AppLovin (NASDAQ:APP) Trading Down 2.6% – Time to Sell?

AppLovin Corporation (NASDAQ:APP)’s stock price traded down 2.6% during mid-day trading on Thursday . The stock traded as low as $605.15 and last traded at $616.53. 3,022,678 shares were traded during trading, a decline of 24% from the average session volume of 3,999,515 shares. The stock had previously closed at $632.92.

Analysts Set New Price Targets

A number of equities research analysts recently commented on APP shares. Benchmark increased their price objective on shares of AppLovin from $700.00 to $775.00 and gave the company a “buy” rating in a research note on Thursday, December 11th. BTIG Research reiterated a “buy” rating and issued a $771.00 price target on shares of AppLovin in a research report on Wednesday, December 17th. Wells Fargo & Company raised their price objective on shares of AppLovin from $721.00 to $735.00 and gave the stock an “overweight” rating in a research note on Thursday. Deutsche Bank Aktiengesellschaft set a $705.00 price objective on AppLovin and gave the stock a “buy” rating in a research report on Wednesday, October 22nd. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of AppLovin in a report on Monday, December 29th. One research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, AppLovin currently has an average rating of “Moderate Buy” and a consensus price target of $696.60.

AppLovin Price Performance

The company has a market capitalization of $208.36 billion, a price-to-earnings ratio of 74.82, a P/E/G ratio of 2.04 and a beta of 2.50. The company has a fifty day simple moving average of $638.87 and a two-hundred day simple moving average of $539.86. The company has a debt-to-equity ratio of 2.38, a quick ratio of 3.25 and a current ratio of 3.25.

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

Insiders Place Their Bets

In related news, CTO Vasily Shikin sold 27,143 shares of the business’s stock in a transaction that occurred on Monday, November 24th. The shares were sold at an average price of $545.38, for a total value of $14,803,249.34. Following the completion of the sale, the chief technology officer directly owned 3,323,681 shares in the company, valued at approximately $1,812,669,143.78. The trade was a 0.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Dawson Alyssa Harvey sold 150 shares of the company’s stock in a transaction that occurred on Monday, December 8th. The stock was sold at an average price of $693.32, for a total transaction of $103,998.00. Following the transaction, the director directly owned 2,829 shares of the company’s stock, valued at $1,961,402.28. This trade represents a 5.04% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 340,336 shares of company stock worth $200,062,623 over the last 90 days. Corporate insiders own 13.66% of the company’s stock.

Institutional Trading of AppLovin

Several institutional investors have recently made changes to their positions in APP. Fulton Bank N.A. raised its position in shares of AppLovin by 8.3% in the 4th quarter. Fulton Bank N.A. now owns 8,717 shares of the company’s stock worth $5,874,000 after buying an additional 671 shares during the period. Regent Peak Wealth Advisors LLC purchased a new stake in shares of AppLovin during the 4th quarter worth about $273,000. Wealth Enhancement Advisory Services LLC increased its position in AppLovin by 34.2% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 334,886 shares of the company’s stock worth $206,638,000 after purchasing an additional 85,345 shares in the last quarter. NorthCrest Asset Manangement LLC increased its position in AppLovin by 8.7% during the 4th quarter. NorthCrest Asset Manangement LLC now owns 4,267 shares of the company’s stock worth $2,701,000 after purchasing an additional 340 shares in the last quarter. Finally, Genesis Private Wealth LLC purchased a new position in AppLovin in the fourth quarter valued at approximately $216,000. 41.85% of the stock is owned by hedge funds and other institutional investors.

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.