AppLovin (NASDAQ:APP) Trading Up 5% – Here’s What Happened

AppLovin Corporation (NASDAQ:APP) shares traded up 5% during mid-day trading on Thursday . The stock traded as high as $569.92 and last traded at $569.24. 5,158,810 shares were traded during mid-day trading, a decline of 2% from the average session volume of 5,266,042 shares. The stock had previously closed at $542.36.

Analysts Set New Price Targets

Several research firms have commented on APP. Morgan Stanley lifted their price target on shares of AppLovin from $750.00 to $800.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 13th. Needham & Company LLC upgraded shares of AppLovin from a “hold” rating to a “buy” rating and set a $700.00 target price on the stock in a research report on Monday. The Goldman Sachs Group boosted their price target on shares of AppLovin from $630.00 to $720.00 and gave the stock a “neutral” rating in a research note on Friday, November 7th. Citigroup cut their price target on shares of AppLovin from $850.00 to $820.00 and set a “buy” rating for the company in a research report on Wednesday, November 12th. Finally, Evercore ISI initiated coverage on AppLovin in a report on Wednesday, January 14th. They issued an “outperform” rating and a $835.00 price objective on the stock. One analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, AppLovin has an average rating of “Moderate Buy” and a consensus target price of $706.45.

AppLovin Trading Up 5.0%

The company has a debt-to-equity ratio of 2.38, a current ratio of 3.25 and a quick ratio of 3.25. The firm’s 50 day moving average price is $635.31 and its 200 day moving average price is $564.95. The stock has a market capitalization of $192.37 billion, a P/E ratio of 69.08, a P/E/G ratio of 1.79 and a beta of 2.50.

AppLovin (NASDAQ:APP) last posted its earnings results on Wednesday, November 5th. The company reported $2.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.34 by $0.11. AppLovin had a return on equity of 258.49% and a net margin of 51.27%.The company had revenue of $1.41 billion for the quarter, compared to analysts’ expectations of $1.34 billion. During the same period last year, the firm earned $1.29 earnings per share. AppLovin’s quarterly revenue was up 68.2% on a year-over-year basis. As a group, equities research analysts expect that AppLovin Corporation will post 6.87 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other AppLovin news, Director Eduardo Vivas sold 150,000 shares of the firm’s stock in a transaction dated Monday, November 10th. The shares were sold at an average price of $650.91, for a total value of $97,636,500.00. Following the completion of the sale, the director directly owned 7,133,292 shares in the company, valued at $4,643,131,095.72. This trade represents a 2.06% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Arash Adam Foroughi sold 30,888 shares of AppLovin stock in a transaction that occurred on Friday, November 21st. The shares were sold at an average price of $520.29, for a total value of $16,070,717.52. Following the sale, the chief executive officer directly owned 2,553,161 shares in the company, valued at approximately $1,328,384,136.69. The trade was a 1.20% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 340,336 shares of company stock worth $200,062,623. 13.66% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On AppLovin

Several large investors have recently made changes to their positions in the business. Hilltop National Bank bought a new stake in AppLovin in the second quarter worth $26,000. LFA Lugano Financial Advisors SA bought a new stake in AppLovin during the 2nd quarter valued at about $26,000. Board of the Pension Protection Fund purchased a new position in AppLovin in the fourth quarter worth about $27,000. Chilton Capital Management LLC bought a new position in shares of AppLovin in the third quarter worth approximately $29,000. Finally, Activest Wealth Management lifted its stake in shares of AppLovin by 760.0% in the third quarter. Activest Wealth Management now owns 43 shares of the company’s stock worth $31,000 after buying an additional 38 shares in the last quarter. 41.85% of the stock is currently owned by hedge funds and other institutional investors.

AppLovin Company Profile

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.