Liftoff Mobile (NASDAQ:LFTO) Stock Price Down 5.2% After Analyst Downgrade

Shares of Liftoff Mobile, Inc. (NASDAQ:LFTO) dropped 5.2% during trading on Friday after BTIG Research lowered their price target on the stock from $35.00 to $27.00. BTIG Research currently has a buy rating on the stock. Liftoff Mobile traded as low as $15.31 and last traded at $15.31. Approximately 65,501 shares were traded during mid-day trading, a decline of 93% from the average daily volume of 875,853 shares. The stock had previously closed at $16.15.

Several other equities research analysts have also commented on the stock. Wall Street Zen upgraded shares of Liftoff Mobile from a “hold” rating to a “buy” rating in a research report on Saturday, August 15th. Cannonball Research upgraded shares of Liftoff Mobile to a “hold” rating in a research note on Saturday, September 5th. Jefferies Financial Group assumed coverage on shares of Liftoff Mobile in a research report on Monday, June 29th. They set a “buy” rating and a $34.00 target price on the stock. Tigress Financial increased their target price on shares of Liftoff Mobile from $39.00 to $41.00 and gave the company a “buy” rating in a report on Tuesday, September 1st. Finally, Wells Fargo & Company lifted their price target on shares of Liftoff Mobile from $32.00 to $34.00 and gave the company an “overweight” rating in a research report on Thursday, August 13th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $33.60.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Alyeska Investment Group L.P. purchased a new stake in Liftoff Mobile in the second quarter valued at approximately $14,412,000. HBK Investments L P acquired a new stake in shares of Liftoff Mobile during the 2nd quarter worth $6,155,000. Wellington Management Group LLP purchased a new position in shares of Liftoff Mobile in the 2nd quarter worth $4,433,000. Readystate Asset Management LP acquired a new position in Liftoff Mobile in the second quarter valued at $1,677,000. Finally, Bank of America Corp DE purchased a new stake in Liftoff Mobile during the second quarter valued at about $1,282,000.

Liftoff Mobile Price Performance

The business has a 50 day moving average price of $18.95. The stock has a market cap of $2.59 billion and a P/E ratio of -510.33.

Liftoff Mobile (NASDAQ:LFTO) last issued its earnings results on Wednesday, August 12th. The company reported ($0.03) EPS for the quarter, beating analysts’ consensus estimates of ($0.52) by $0.49. The business had revenue of $219.51 million during the quarter. On average, analysts anticipate that Liftoff Mobile, Inc. will post 0.74 earnings per share for the current fiscal year.

Liftoff Mobile Company Profile

Liftoff Mobile, Inc is a mobile technology company that provides marketing, advertising and monetization solutions for app developers, advertisers and publishers. Its platform helps businesses acquire and retain mobile users through programmatic advertising, audience targeting, retargeting and campaign optimization.

The company offers tools designed to support the mobile app lifecycle, including user-acquisition campaigns, creative development and testing, influencer marketing, and in-app advertising monetization.