AppLovin (NASDAQ:APP) Stock Price Up 1.7% – Here’s Why
by Scott Moore · The Cerbat GemAppLovin Corporation (NASDAQ:APP – Get Free Report) shot up 1.7% during mid-day trading on Monday . The stock traded as high as $738.01 and last traded at $733.60. 3,051,599 shares were traded during trading, a decline of 55% from the average session volume of 6,808,627 shares. The stock had previously closed at $721.37.
Analyst Ratings Changes
Several research analysts have recently weighed in on APP shares. Citigroup dropped their price target on shares of AppLovin from $850.00 to $820.00 and set a “buy” rating on the stock in a research note on Wednesday, November 12th. Oppenheimer set a $740.00 target price on AppLovin in a research report on Tuesday, October 7th. Needham & Company LLC reissued a “hold” rating on shares of AppLovin in a report on Tuesday, August 26th. Morgan Stanley upped their price target on AppLovin from $480.00 to $750.00 and gave the stock an “overweight” rating in a research report on Monday, September 29th. Finally, UBS Group reaffirmed a “buy” rating and set a $775.00 price objective on shares of AppLovin in a research report on Thursday, December 11th. Nineteen investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $695.90.
View Our Latest Stock Report on AppLovin
AppLovin Price Performance
The company has a current ratio of 3.25, a quick ratio of 3.25 and a debt-to-equity ratio of 2.38. The stock has a 50 day simple moving average of $617.10 and a 200-day simple moving average of $512.69. The firm has a market cap of $247.92 billion, a PE ratio of 89.03, a price-to-earnings-growth ratio of 3.87 and a beta of 2.51.
AppLovin (NASDAQ:APP – Get Free Report) last released its quarterly earnings data on Wednesday, November 5th. The company reported $2.45 earnings per share for the quarter, topping analysts’ consensus estimates of $2.34 by $0.11. AppLovin had a return on equity of 258.49% and a net margin of 51.27%.The firm had revenue of $1.41 billion during the quarter, compared to analyst estimates of $1.34 billion. During the same quarter in the prior year, the company posted $1.29 earnings per share. The business’s quarterly revenue was up 68.2% compared to the same quarter last year. Equities analysts anticipate that AppLovin Corporation will post 6.87 earnings per share for the current fiscal year.
Insiders Place Their Bets
In other AppLovin news, Director Eduardo Vivas sold 150,000 shares of the stock in a transaction that occurred on Monday, November 10th. The shares were sold at an average price of $650.91, for a total transaction of $97,636,500.00. Following the completion of the sale, the director directly owned 7,133,292 shares of the company’s stock, valued at $4,643,131,095.72. This trade represents a 2.06% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Arash Adam Foroughi sold 30,888 shares of the business’s stock in a transaction on Friday, November 21st. The stock was sold at an average price of $520.29, for a total transaction of $16,070,717.52. Following the completion of the transaction, the chief executive officer directly owned 2,553,161 shares in the company, valued at $1,328,384,136.69. This trade represents a 1.20% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 340,336 shares of company stock worth $200,062,623 in the last three months. 13.66% of the stock is owned by company insiders.
Institutional Trading of AppLovin
Several hedge funds have recently bought and sold shares of APP. CBIZ Investment Advisory Services LLC lifted its position in shares of AppLovin by 58.6% in the third quarter. CBIZ Investment Advisory Services LLC now owns 46 shares of the company’s stock worth $33,000 after buying an additional 17 shares in the last quarter. Versant Capital Management Inc increased its stake in AppLovin by 2.8% in the 3rd quarter. Versant Capital Management Inc now owns 701 shares of the company’s stock worth $504,000 after acquiring an additional 19 shares during the last quarter. Claro Advisors LLC raised its holdings in shares of AppLovin by 3.2% during the 3rd quarter. Claro Advisors LLC now owns 647 shares of the company’s stock worth $465,000 after acquiring an additional 20 shares in the last quarter. Optas LLC boosted its position in shares of AppLovin by 2.5% during the 3rd quarter. Optas LLC now owns 877 shares of the company’s stock valued at $630,000 after acquiring an additional 21 shares during the last quarter. Finally, Strategic Advocates LLC boosted its position in shares of AppLovin by 0.8% during the 3rd quarter. Strategic Advocates LLC now owns 2,576 shares of the company’s stock valued at $1,851,000 after acquiring an additional 21 shares during the last quarter. Hedge funds and other institutional investors own 41.85% of the company’s stock.
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.