Liftoff Mobile (NASDAQ:LFTO) Stock Price Down 4.7% on Analyst Downgrade

Liftoff Mobile, Inc. (NASDAQ:LFTO) shares were down 4.7% on Wednesday after Wells Fargo & Company lowered their price target on the stock from $34.00 to $21.00. Wells Fargo & Company currently has an overweight rating on the stock. Liftoff Mobile traded as low as $16.23 and last traded at $16.29. 130,393 shares traded hands during mid-day trading, a decline of 84% from the average daily volume of 837,168 shares. The stock had previously closed at $17.10.

A number of other research firms have also issued reports on LFTO. Zacks Research raised shares of Liftoff Mobile to a “hold” rating in a research report on Tuesday, June 30th. Wall Street Zen raised shares of Liftoff Mobile from a “hold” rating to a “buy” rating in a research report on Saturday, August 15th. Loop Capital set a $27.00 price objective on shares of Liftoff Mobile in a research report on Friday, October 9th. Freedom Broker upgraded shares of Liftoff Mobile to a “hold” rating in a research note on Thursday, September 10th. Finally, Raymond James Financial reiterated an “outperform” rating and issued a $33.00 target price on shares of Liftoff Mobile in a research report on Thursday, August 13th. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $30.12.

Institutional Trading of Liftoff Mobile

A number of institutional investors have recently added to or reduced their stakes in the business. Parkside Financial Bank & Trust acquired a new position in shares of Liftoff Mobile during the 2nd quarter worth $30,000. Legal & General Group Plc acquired a new stake in shares of Liftoff Mobile in the 2nd quarter valued at $486,000. WT Asset Management Ltd bought a new stake in Liftoff Mobile in the second quarter worth $480,000. Bank of America Corp DE bought a new stake in Liftoff Mobile in the second quarter worth $1,282,000. Finally, Readystate Asset Management LP bought a new stake in Liftoff Mobile in the second quarter worth $1,677,000.

Liftoff Mobile Price Performance

The firm has a market capitalization of $2.76 billion and a PE ratio of -543.00. The stock has a 50-day simple moving average of $17.22.

Liftoff Mobile (NASDAQ:LFTO) last posted its earnings results on Wednesday, August 12th. The company reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.52) by $0.49. The company had revenue of $219.51 million for the quarter. As a group, analysts anticipate that Liftoff Mobile, Inc. will post 0.78 earnings per share for the current year.

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.