AppLovin (NASDAQ:APP) Stock Price Down 2.3% – What’s Next?

AppLovin Corporation (NASDAQ:APP)’s stock price was down 2.3% during trading on Monday . The company traded as low as $297.50 and last traded at $298.59. Approximately 4,524,905 shares changed hands during mid-day trading, a decline of 21% from the average daily volume of 5,754,948 shares. The stock had previously closed at $305.77.

Analysts Set New Price Targets

APP has been the topic of several recent analyst reports. Scotiabank reissued a “sector outperform” rating and issued a $515.00 target price on shares of AppLovin in a report on Thursday, August 6th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $660.00 target price on shares of AppLovin in a research note on Thursday, May 7th. William Blair set a $440.00 price objective on shares of AppLovin in a report on Monday, August 17th. Raymond James Financial initiated coverage on shares of AppLovin in a research report on Monday, June 29th. They set a “strong-buy” rating and a $640.00 price objective for the company. Finally, Wedbush cut their price target on shares of AppLovin from $640.00 to $610.00 and set an “outperform” rating on the stock in a research note on Thursday, August 6th. Three analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $553.83.

AppLovin Trading Down 2.3%

The business has a 50 day simple moving average of $427.68 and a 200-day simple moving average of $447.99. The company has a current ratio of 4.30, a quick ratio of 4.30 and a debt-to-equity ratio of 1.11. The stock has a market capitalization of $99.92 billion, a price-to-earnings ratio of 22.95, a price-to-earnings-growth ratio of 0.62 and a beta of 2.54.

AppLovin (NASDAQ:APP) last posted its quarterly earnings data on Tuesday, August 4th. The company reported $3.76 EPS for the quarter, meeting analysts’ consensus estimates of $3.76. The company had revenue of $1.92 billion during the quarter, compared to the consensus estimate of $1.94 billion. AppLovin had a net margin of 64.58% and a return on equity of 193.10%. The company’s quarterly revenue was up 52.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.39 EPS. On average, equities analysts predict that AppLovin Corporation will post 15.53 earnings per share for the current year.

Insider Activity at AppLovin

In other news, Director Maynard G. Webb, Jr. sold 3,076 shares of the company’s stock in a transaction on Monday, July 6th. The stock was sold at an average price of $521.29, for a total transaction of $1,603,488.04. Following the completion of the sale, the director directly owned 120,444 shares in the company, valued at $62,786,252.76. This represents a 2.49% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Arash Adam Foroughi sold 33,042 shares of the stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $486.95, for a total value of $16,089,801.90. Following the completion of the transaction, the chief executive officer directly owned 2,369,351 shares in the company, valued at $1,153,755,469.45. This trade represents a 1.38% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 303,280 shares of company stock valued at $153,835,185 over the last 90 days. 12.81% of the stock is currently owned by insiders.

Institutional Investors Weigh In On AppLovin

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. CYBER HORNET ETFs LLC increased its stake in AppLovin by 795.2% during the second quarter. CYBER HORNET ETFs LLC now owns 6,669 shares of the company’s stock worth $3,436,000 after acquiring an additional 5,924 shares during the last quarter. California State Teachers Retirement System lifted its stake in shares of AppLovin by 50,874.8% in the 2nd quarter. California State Teachers Retirement System now owns 178,017,633 shares of the company’s stock valued at $91,720,025,000 after purchasing an additional 177,668,406 shares in the last quarter. Greenland Capital Management LP acquired a new position in shares of AppLovin in the 2nd quarter valued at about $548,000. Washington Trust Advisors Inc. grew its holdings in shares of AppLovin by 30.9% during the 2nd quarter. Washington Trust Advisors Inc. now owns 144 shares of the company’s stock worth $74,000 after purchasing an additional 34 shares during the period. Finally, Ameritas Advisory Services LLC grew its holdings in shares of AppLovin by 161.2% during the 2nd quarter. Ameritas Advisory Services LLC now owns 2,131 shares of the company’s stock worth $1,098,000 after purchasing an additional 1,315 shares during the period. 41.85% of the stock is currently owned by institutional investors and hedge funds.

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.