AppLovin (NASDAQ:APP) Trading Up 1.5% – Here’s Why

AppLovin Corporation (NASDAQ:APP)’s share price shot up 1.5% during trading on Tuesday . The company traded as high as $679.69 and last traded at $668.63. 3,751,599 shares traded hands during trading, a decline of 5% from the average session volume of 3,960,635 shares. The stock had previously closed at $658.65.

Analyst Ratings Changes

Several brokerages have recently issued reports on APP. Zacks Research raised shares of AppLovin from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 1st. Piper Sandler upped their target price on shares of AppLovin from $740.00 to $800.00 and gave the stock an “overweight” rating in a research note on Thursday, November 6th. Phillip Securities upgraded shares of AppLovin to a “moderate buy” rating in a report on Monday, September 29th. Weiss Ratings reissued a “buy (b-)” rating on shares of AppLovin in a research report on Monday, December 29th. Finally, Wells Fargo & Company upped their price objective on AppLovin from $721.00 to $735.00 and gave the stock an “overweight” rating in a research report on Thursday, January 8th. 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 assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $700.35.

AppLovin Trading Up 1.5%

The firm has a market capitalization of $225.97 billion, a price-to-earnings ratio of 81.14, a PEG ratio of 2.14 and a beta of 2.50. The company has a debt-to-equity ratio of 2.38, a quick ratio of 3.25 and a current ratio of 3.25. The company has a 50-day moving average price of $639.53 and a 200-day moving average price of $547.55.

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

Insider Activity

In related news, CTO Vasily Shikin sold 27,143 shares of the stock in a transaction 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 transaction, the chief technology officer directly owned 3,323,681 shares of the company’s stock, valued at $1,812,669,143.78. This trade represents a 0.81% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Eduardo Vivas sold 150,000 shares of AppLovin stock in a transaction on Monday, November 10th. The stock was sold at an average price of $650.91, for a total transaction of $97,636,500.00. Following the sale, the director owned 7,133,292 shares in the company, valued at $4,643,131,095.72. This represents a 2.06% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 340,336 shares of company stock worth $200,062,623. Corporate insiders own 13.66% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its holdings in shares of AppLovin by 39.4% in the third quarter. Vanguard Group Inc. now owns 24,954,458 shares of the company’s stock valued at $17,930,776,000 after buying an additional 7,051,663 shares during the last quarter. State Street Corp increased its position in AppLovin by 111.1% in the 3rd quarter. State Street Corp now owns 11,852,466 shares of the company’s stock valued at $8,516,471,000 after acquiring an additional 6,237,051 shares during the period. Norges Bank purchased a new stake in AppLovin during the 2nd quarter valued at approximately $951,541,000. Rakuten Investment Management Inc. acquired a new stake in AppLovin during the 3rd quarter worth approximately $1,456,108,000. Finally, Jennison Associates LLC grew its stake in shares of AppLovin by 55.2% in the 3rd quarter. Jennison Associates LLC now owns 3,886,150 shares of the company’s stock valued at $2,792,355,000 after purchasing an additional 1,381,970 shares during the last quarter. 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.