Liftoff Mobile (NASDAQ:LFTO) Stock Price Down 7.5% – Here’s What Happened

Shares of Liftoff Mobile, Inc. (NASDAQ:LFTO) 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 mid-day trading, a decline of 88% from the average daily volume of 911,299 shares. The stock had previously closed at $21.61.

Wall Street Analyst Weigh In

LFTO has been the topic of several analyst reports. Deutsche Bank Aktiengesellschaft began coverage on shares of Liftoff Mobile in a research note on Monday, June 29th. They set a “buy” rating and a $37.00 price target on the stock. Wolfe Research started coverage on shares of Liftoff Mobile in a research report on Monday, June 29th. They issued a “peer perform” rating for the company. BTIG Research reissued a “buy” rating and set a $35.00 price objective on shares of Liftoff Mobile in a research note on Thursday, August 13th. Needham & Company LLC initiated coverage on shares of Liftoff Mobile in a research report on Monday, June 29th. They set a “buy” rating and a $42.00 target price on the stock. Finally, Wall Street Zen raised shares of Liftoff Mobile from a “hold” rating to a “buy” rating in a research note on Saturday. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $35.69.

Liftoff Mobile Price Performance

The business has a 50-day moving average price of $23.93.

Liftoff Mobile (NASDAQ:LFTO) last posted its quarterly earnings results on Wednesday, August 12th. The company reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.52) by $0.49. The business had revenue of $219.51 million during the quarter. As a group, analysts expect that Liftoff Mobile, Inc. will post 0.7 EPS for the current fiscal year.

Insider Transactions at Liftoff Mobile

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

Hedge Funds Weigh In On Liftoff Mobile

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

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.