Life360 (NASDAQ:LIF) Shares Gap Up After Strong Earnings

Shares of Life360, Inc. (NASDAQ:LIF) gapped up prior to trading on Tuesday following a better than expected earnings announcement. The stock had previously closed at $73.74, but opened at $80.51. Life360 shares last traded at $80.23, with a volume of 451,983 shares traded.

The company reported $0.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.02 by $0.06. Life360 had a return on equity of 7.70% and a net margin of 6.45%. The business had revenue of $115.38 million during the quarter, compared to analysts’ expectations of $109.33 million.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. Canaccord Genuity Group increased their target price on Life360 from $86.00 to $90.00 and gave the stock a “buy” rating in a report on Tuesday. Wall Street Zen cut Life360 from a “buy” rating to a “hold” rating in a report on Saturday, July 26th. Stifel Nicolaus raised their price target on Life360 from $87.00 to $92.00 and gave the company a “buy” rating in a report on Tuesday. JMP Securities raised their price target on Life360 from $62.00 to $95.00 and gave the company a “market outperform” rating in a report on Tuesday. Finally, Evercore ISI raised their price target on Life360 from $55.00 to $95.00 and gave the company an “outperform” rating in a report on Tuesday. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $86.43.

Insider Activity

In other news, CFO Russell John Burke sold 3,104 shares of Life360 stock in a transaction on Thursday, July 24th. The stock was sold at an average price of $75.87, for a total value of $235,500.48. Following the completion of the sale, the chief financial officer directly owned 196,418 shares of the company’s stock, valued at approximately $14,902,233.66. This trade represents a 1.56% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John Philip Coghlan sold 3,125 shares of Life360 stock in a transaction on Friday, August 1st. The shares were sold at an average price of $73.56, for a total value of $229,875.00. Following the completion of the sale, the director directly owned 12,500 shares of the company’s stock, valued at $919,500. This trade represents a 20.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 112,793 shares of company stock worth $7,156,984.

Institutional Investors Weigh In On Life360

Several hedge funds and other institutional investors have recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Life360 by 6.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,175 shares of the company’s stock valued at $237,000 after buying an additional 378 shares during the period. Summit Investment Advisors Inc. increased its stake in shares of Life360 by 82.3% in the 4th quarter. Summit Investment Advisors Inc. now owns 1,072 shares of the company’s stock valued at $44,000 after buying an additional 484 shares during the period. WealthPlan Investment Management LLC increased its stake in shares of Life360 by 5.6% in the 1st quarter. WealthPlan Investment Management LLC now owns 10,550 shares of the company’s stock valued at $405,000 after buying an additional 558 shares during the period. Ameritas Investment Partners Inc. increased its stake in shares of Life360 by 53.2% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 1,642 shares of the company’s stock valued at $107,000 after buying an additional 570 shares during the period. Finally, Keystone Financial Group Inc. acquired a new stake in shares of Life360 in the 2nd quarter valued at $62,000. 20.00% of the stock is owned by institutional investors and hedge funds.

Life360 Trading Up 13.3%

The company has a 50 day moving average price of $68.40 and a 200 day moving average price of $53.00. The company has a market capitalization of $6.39 billion, a price-to-earnings ratio of 261.10 and a beta of 3.46.

About Life360

Life360 Inc is a family connection and safety company. Its business category includes mobile app and Tile tracking devices with a range of services, including location sharing, safe driver reports and crash detection with emergency dispatch. Life360 Inc is based in SAN FRANCISCO.