AppLovin Co. (NYSE:APP) Major Shareholder Sells $963,900.00 in Stock

AppLovin Co. (NYSE:APP) major shareholder Andrew Karam sold 10,800 shares of the firm’s stock in a transaction that occurred on Tuesday, October 12th. The shares were sold at an average price of $89.25, for a total transaction of $963,900.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Large shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Shares of APP traded up $0.83 during mid-day trading on Wednesday, reaching $88.01. 1,068,448 shares of the company’s stock were exchanged, compared to its average volume of 1,139,726. The company has a current ratio of 2.85, a quick ratio of 2.85 and a debt-to-equity ratio of 0.87. The stock’s fifty day simple moving average is $71.74. AppLovin Co. has a 52-week low of $49.41 and a 52-week high of $90.03.

AppLovin (NYSE:APP) last announced its earnings results on Tuesday, August 10th. The company reported $0.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.01). The firm had revenue of $668.81 million for the quarter, compared to analyst estimates of $641.78 million. As a group, equities research analysts forecast that AppLovin Co. will post 0.26 EPS for the current fiscal year.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Spruce House Investment Management LLC acquired a new stake in shares of AppLovin during the second quarter worth $210,476,000. Thrivent Financial for Lutherans acquired a new stake in shares of AppLovin during the second quarter worth $68,234,000. Y Intercept Hong Kong Ltd acquired a new stake in shares of AppLovin during the second quarter worth $290,000. Marshall Wace North America L.P. acquired a new stake in shares of AppLovin during the second quarter worth $29,269,000. Finally, Morgan Stanley acquired a new stake in shares of AppLovin during the second quarter worth $826,000. Institutional investors and hedge funds own 35.80% of the company’s stock.

Several brokerages recently weighed in on APP. Macquarie began coverage on shares of AppLovin in a report on Tuesday, August 31st. They issued an “outperform” rating and a $90.00 target price on the stock. JPMorgan Chase & Co. raised their target price on shares of AppLovin from $83.00 to $95.00 and gave the company an “overweight” rating in a report on Thursday, September 23rd. Morgan Stanley raised their target price on shares of AppLovin from $60.00 to $80.00 and gave the company an “equal weight” rating in a report on Wednesday, September 29th. Oppenheimer increased their price target on shares of AppLovin from $75.00 to $95.00 and gave the company an “outperform” rating in a research note on Thursday, October 7th. Finally, Stifel Nicolaus upgraded shares of AppLovin from a “hold” rating to a “buy” rating and increased their price target for the company from $65.00 to $90.00 in a research note on Thursday, September 9th. One investment analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Buy” and a consensus price target of $82.54.

AppLovin Company Profile

AppLovin Corporation engages in building a software-based platform for mobile app developers to enhance the marketing and monetization of their apps worldwide. The company's software solutions include AppDiscovery, a solution to automate, optimize, and manage user acquisition investments for business clients; and MAX, an in-app bidding solution that optimizes purchases of app ad inventory.

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