AppLovin (NASDAQ:APP) Trading 1.8% Higher – Here’s What Happened

AppLovin Co. (NASDAQ:APP)’s share price was up 1.8% on Thursday . The stock traded as high as $336.56 and last traded at $329.50. Approximately 1,613,270 shares were traded during mid-day trading, a decline of 65% from the average daily volume of 4,582,203 shares. The stock had previously closed at $323.83.

Wall Street Analysts Forecast Growth

APP has been the subject of several recent research reports. JPMorgan Chase & Co. raised their price objective on shares of AppLovin from $160.00 to $200.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Needham & Company LLC reiterated a “hold” rating on shares of AppLovin in a report on Thursday, November 7th. UBS Group upgraded shares of AppLovin from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $100.00 to $145.00 in a research note on Tuesday, September 17th. Stifel Nicolaus increased their price objective on AppLovin from $250.00 to $435.00 and gave the company a “buy” rating in a research note on Thursday, December 5th. Finally, BTIG Research boosted their target price on AppLovin from $202.00 to $291.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $310.71.

AppLovin Trading Up 2.6 %

The company has a current ratio of 2.41, a quick ratio of 2.41 and a debt-to-equity ratio of 3.70. The business has a 50 day moving average price of $302.03 and a 200-day moving average price of $170.97. The firm has a market capitalization of $117.68 billion, a PE ratio of 106.26, a P/E/G ratio of 4.17 and a beta of 2.28.

AppLovin (NASDAQ:APP) last posted its earnings results on Wednesday, November 6th. The company reported $1.25 EPS for the quarter, topping analysts’ consensus estimates of $0.92 by $0.33. The company had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.13 billion. AppLovin had a return on equity of 122.24% and a net margin of 26.85%. AppLovin’s quarterly revenue was up 38.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.30 earnings per share. Analysts expect that AppLovin Co. will post 4.06 earnings per share for the current year.

Insider Activity

In other news, CEO Arash Adam Foroughi sold 1,676 shares of AppLovin stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $356.39, for a total value of $597,309.64. Following the completion of the sale, the chief executive officer now owns 3,058,635 shares of the company’s stock, valued at $1,090,066,927.65. The trade was a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Herald Y. Chen sold 400 shares of the company’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $366.16, for a total value of $146,464.00. Following the completion of the transaction, the chief financial officer now owns 207,649 shares of the company’s stock, valued at $76,032,757.84. The trade was a 0.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 888,867 shares of company stock worth $284,773,062 over the last three months. 14.69% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On AppLovin

Institutional investors and hedge funds have recently bought and sold shares of the stock. Capital Performance Advisors LLP acquired a new stake in AppLovin during the third quarter worth about $25,000. DT Investment Partners LLC purchased a new stake in shares of AppLovin during the 3rd quarter worth about $27,000. Meeder Asset Management Inc. acquired a new stake in AppLovin during the 3rd quarter worth approximately $27,000. Raleigh Capital Management Inc. purchased a new position in AppLovin in the third quarter valued at approximately $29,000. Finally, Quest Partners LLC acquired a new position in AppLovin during the second quarter valued at approximately $33,000. Institutional investors and hedge funds own 41.85% of the company’s stock.

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.