Liftoff Mobile (NASDAQ:LFTO) Shares Down 7.5% – Here’s Why

Liftoff Mobile, Inc. (NASDAQ:LFTO) shares traded down 7.5% on Monday . The stock traded as low as $19.89 and last traded at $19.98. 111,584 shares traded hands during trading, a decline of 88% from the average session volume of 911,299 shares. The stock had previously closed at $21.61.

Analysts Set New Price Targets

LFTO has been the topic of several research reports. Raymond James Financial restated an “outperform” rating and issued a $33.00 target price on shares of Liftoff Mobile in a research report on Thursday. Weiss Ratings started coverage on shares of Liftoff Mobile in a research report on Thursday, June 4th. They set a “sell (e)” rating on the stock. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Liftoff Mobile in a report on Monday, June 29th. They issued a “buy” rating and a $37.00 price objective for the company. Jefferies Financial Group initiated coverage on Liftoff Mobile in a report on Monday, June 29th. They issued a “buy” rating and a $34.00 price target for the company. Finally, Cantor Fitzgerald cut their price objective on shares of Liftoff Mobile from $33.00 to $32.00 and set an “overweight” rating for the company in a research report on Thursday. One 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’s stock. Based on data from MarketBeat.com, Liftoff Mobile currently has an average rating of “Moderate Buy” and an average price target of $35.69.

Liftoff Mobile Stock Down 8.2%

The business has a fifty day moving average of $24.21.

Liftoff Mobile (NASDAQ:LFTO) last issued its quarterly earnings data on Wednesday, August 12th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.52) by $0.49. The company had revenue of $219.51 million for the quarter. As a group, equities analysts anticipate that Liftoff Mobile, Inc. will post 0.7 EPS for the current year.

Insider Buying and Selling

In other Liftoff Mobile news, Director Atlantic Genpar L.P. General bought 1,304,347 shares of Liftoff Mobile stock in a transaction dated 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 transaction, the director directly owned 25,315,646 shares of the company’s stock, valued at $582,259,858. This represents a 5.43% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Institutional Investors Weigh In On Liftoff Mobile

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