Harvest Fund Management Co. Ltd Increases Position in AppLovin Co. (NASDAQ:APP)

Harvest Fund Management Co. Ltd raised its position in shares of AppLovin Co. (NASDAQ:APP) by 26.4% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 17,020 shares of the company’s stock after purchasing an additional 3,555 shares during the period. Harvest Fund Management Co. Ltd’s holdings in AppLovin were worth $2,222,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Great Valley Advisor Group Inc. increased its position in shares of AppLovin by 2.2% in the third quarter. Great Valley Advisor Group Inc. now owns 2,837 shares of the company’s stock valued at $370,000 after acquiring an additional 60 shares during the period. HM Payson & Co. grew its stake in shares of AppLovin by 50.0% in the third quarter. HM Payson & Co. now owns 300 shares of the company’s stock worth $39,000 after purchasing an additional 100 shares during the last quarter. Aptus Capital Advisors LLC increased its holdings in AppLovin by 0.3% during the 3rd quarter. Aptus Capital Advisors LLC now owns 33,478 shares of the company’s stock valued at $4,371,000 after purchasing an additional 104 shares during the period. Ashton Thomas Securities LLC raised its position in AppLovin by 2.6% during the 3rd quarter. Ashton Thomas Securities LLC now owns 4,797 shares of the company’s stock valued at $626,000 after purchasing an additional 121 shares during the last quarter. Finally, GAMMA Investing LLC lifted its holdings in AppLovin by 8.2% in the 3rd quarter. GAMMA Investing LLC now owns 1,665 shares of the company’s stock worth $217,000 after buying an additional 126 shares during the period. Hedge funds and other institutional investors own 41.85% of the company’s stock.

AppLovin Stock Performance

NASDAQ:APP opened at $333.31 on Monday. The company has a market cap of $111.86 billion, a price-to-earnings ratio of 101.00, a PEG ratio of 4.11 and a beta of 1.86. AppLovin Co. has a 1 year low of $35.79 and a 1 year high of $342.51. The stock’s 50 day simple moving average is $181.30 and its two-hundred day simple moving average is $117.71. The company has a debt-to-equity ratio of 3.70, a current ratio of 2.41 and a quick ratio of 2.41.

AppLovin (NASDAQ:APP) last issued its quarterly earnings data on Wednesday, November 6th. The company reported $1.25 earnings per share for the quarter, topping 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 company had revenue of $1.20 billion for the quarter, compared to analysts’ expectations of $1.13 billion. During the same period in the previous year, the firm posted $0.30 earnings per share. The firm’s revenue for the quarter was up 38.6% on a year-over-year basis. As a group, equities analysts anticipate that AppLovin Co. will post 4.05 earnings per share for the current fiscal year.

Insider Buying and Selling

In other AppLovin news, Director Craig Scott Billings sold 18,000 shares of AppLovin stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $318.94, for a total value of $5,740,920.00. Following the transaction, the director now owns 2,987 shares in the company, valued at $952,673.78. The trade was a 85.77 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Vasily Shikin sold 5,500 shares of the firm’s stock in a transaction on Monday, September 9th. The stock was sold at an average price of $86.04, for a total value of $473,220.00. Following the completion of the sale, the chief technology officer now directly owns 4,536,447 shares of the company’s stock, valued at $390,315,899.88. The trade was a 0.12 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 854,065 shares of company stock valued at $233,072,408. Insiders own 14.69% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. The Goldman Sachs Group downgraded AppLovin from a “buy” rating to a “neutral” rating and upped their target price for the stock from $103.00 to $150.00 in a report on Monday, October 14th. Citigroup lifted their target price on shares of AppLovin from $185.00 to $335.00 and gave the company a “buy” rating in a report on Monday, November 18th. BTIG Research increased their target price on AppLovin from $202.00 to $291.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. JPMorgan Chase & Co. raised their price objective on shares of AppLovin from $160.00 to $200.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Finally, Macquarie raised their price target on shares of AppLovin from $150.00 to $270.00 and gave the company an “outperform” rating in a research report on Thursday, November 7th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $222.96.

AppLovin Profile

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.