Why MNTN, Inc. (MNTN) Soared Today

We recently published a list of These 10 Stocks Soared by Double Digits Today! In this article, we are going to take a look at where MNTN, Inc. (NYSE:MNTN) stands against other stocks that soared today.

MNTN Inc. soared by 25.52 percent on its first day as a publicly-listed company, representing a vote of confidence among investors despite a lackluster performance in the broader market.

In its first trading day, MNTN, Inc. (NYSE:MNTN) opened at $21, rallied to as high as $26.88 apiece or a 68-percent jump from its initial public offering (IPO) price of $16, before early profit-taking pulled it back slightly toward the end.

MNTN, Inc. (NYSE:MNTN) successfully raised $187.2 million in fresh funds from the sale of 11.7 million shares consisting of 8.4 million Class A common shares and 3.3 million Class A shares being sold by existing shareholders.

The company said it will not receive any proceeds from the sale of shares of Class A common stock by the selling stockholders.

Founded in 2009, MNTN, Inc. (NYSE:MNTN) is an advertising platform for internet-connected televisions whose chief executive officer is Ryan Reynolds.

Overall, MNTN ranks 1st on our list of stocks that soared today. While we acknowledge the potential of MNTN, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than MNTN and has 10,000% upside potential, check out our report about this cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.

Disclosure: None. This article is originally published at Insider Monkey.