Liftoff Mobile (NASDAQ:LFTO) Shares Down 7.5% - Here's Why

Key Points

• Liftoff Mobile shares fell 7.5% to $19.98, with trading volume down 88% from the stock’s average daily volume.
• Analysts remain broadly optimistic, with a “Moderate Buy” consensus rating and an average price target of $35.69, despite Cantor Fitzgerald trimming its target to $32.
• The company beat quarterly EPS expectations by $0.49, reporting a loss of $0.03 per share versus the $0.52 consensus estimate, while revenue reached $219.51 million.

Liftoff Mobile, Inc. (NASDAQ:LFTO - Get Free Report)'s stock price fell 7.5% on Monday . The stock traded as low as $19.89 and last traded at $19.98. 111,584 shares changed hands during trading, a decline of 88% from the average daily volume of 911,299 shares. The stock had previously closed at $21.61.

Wall Street Analysts Forecast Growth

LFTO has been the topic of several recent analyst reports. Tigress Financial initiated coverage on shares of Liftoff Mobile in a research note on Monday, July 13th. They issued a "buy" rating and a $39.00 price target on the stock. UBS Group raised their target price on shares of Liftoff Mobile from $38.00 to $39.00 and gave the stock a "buy" rating in a research report on Thursday. BTIG Research reiterated a "buy" rating and issued a $35.00 price target on shares of Liftoff Mobile in a report on Thursday. Cantor Fitzgerald dropped their price objective on Liftoff Mobile from $33.00 to $32.00 and set an "overweight" rating on the stock in a research note on Thursday. Finally, Zacks Research upgraded Liftoff Mobile to a "hold" rating in a report on Tuesday, June 30th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $35.69.

Liftoff Mobile Stock Performance

The business's fifty day simple moving average is $24.21.

Liftoff Mobile (NASDAQ:LFTO - Get Free Report) last issued its quarterly earnings data 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 company had revenue of $219.51 million during the quarter. On average, analysts predict that Liftoff Mobile, Inc. will post 0.7 EPS for the current fiscal year.

Insider Buying and Selling at Liftoff Mobile

In other news, Director Atlantic Genpar L.P. General purchased 1,304,347 shares of the stock in a transaction that occurred on Friday, June 5th. The shares were purchased at an average cost of $23.00 per share, with a total value of $29,999,981.00. Following the completion of the acquisition, the director owned 25,315,646 shares of the company's stock, valued at approximately $582,259,858. This represents a 5.43% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Institutional Investors Weigh In On Liftoff Mobile

Several hedge funds have recently modified their holdings of LFTO. WT Asset Management Ltd purchased a new position in shares of Liftoff Mobile in the 2nd quarter valued at about $480,000. Legal & General Group Plc purchased a new stake in shares of Liftoff Mobile in the second quarter valued at approximately $486,000. Finally, Bank of America Corp DE acquired a new position in shares of Liftoff Mobile during the 2nd quarter worth approximately $1,282,000.

About Liftoff Mobile

Liftoff Mobile Inc provides marketing and monetization solutions for the mobile app economy. Liftoff Mobile Inc is based in REDWOOD CITY, Calif.

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