Liftoff Mobile (NASDAQ:LFTO) Stock Jumps 8.1% – What’s Next?

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

Wall Street Analyst Weigh In

A number of analysts recently issued reports on LFTO shares. Morgan Stanley lowered their price target on Liftoff Mobile from $30.00 to $20.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 13th. Loop Capital set a $27.00 price target on shares of Liftoff Mobile in a research note on Friday, October 9th. Wedbush assumed coverage on shares of Liftoff Mobile in a report on Tuesday, October 27th. They set an “outperform” rating and a $25.00 price target on the stock. Piper Sandler assumed coverage on Liftoff Mobile in a research report on Tuesday, September 22nd. They set a “neutral” rating and a $19.00 target price for the company. Finally, UBS Group reduced their price target on Liftoff Mobile from $39.00 to $25.00 and set a “buy” rating on the stock in a report on Wednesday, October 28th. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Liftoff Mobile has a consensus rating of “Moderate Buy” and an average price target of $29.25.

Liftoff Mobile Price Performance

The stock has a fifty day simple moving average of $16.76. The stock has a market capitalization of $2.90 billion and a price-to-earnings ratio of -570.67.

Liftoff Mobile (NASDAQ:LFTO) last posted its quarterly earnings data on Wednesday, August 12th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.52) by $0.49. The company had revenue of $219.51 million for the quarter. On average, sell-side analysts expect that Liftoff Mobile, Inc. will post 0.78 EPS for the current year.

Institutional Investors Weigh In On Liftoff Mobile

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Parkside Financial Bank & Trust purchased a new stake in shares of Liftoff Mobile during the second quarter valued at $30,000. WT Asset Management Ltd acquired a new position in shares of Liftoff Mobile in the second quarter valued at about $480,000. Legal & General Group Plc acquired a new position in shares of Liftoff Mobile in the second quarter valued at about $486,000. Bank of America Corp DE purchased a new position in shares of Liftoff Mobile in the second quarter worth about $1,282,000. Finally, Readystate Asset Management LP purchased a new position in shares of Liftoff Mobile in the second quarter worth about $1,677,000.

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.