AppLovin (NASDAQ:APP) Trading 0.8% Higher – Here’s Why

AppLovin Co. (NASDAQ:APP)’s share price was up 0.8% on Thursday . The stock traded as high as $341.14 and last traded at $337.74. Approximately 784,231 shares were traded during trading, a decline of 80% from the average daily volume of 3,958,530 shares. The stock had previously closed at $335.03.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on APP shares. BTIG Research lifted their price target on shares of AppLovin from $202.00 to $291.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Bank of America lifted their price target on shares of AppLovin from $252.00 to $375.00 and gave the company a “buy” rating in a research note on Monday, November 25th. Benchmark began coverage on shares of AppLovin in a report on Friday, January 10th. They set a “buy” rating and a $375.00 price objective on the stock. Needham & Company LLC reissued a “hold” rating on shares of AppLovin in a report on Thursday, November 7th. Finally, Wells Fargo & Company lifted their price objective on shares of AppLovin from $360.00 to $366.00 and gave the company an “overweight” rating in a report on Monday, January 13th. Four investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, AppLovin presently has an average rating of “Moderate Buy” and a consensus target price of $338.06.

AppLovin Stock Performance

The company has a current ratio of 2.41, a quick ratio of 2.41 and a debt-to-equity ratio of 3.70. The firm has a 50-day moving average of $330.75 and a 200-day moving average of $188.33. The stock has a market capitalization of $114.89 billion, a price-to-earnings ratio of 103.74, a P/E/G ratio of 2.68 and a beta of 2.29.

AppLovin (NASDAQ:APP) last released its earnings results on Wednesday, November 6th. The company reported $1.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.92 by $0.33. AppLovin had a return on equity of 122.24% and a net margin of 26.85%. The firm had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.13 billion. During the same period in the prior year, the firm earned $0.30 EPS. The firm’s revenue was up 38.6% on a year-over-year basis. As a group, sell-side analysts predict that AppLovin Co. will post 4.06 earnings per share for the current year.

Insider Activity at AppLovin

In other AppLovin news, CEO Arash Adam Foroughi sold 1,676 shares of the stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $356.39, for a total transaction of $597,309.64. Following the sale, the chief executive officer now directly owns 3,058,635 shares of the company’s stock, valued at approximately $1,090,066,927.65. This trade represents a 0.05 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Dawson Alyssa Harvey sold 500 shares of the stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $406.27, for a total value of $203,135.00. Following the sale, the director now directly owns 6,684 shares in the company, valued at $2,715,508.68. This represents a 6.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 888,867 shares of company stock valued at $284,773,062 in the last ninety days. Company insiders own 14.69% of the company’s stock.

Institutional Investors Weigh In On AppLovin

Several hedge funds have recently modified their holdings of APP. Quest Partners LLC purchased a new stake in shares of AppLovin during the 2nd quarter worth about $33,000. American Century Companies Inc. boosted its stake in shares of AppLovin by 80.1% during the 2nd quarter. American Century Companies Inc. now owns 232,378 shares of the company’s stock worth $19,338,000 after acquiring an additional 103,335 shares in the last quarter. Envestnet Asset Management Inc. boosted its stake in shares of AppLovin by 695.0% during the 2nd quarter. Envestnet Asset Management Inc. now owns 549,453 shares of the company’s stock worth $45,725,000 after acquiring an additional 480,336 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its stake in shares of AppLovin by 3.0% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 186,395 shares of the company’s stock worth $15,512,000 after acquiring an additional 5,483 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in shares of AppLovin by 27.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,494,516 shares of the company’s stock worth $124,372,000 after acquiring an additional 322,563 shares in the last quarter. 41.85% of the stock is owned by hedge funds and other institutional investors.

About AppLovin

AppLovin Corporation engages in building a software-based platform for advertisers to enhance the marketing and monetization of their content in the United States and internationally. It operates through two segments, Software Platform and Apps. The company's software solutions include AppDiscovery, a marketing software solution, which matches advertiser demand with publisher supply through auctions; MAX, an in-app bidding software that optimizes the value of a publisher's advertising inventory by running a real-time competitive auction; Adjust, a measurement and analytics marketing platform that provides marketers with the visibility, insights, and tools needed to grow their apps from early stage to maturity; and Wurl, a connected TV platform, which distributes streaming video for content companies and provides advertising and publishing solutions through its AdPool, ContentDiscovery, and Global FAST Pass products.