AppLovin (NASDAQ:APP) Trading 4% Higher – Here’s Why

Shares of AppLovin Corporation (NASDAQ:APP) were up 4% during mid-day trading on Tuesday . The company traded as high as $310.88 and last traded at $310.54. Approximately 3,975,444 shares were traded during trading, a decline of 31% from the average session volume of 5,744,262 shares. The stock had previously closed at $298.59.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on APP shares. Citigroup cut their price objective on shares of AppLovin from $710.00 to $650.00 and set a “buy” rating on the stock in a research report on Friday, August 7th. Royal Bank Of Canada lowered their target price on shares of AppLovin from $700.00 to $575.00 and set an “outperform” rating for the company in a report on Thursday, August 6th. Benchmark dropped their price target on shares of AppLovin from $500.00 to $440.00 and set a “buy” rating for the company in a research note on Monday, August 17th. Phillip Securities raised AppLovin from a “moderate buy” rating to a “strong-buy” rating in a research note on Tuesday, August 11th. Finally, Scotiabank reissued a “sector outperform” rating and set a $515.00 price target on shares of AppLovin 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 MarketBeat, AppLovin presently has a consensus rating of “Moderate Buy” and an average price target of $553.83.

AppLovin Trading Up 4.0%

The firm has a market cap of $103.92 billion, a PE ratio of 23.87, a PEG ratio of 0.62 and a beta of 2.54. The stock’s fifty day simple moving average is $423.23 and its 200-day simple moving average is $446.84. The company has a debt-to-equity ratio of 1.11, a current ratio of 4.30 and a quick ratio of 4.30.

AppLovin (NASDAQ:APP) last announced its quarterly earnings results on Tuesday, August 4th. The company reported $3.76 earnings per share for the quarter, meeting the consensus estimate of $3.76. AppLovin had a return on equity of 193.10% and a net margin of 64.58%.The company had revenue of $1.92 billion during the quarter, compared to analysts’ expectations of $1.94 billion. During the same period last year, the business earned $2.39 earnings per share. AppLovin’s quarterly revenue was up 52.8% on a year-over-year basis. On average, sell-side analysts forecast that AppLovin Corporation will post 15.53 earnings per share for the current year.

Insider Activity

In other AppLovin news, CEO Arash Adam Foroughi sold 33,042 shares of the company’s stock in a transaction dated Thursday, June 11th. The shares were 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 owned 2,369,351 shares in the company, valued at approximately $1,153,755,469.45. This represents a 1.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Matthew Stumpf sold 9,052 shares of the firm’s stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $600.00, for a total value of $5,431,200.00. Following the sale, the chief financial officer owned 177,450 shares in the company, valued at $106,470,000. This trade represents a 4.85% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 303,280 shares of company stock worth $153,835,185. 12.81% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On AppLovin

Several large investors have recently bought and sold shares of the company. Verdence Capital Advisors LLC increased its stake in shares of 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 acquiring an additional 18 shares during the last quarter. Revolve Wealth Partners LLC increased its holdings in shares of AppLovin by 2.8% during the 2nd quarter. Revolve Wealth Partners LLC now owns 851 shares of the company’s stock worth $438,000 after buying an additional 23 shares during the last quarter. Alta Wealth Advisors LLC increased its holdings in shares of AppLovin by 0.6% during the 4th quarter. Alta Wealth Advisors LLC now owns 3,925 shares of the company’s stock worth $2,645,000 after buying an additional 24 shares during the last quarter. Washington Trust Advisors Inc. raised its position in shares of AppLovin by 160.0% during the 4th quarter. Washington Trust Advisors Inc. now owns 39 shares of the company’s stock valued at $27,000 after buying an additional 24 shares during the period. Finally, IMA Advisory Services Inc. lifted its holdings in AppLovin by 40.0% in the first quarter. IMA Advisory Services Inc. now owns 84 shares of the company’s stock valued at $33,000 after acquiring an additional 24 shares during the last quarter. 41.85% of the stock is currently 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.