Liftoff Mobile (NASDAQ:LFTO) Shares Up 8.1% – Time to Buy?

Liftoff Mobile, Inc. (NASDAQ:LFTO) shares were up 8.1% during trading on Thursday. The company traded as high as $17.00 and last traded at $16.96. Approximately 627,668 shares changed hands during trading, a decline of 25% from the average daily volume of 836,974 shares. The stock had previously closed at $15.69.

Analyst Ratings Changes

A number of research firms have issued reports on LFTO. Raymond James Financial reissued an “outperform” rating and set a $33.00 target price on shares of Liftoff Mobile in a research note on Thursday, August 13th. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $26.00 price objective on shares of Liftoff Mobile in a research note on Wednesday, October 14th. Weiss Ratings cut Liftoff Mobile from a “sell (d+)” rating to a “sell (d)” rating in a research report on Tuesday, October 13th. Piper Sandler began coverage on Liftoff Mobile in a report on Tuesday, September 22nd. They set a “neutral” rating and a $19.00 price objective on the stock. Finally, Freedom Broker upgraded shares of Liftoff Mobile to a “hold” rating in a research report on Thursday, September 10th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $29.25.

Liftoff Mobile Stock Up 5.7%

The stock has a market capitalization of $3.07 billion and a P/E ratio of -604.33. The firm has a 50-day moving average of $16.73.

Liftoff Mobile (NASDAQ:LFTO) last released its quarterly earnings data on Wednesday, August 12th. The company reported ($0.03) EPS for the quarter, beating analysts’ consensus estimates of ($0.52) by $0.49. The firm had revenue of $219.51 million during the quarter. As a group, equities research analysts predict that Liftoff Mobile, Inc. will post 0.78 EPS for the current fiscal year.

Hedge Funds Weigh In On Liftoff Mobile

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Alyeska Investment Group L.P. purchased a new position in Liftoff Mobile during the 2nd quarter worth $14,412,000. HBK Investments L P acquired a new position in Liftoff Mobile in the 2nd quarter worth approximately $6,155,000. Wellington Management Group LLP purchased a new position in shares of Liftoff Mobile during the second quarter worth $4,433,000. Readystate Asset Management LP acquired a new position in shares of Liftoff Mobile in the 2nd quarter valued at about $1,677,000. Finally, Bank of America Corp DE purchased a new position in Liftoff Mobile in the second quarter valued at $1,282,000.

About Liftoff Mobile

Liftoff Mobile, Inc is a global mobile app growth and monetization company that helps advertisers acquire, engage and retain users. Its technology uses machine learning, first-party data and automated optimization to support performance marketing campaigns across mobile applications and digital channels.

The company provides solutions for app advertisers, including user acquisition, retargeting, creative production and campaign measurement. Liftoff also serves publishers and app developers through advertising monetization products, helping them sell in-app inventory and generate revenue from their audiences.