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

Key Points

• Liftoff Mobile shares hit a new 52-week low, falling to $17.90 and last trading at $18.12, well below the 50-day moving average of $22.72.
• Despite the decline, analysts maintain a generally positive outlook: the stock has a “Moderate Buy” consensus rating and an average price target of $35.69, with targets ranging from $30 to $42.
• The company beat quarterly earnings expectations, reporting a loss of $0.03 per share versus the anticipated $0.52 loss, while a director purchased roughly $30 million worth of shares and several institutional investors opened new positions.

Shares of Liftoff Mobile, Inc. (NASDAQ:LFTO - Get Free Report) reached a new 52-week low on Tuesday . The stock traded as low as $17.90 and last traded at $18.12, with a volume of 77700 shares trading hands. The stock had previously closed at $18.58.

Analysts Set New Price Targets

Several research analysts have issued reports on LFTO shares. UBS Group increased their target price on shares of Liftoff Mobile from $38.00 to $39.00 and gave the stock a "buy" rating in a report on Thursday, August 13th. Morgan Stanley started coverage on shares of Liftoff Mobile in a research report on Monday, June 29th. They issued an "equal weight" rating and a $30.00 price target for the company. Weiss Ratings started coverage on shares of Liftoff Mobile in a research note on Thursday, June 4th. They set a "sell (e)" rating on the stock. Jefferies Financial Group started coverage on shares of Liftoff Mobile in a report on Monday, June 29th. They set a "buy" rating and a $34.00 price objective on the stock. Finally, Needham & Company LLC assumed coverage on shares of Liftoff Mobile in a research note on Monday, June 29th. They issued a "buy" rating and a $42.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Liftoff Mobile has an average rating of "Moderate Buy" and an average price target of $35.69.

Liftoff Mobile Price Performance

The business's 50 day moving average price is $22.72.

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 analysts' consensus estimates of ($0.52) by $0.49. The firm had revenue of $219.51 million during the quarter. On average, analysts expect that Liftoff Mobile, Inc. will post 0.7 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Atlantic Genpar L.P. General bought 1,304,347 shares of the stock in a transaction on Friday, June 5th. The stock was bought at an average cost of $23.00 per share, for a total transaction of $29,999,981.00. Following the completion of the purchase, the director directly owned 25,315,646 shares in the company, valued at approximately $582,259,858. The trade was a 5.43% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Hedge Funds Weigh In On Liftoff Mobile

A number of large investors have recently made changes to their positions in LFTO. WT Asset Management Ltd acquired a new stake in shares of Liftoff Mobile in the 2nd quarter worth $480,000. Legal & General Group Plc purchased a new position in Liftoff Mobile during the 2nd quarter worth $486,000. Bank of America Corp DE acquired a new position in Liftoff Mobile during the 2nd quarter valued at about $1,282,000. Readystate Asset Management LP purchased a new stake in Liftoff Mobile in the second quarter valued at about $1,677,000. Finally, Wellington Management Group LLP purchased a new stake in Liftoff Mobile in the second quarter valued at about $4,433,000.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source