Liftoff Mobile (NASDAQ:LFTO) Sets New 1-Year Low – Here’s What Happened

Liftoff Mobile, Inc. (NASDAQ:LFTO) shares reached a new 52-week low during trading on Friday. The stock traded as low as $14.80 and last traded at $14.86, with a volume of 86,097 shares changing hands. The stock had previously closed at $15.99.

Wall Street Analysts Forecast Growth

LFTO has been the subject of several recent research reports. Wedbush began coverage on Liftoff Mobile in a research report on Tuesday. They set an “outperform” rating and a $25.00 price target for the company. Cannonball Research raised shares of Liftoff Mobile to a “hold” rating in a research report on Saturday, September 5th. Wells Fargo & Company dropped their target price on shares of Liftoff Mobile from $34.00 to $21.00 and set an “overweight” rating for the company in a research report on Wednesday. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $26.00 price target on shares of Liftoff Mobile in a report on Wednesday, October 14th. Finally, Morgan Stanley decreased their price objective on Liftoff Mobile from $30.00 to $20.00 and set an “equal weight” rating for the company in a report on Tuesday, October 13th. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Liftoff Mobile has an average rating of “Moderate Buy” and an average price target of $29.25.

Liftoff Mobile Trading Down 11.3%

The business has a 50-day moving average price of $17.08. The firm has a market capitalization of $2.40 billion and a PE ratio of -473.00.

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

Institutional Investors Weigh In On Liftoff Mobile

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

About Liftoff Mobile

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.