AppLovin Co. (NASDAQ:APP) Short Interest Down 14.1% in October

AppLovin Co. (NASDAQ:APP) was the recipient of a significant drop in short interest during the month of October. As of October 31st, there was short interest totalling 18,790,000 shares, a drop of 14.1% from the October 15th total of 21,880,000 shares. Based on an average trading volume of 4,630,000 shares, the days-to-cover ratio is presently 4.1 days. Approximately 9.4% of the shares of the company are short sold.

Insider Buying and Selling at AppLovin

In related news, CMO Katie Kihorany Jansen sold 59,876 shares of the business’s stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $286.14, for a total transaction of $17,132,918.64. Following the transaction, the chief marketing officer now directly owns 1,017,388 shares of the company’s stock, valued at approximately $291,115,402.32. The trade was a 5.56 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Dawson Alyssa Harvey sold 1,500 shares of the firm’s stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $87.90, for a total value of $131,850.00. Following the sale, the director now directly owns 10,247 shares of the company’s stock, valued at $900,711.30. This represents a 12.77 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 235,542 shares of company stock worth $32,012,275 over the last quarter. 14.69% of the stock is currently owned by insiders.

Hedge Funds Weigh In On AppLovin

Large investors have recently bought and sold shares of the company. WCM Investment Management LLC raised its holdings in AppLovin by 10.5% in the 3rd quarter. WCM Investment Management LLC now owns 10,820,409 shares of the company’s stock valued at $1,382,307,000 after buying an additional 1,029,009 shares during the last quarter. FMR LLC increased its position in AppLovin by 622.8% in the 3rd quarter. FMR LLC now owns 7,893,237 shares of the company’s stock valued at $1,030,462,000 after acquiring an additional 6,801,138 shares during the period. Lone Pine Capital LLC raised its stake in shares of AppLovin by 7.2% during the second quarter. Lone Pine Capital LLC now owns 5,702,438 shares of the company’s stock valued at $474,557,000 after acquiring an additional 382,767 shares during the last quarter. State Street Corp grew its stake in shares of AppLovin by 8.6% in the third quarter. State Street Corp now owns 5,388,023 shares of the company’s stock worth $703,406,000 after purchasing an additional 428,419 shares during the last quarter. Finally, Geode Capital Management LLC increased its holdings in AppLovin by 12.8% in the third quarter. Geode Capital Management LLC now owns 3,946,135 shares of the company’s stock valued at $514,418,000 after purchasing an additional 449,241 shares during the period. 41.85% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have recently issued reports on APP. Daiwa America upgraded shares of AppLovin from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 8th. Citigroup increased their price target on shares of AppLovin from $155.00 to $185.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. Needham & Company LLC restated a “hold” rating on shares of AppLovin in a report on Thursday, November 7th. Loop Capital increased their target price on AppLovin from $181.00 to $385.00 and gave the stock a “buy” rating in a research note on Monday, November 11th. Finally, UBS Group raised AppLovin from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $100.00 to $145.00 in a report on Tuesday, September 17th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $194.31.

AppLovin Stock Up 2.3 %

Shares of NASDAQ APP opened at $291.09 on Friday. The company has a market cap of $97.30 billion, a price-to-earnings ratio of 88.21, a PEG ratio of 3.49 and a beta of 1.86. The company has a current ratio of 2.41, a quick ratio of 2.41 and a debt-to-equity ratio of 3.70. AppLovin has a 12 month low of $35.79 and a 12 month high of $302.55. The stock has a 50-day moving average price of $159.14 and a two-hundred day moving average price of $108.84.

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

AppLovin Company Profile

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.