Liftoff Mobile (NASDAQ:LFTO) Hits New 1-Year Low - Here's Why

Key Points

• Liftoff Mobile shares fell to a new 52-week low, trading as low as $15.41 and last changing hands at $15.58, down 0.8% from the prior close.
• Despite the stock’s weakness, analysts remain broadly optimistic: Liftoff has a “Moderate Buy” consensus rating and an average price target of $34.64, more than double its recent price.
• The company reported quarterly revenue of $219.51 million and adjusted its loss to $0.03 per share, beating analyst expectations of a $0.52-per-share loss; several institutional investors also initiated new positions.

Liftoff Mobile, Inc. (NASDAQ:LFTO - Get Free Report) reached a new 52-week low on Monday. The stock traded as low as $15.41 and last traded at $15.58, with a volume of 18242 shares changing hands. The stock had previously closed at $15.91.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on LFTO. BTIG Research restated a "buy" rating and issued a $35.00 price target on shares of Liftoff Mobile in a research report on Thursday, August 13th. The Goldman Sachs Group assumed coverage on Liftoff Mobile in a research note on Monday, June 29th. They set a "buy" rating and a $40.00 price objective for the company. Freedom Broker raised shares of Liftoff Mobile to a "hold" rating in a report on Thursday, September 10th. Tigress Financial raised their target price on shares of Liftoff Mobile from $39.00 to $41.00 and gave the stock a "buy" rating in a research note on Tuesday, September 1st. Finally, Barclays started coverage on shares of Liftoff Mobile in a report on Monday, June 29th. They set an "overweight" rating and a $34.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $34.64.

Liftoff Mobile Trading Down 0.8%

The stock's 50 day simple moving average is $20.17.

Liftoff Mobile (NASDAQ:LFTO - Get Free Report) last released its quarterly 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 firm had revenue of $219.51 million for the quarter. On average, analysts predict that Liftoff Mobile, Inc. will post 0.74 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Parkside Financial Bank & Trust purchased a new stake in Liftoff Mobile during the second quarter valued at $30,000. WT Asset Management Ltd purchased a new position in shares of Liftoff Mobile in the 2nd quarter worth $480,000. Legal & General Group Plc purchased a new position in shares of Liftoff Mobile in the 2nd quarter worth $486,000. Bank of America Corp DE bought a new stake in shares of Liftoff Mobile in the 2nd quarter worth about $1,282,000. Finally, Readystate Asset Management LP bought a new stake in shares of Liftoff Mobile in the 2nd quarter worth about $1,677,000.

About Liftoff Mobile

Liftoff Mobile, Inc is a mobile technology company that provides software and services designed to help app developers and advertisers acquire, engage and monetize users. Its platform uses data-driven advertising and machine-learning tools to support user acquisition, retargeting, campaign optimization and creative testing across mobile applications.

The company also serves mobile publishers by offering advertising monetization solutions, including tools for managing and optimizing in-app ad inventory.

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