Short Interest in AppLovin Co. (NASDAQ:APP) Declines By 7.7%

AppLovin Co. (NASDAQ:APP) was the target of a significant drop in short interest in the month of June. As of June 15th, there was short interest totalling 15,150,000 shares, a drop of 7.7% from the May 31st total of 16,420,000 shares. Based on an average daily trading volume, of 4,250,000 shares, the short-interest ratio is presently 3.6 days. Approximately 8.9% of the company’s stock are short sold.

AppLovin Stock Performance

Shares of AppLovin stock traded down $1.14 on Tuesday, hitting $83.68. 2,386,623 shares of the company’s stock were exchanged, compared to its average volume of 4,306,763. The company has a 50-day simple moving average of $79.48 and a 200-day simple moving average of $63.60. The stock has a market capitalization of $27.53 billion, a PE ratio of 50.49, a PEG ratio of 1.41 and a beta of 1.86. AppLovin has a 1 year low of $25.24 and a 1 year high of $88.50. The company has a debt-to-equity ratio of 4.59, a quick ratio of 2.11 and a current ratio of 2.11.

AppLovin (NASDAQ:APP) last issued its quarterly earnings results on Wednesday, May 8th. The company reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.10. The business had revenue of $1.06 billion for the quarter, compared to analysts’ expectations of $973.70 million. AppLovin had a net margin of 16.46% and a return on equity of 51.55%. The company’s revenue was up 47.9% compared to the same quarter last year. During the same quarter last year, the company posted ($0.01) EPS. As a group, equities analysts anticipate that AppLovin will post 2.96 EPS for the current year.

Insiders Place Their Bets

In other AppLovin news, insider Victoria Valenzuela sold 2,890 shares of the firm’s stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $81.37, for a total value of $235,159.30. Following the completion of the sale, the insider now directly owns 448,490 shares in the company, valued at $36,493,631.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other AppLovin news, insider Victoria Valenzuela sold 2,890 shares of the firm’s stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $81.37, for a total value of $235,159.30. Following the completion of the sale, the insider now directly owns 448,490 shares in the company, valued at $36,493,631.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Dawson Alyssa Harvey sold 4,371 shares of the firm’s stock in a transaction dated Thursday, June 13th. The stock was sold at an average price of $75.65, for a total transaction of $330,666.15. Following the completion of the sale, the director now owns 11,565 shares of the company’s stock, valued at $874,892.25. The disclosure for this sale can be found here. Insiders sold 17,741,886 shares of company stock worth $1,478,219,330 over the last three months. Company insiders own 14.69% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of APP. FinTrust Capital Advisors LLC purchased a new position in shares of AppLovin during the 4th quarter valued at $32,000. Covestor Ltd increased its holdings in AppLovin by 85.8% in the 1st quarter. Covestor Ltd now owns 511 shares of the company’s stock valued at $35,000 after acquiring an additional 236 shares during the last quarter. Atlas Capital Advisors LLC bought a new stake in AppLovin in the 1st quarter valued at $38,000. ORG Partners LLC increased its holdings in AppLovin by 212.0% in the 1st quarter. ORG Partners LLC now owns 624 shares of the company’s stock valued at $43,000 after acquiring an additional 424 shares during the last quarter. Finally, Quarry LP bought a new stake in AppLovin in the 4th quarter valued at $44,000. Hedge funds and other institutional investors own 41.85% of the company’s stock.

Analysts Set New Price Targets

APP has been the subject of a number of analyst reports. Citigroup raised their target price on shares of AppLovin from $80.00 to $98.00 and gave the company a “buy” rating in a research note on Friday, May 10th. The Goldman Sachs Group raised their price target on shares of AppLovin from $73.00 to $100.00 and gave the company a “buy” rating in a research report on Thursday, May 9th. TheStreet raised shares of AppLovin from a “d+” rating to a “c-” rating in a research report on Friday, March 8th. Jefferies Financial Group raised their price target on shares of AppLovin from $93.00 to $105.00 and gave the company a “buy” rating in a research report on Thursday, May 9th. Finally, Oppenheimer reissued an “outperform” rating and set a $97.00 price target on shares of AppLovin in a research report on Thursday, June 13th. One analyst has rated the stock with a sell rating, five have issued a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $71.72.

About AppLovin

AppLovin Corporation engages in building a software-based platform for advertisers to enhance the marketing and monetization of their content in the United States and internationally. It operates through two segments, Software Platform and Apps. The company's software solutions include AppDiscovery, a marketing software solution, which matches advertiser demand with publisher supply through auctions; MAX, an in-app bidding software that optimizes the value of a publisher's advertising inventory by running a real-time competitive auction; Adjust, a measurement and analytics marketing platform that provides marketers with the visibility, insights, and tools needed to grow their apps from early stage to maturity; and Wurl, a connected TV platform, which distributes streaming video for content companies and provides advertising and publishing solutions through its AdPool, ContentDiscovery, and Global FAST Pass products.