy” rating in a research note on Saturday, November 8th. Needham & Company LLC lowered their price objective on MNTN from $35.00 to $18.00 and set a “buy” rating for the company in a research report on Wednesday, November 5th. Citigroup upgraded MNTN from a “neutral” rating to a “buy” rating and reduced their target price for the company from $33.00 to $22.00 in a research report on Friday, October 24th. Tigress Financial reiterated a “strong-buy” rating and set a $36.00 price target on shares of MNTN in a report on Friday, November 7th. Finally, Morgan Stanley set a $22.50 price objective on shares of MNTN in a report on Wednesday, November 5th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, MNTN has an average rating of “Moderate Buy” and a consensus price target of $26.50.

Insider Transactions at MNTN

In related news, Director Hadi Partovi sold 192,598 shares of MNTN stock in a transaction on Monday, December 1st. The stock was sold at an average price of $13.46, for a total value of $2,592,369.08. Following the completion of the transaction, the director directly owned 254,922 shares in the company, valued at approximately $3,431,250.12. This trade represents a 43.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders sold 447,520 shares of company stock valued at $6,005,775 in the last ninety days. Company insiders own 60.30% of the company’s stock.

MNTN Company Profile

MNTN is on a mission to transform Connected TV (“CTV”) into a next-generation performance marketing channel. Our revolutionary Performance TV (“PTV”) software platform allows marketers to combine the powerful storytelling format of TV advertising with the targeting, measurement and attribution capabilities of paid search and social advertising.