Liftoff Mobile (NASDAQ:LFTO) Hits New 52-Week Low – Here’s What Happened

Liftoff Mobile, Inc. (NASDAQ:LFTO)’s share price hit a new 52-week low during mid-day trading on Wednesday . The company traded as low as $17.15 and last traded at $17.20, with a volume of 516929 shares changing hands. The stock had previously closed at $18.27.

Wall Street Analyst Weigh In

A number of research firms recently commented on LFTO. Royal Bank Of Canada started coverage on Liftoff Mobile in a research note on Monday, June 29th. They issued an “outperform” rating and a $35.00 price target for the company. Wells Fargo & Company upped their price objective on Liftoff Mobile from $32.00 to $34.00 and gave the company an “overweight” rating in a research note on Thursday, August 13th. Weiss Ratings reaffirmed a “sell (e)” rating on shares of Liftoff Mobile in a report on Tuesday, September 1st. BTIG Research reiterated a “buy” rating and issued a $35.00 target price on shares of Liftoff Mobile in a research report on Thursday, August 13th. Finally, Barclays initiated coverage on Liftoff Mobile in a research report on Monday, June 29th. They issued an “overweight” rating and a $34.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Liftoff Mobile currently has an average rating of “Moderate Buy” and a consensus price target of $35.85.

Liftoff Mobile Trading Down 4.7%

The firm has a fifty day simple moving average of $21.30.

Liftoff Mobile (NASDAQ:LFTO) last posted its quarterly earnings results 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 business had revenue of $219.51 million during the quarter. On average, research analysts anticipate that Liftoff Mobile, Inc. will post 0.7 EPS for the current fiscal year.

Hedge Funds Weigh In On Liftoff Mobile

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