Armistice Capital LLC Grows Stock Holdings in AppLovin Corporation $APP

Armistice Capital LLC grew its holdings in AppLovin Corporation (NASDAQ:APP) by 14.0% during the fourth quarter, HoldingsChannel reports. The firm owned 22,262 shares of the company’s stock after acquiring an additional 2,742 shares during the period. Armistice Capital LLC’s holdings in AppLovin were worth $15,001,000 at the end of the most recent reporting period.

A number of other institutional investors have also bought and sold shares of the business. Redhawk Wealth Advisors Inc. lifted its stake in AppLovin by 2.9% in the 4th quarter. Redhawk Wealth Advisors Inc. now owns 640 shares of the company’s stock worth $431,000 after purchasing an additional 18 shares in the last quarter. Verdence Capital Advisors LLC lifted its stake in AppLovin by 5.7% in the 4th quarter. Verdence Capital Advisors LLC now owns 333 shares of the company’s stock worth $224,000 after purchasing an additional 18 shares in the last quarter. Claro Advisors LLC increased its holdings in shares of AppLovin by 3.2% during the 3rd quarter. Claro Advisors LLC now owns 647 shares of the company’s stock worth $465,000 after buying an additional 20 shares during the last quarter. Strategic Advocates LLC increased its holdings in shares of AppLovin by 0.8% during the 3rd quarter. Strategic Advocates LLC now owns 2,576 shares of the company’s stock worth $1,851,000 after buying an additional 21 shares during the last quarter. Finally, Finivi Inc. increased its holdings in shares of AppLovin by 3.2% during the 4th quarter. Finivi Inc. now owns 711 shares of the company’s stock worth $479,000 after buying an additional 22 shares during the last quarter. 41.85% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, CFO Matthew Stumpf sold 9,052 shares of the company’s stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $600.00, for a total transaction of $5,431,200.00. Following the transaction, the chief financial officer owned 177,450 shares of the company’s stock, valued at approximately $106,470,000. This represents a 4.85% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Arash Adam Foroughi sold 33,042 shares of the stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $486.95, for a total transaction of $16,089,801.90. Following the transaction, the chief executive officer directly owned 2,369,351 shares in the company, valued at approximately $1,153,755,469.45. This represents a 1.38% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 226,014 shares of company stock worth $113,073,400. 13.66% of the stock is currently owned by corporate insiders.

AppLovin Trading Down 6.9%

Shares of APP opened at $479.49 on Thursday. AppLovin Corporation has a 1-year low of $320.00 and a 1-year high of $745.61. The company has a debt-to-equity ratio of 1.49, a current ratio of 3.24 and a quick ratio of 3.24. The firm has a 50 day simple moving average of $489.48 and a 200-day simple moving average of $519.07. The stock has a market cap of $161.08 billion, a price-to-earnings ratio of 41.19, a price-to-earnings-growth ratio of 0.84 and a beta of 2.45.

AppLovin (NASDAQ:APP) last posted its earnings results on Wednesday, May 6th. The company reported $3.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.44 by $0.12. AppLovin had a return on equity of 219.37% and a net margin of 64.29%.The firm had revenue of $1.84 billion for the quarter, compared to analyst estimates of $1.77 billion. During the same quarter in the prior year, the company earned $1.67 EPS. AppLovin’s revenue was up 58.9% on a year-over-year basis. Equities analysts forecast that AppLovin Corporation will post 15.86 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

APP has been the subject of several research reports. Morgan Stanley reiterated an “overweight” rating on shares of AppLovin in a report on Wednesday, May 27th. KeyCorp set a $775.00 price target on shares of AppLovin in a research note on Wednesday, June 10th. Needham & Company LLC reaffirmed a “buy” rating and set a $700.00 price objective on shares of AppLovin in a research report on Thursday, May 28th. BTIG Research reissued a “buy” rating and issued a $640.00 price target on shares of AppLovin in a research report on Thursday, May 7th. Finally, Arete Research set a $340.00 price target on shares of AppLovin and gave the company a “neutral” rating in a research report on Monday, March 2nd. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $669.62.

About AppLovin

AppLovin Corporation is a Palo Alto–based mobile technology company that provides software and services to help app developers grow and monetize their businesses. The company operates a data-driven advertising and marketing platform that connects app publishers and advertisers, delivering tools for user acquisition, monetization, analytics and creative optimization. AppLovin’s technology is integrated into a broad set of mobile applications through software development kits (SDKs) and ad products designed to maximize revenue and engagement for developers.

Key components of AppLovin’s offering include an ad mediation and exchange platform that enables publishers to manage and monetize inventory across multiple demand sources, and a user-acquisition platform that helps advertisers target and scale campaigns.