Liftoff Mobile (NASDAQ:LFTO) Stock Price Down 4.7% on Analyst Downgrade

Liftoff Mobile, Inc. (NASDAQ:LFTO) shares dropped 4.7% on Wednesday after Wells Fargo & Company lowered their price target on the stock from $34.00 to $21.00. Wells Fargo & Company currently has an overweight rating on the stock. Liftoff Mobile traded as low as $16.23 and last traded at $16.29. 130,393 shares changed hands during mid-day trading, a decline of 84% from the average session volume of 837,168 shares. The stock had previously closed at $17.10.

Several other equities analysts also recently commented on the company. Freedom Broker upgraded Liftoff Mobile to a “hold” rating in a report on Thursday, September 10th. Piper Sandler began coverage on shares of Liftoff Mobile in a research note on Tuesday, September 22nd. They issued a “neutral” rating and a $19.00 price objective for the company. Morgan Stanley decreased their price objective on shares of Liftoff Mobile from $30.00 to $20.00 and set an “equal weight” rating for the company in a report on Tuesday, October 13th. Tigress Financial raised their target price on shares of Liftoff Mobile from $39.00 to $41.00 and gave the company a “buy” rating in a research note on Tuesday, September 1st. Finally, BTIG Research lowered their target price on shares of Liftoff Mobile from $35.00 to $27.00 and set a “buy” rating on the stock in a research note on Friday, October 9th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $30.12.

Institutional Investors Weigh In On Liftoff Mobile

A number of institutional investors have recently added to or reduced their stakes in the company. Parkside Financial Bank & Trust bought a new stake in shares of Liftoff Mobile in the 2nd quarter worth approximately $30,000. Legal & General Group Plc bought a new stake in Liftoff Mobile in the 2nd quarter valued at $486,000. WT Asset Management Ltd bought a new stake in Liftoff Mobile in the 2nd quarter valued at $480,000. Bank of America Corp DE acquired a new position in shares of Liftoff Mobile in the 2nd quarter valued at $1,282,000. Finally, Readystate Asset Management LP acquired a new position in shares of Liftoff Mobile in the 2nd quarter valued at $1,677,000.

Liftoff Mobile Stock Performance

The company’s 50 day simple moving average is $17.22. The firm has a market cap of $2.76 billion and a P/E ratio of -543.00.

Liftoff Mobile (NASDAQ:LFTO) last issued its earnings results on Wednesday, August 12th. The company reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.52) by $0.49. The business had revenue of $219.51 million for the quarter. On average, equities research analysts forecast that Liftoff Mobile, Inc. will post 0.78 earnings per share for the current year.

Liftoff Mobile Company Profile

Liftoff Mobile, Inc is a global mobile app growth and monetization company that helps advertisers acquire, engage and retain users. Its technology uses machine learning, first-party data and automated optimization to support performance marketing campaigns across mobile applications and digital channels.

The company provides solutions for app advertisers, including user acquisition, retargeting, creative production and campaign measurement. Liftoff also serves publishers and app developers through advertising monetization products, helping them sell in-app inventory and generate revenue from their audiences.