AppLovin (NASDAQ:APP) Shares Up 3.1% – Here’s What Happened

AppLovin Co. (NASDAQ:APP)’s share price traded up 3.1% during trading on Monday . The company traded as high as $347.39 and last traded at $342.34. 4,173,415 shares traded hands during mid-day trading, an increase of 7% from the average session volume of 3,899,418 shares. The stock had previously closed at $332.01.

Wall Street Analyst Weigh In

APP has been the topic of a number of recent analyst reports. Piper Sandler began coverage on shares of AppLovin in a report on Wednesday, November 20th. They issued an “overweight” rating and a $400.00 price target on the stock. Citigroup lifted their price target on shares of AppLovin from $335.00 to $460.00 and gave the stock a “buy” rating in a report on Thursday, December 5th. Bank of America increased their price objective on AppLovin from $252.00 to $375.00 and gave the company a “buy” rating in a report on Monday, November 25th. Wedbush reaffirmed an “outperform” rating and set a $270.00 target price (up from $170.00) on shares of AppLovin in a research report on Thursday, November 7th. Finally, BTIG Research raised their price target on AppLovin from $202.00 to $291.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Four investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $338.06.

AppLovin Price Performance

The firm has a 50-day simple moving average of $332.85 and a two-hundred day simple moving average of $193.35. The company has a market capitalization of $113.56 billion, a price-to-earnings ratio of 102.54, a P/E/G ratio of 2.80 and a beta of 2.29. 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 (NASDAQ:APP) last announced its quarterly earnings results on Wednesday, November 6th. The company reported $1.25 earnings per share for the quarter, beating the consensus estimate of $0.92 by $0.33. AppLovin had a return on equity of 122.24% and a net margin of 26.85%. The company had revenue of $1.20 billion during the quarter, compared to analysts’ expectations of $1.13 billion. During the same period last year, the business earned $0.30 earnings per share. AppLovin’s quarterly revenue was up 38.6% on a year-over-year basis. As a group, analysts predict that AppLovin Co. will post 4.06 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Arash Adam Foroughi sold 1,676 shares of the company’s stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $356.39, for a total transaction of $597,309.64. Following the completion of the transaction, the chief executive officer now directly owns 3,058,635 shares of the company’s stock, valued at $1,090,066,927.65. This represents a 0.05 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Victoria Valenzuela sold 15,971 shares of AppLovin stock in a transaction on Thursday, December 19th. The shares were sold at an average price of $313.07, for a total transaction of $5,000,040.97. Following the completion of the sale, the insider now directly owns 372,205 shares in the company, valued at $116,526,219.35. This represents a 4.11 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 888,867 shares of company stock valued at $284,773,062. Corporate insiders own 14.69% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of APP. National Bank of Canada FI grew its holdings in shares of AppLovin by 4.0% during the third quarter. National Bank of Canada FI now owns 1,003 shares of the company’s stock worth $131,000 after buying an additional 39 shares in the last quarter. Versant Capital Management Inc boosted its position in AppLovin by 19.7% during the fourth quarter. Versant Capital Management Inc now owns 322 shares of the company’s stock worth $104,000 after acquiring an additional 53 shares during the last quarter. Great Valley Advisor Group Inc. grew its stake in AppLovin by 2.2% during the 3rd quarter. Great Valley Advisor Group Inc. now owns 2,837 shares of the company’s stock valued at $370,000 after acquiring an additional 60 shares in the last quarter. Fifth Third Bancorp raised its holdings in AppLovin by 172.2% in the 4th quarter. Fifth Third Bancorp now owns 98 shares of the company’s stock valued at $32,000 after acquiring an additional 62 shares during the last quarter. Finally, Avior Wealth Management LLC lifted its stake in AppLovin by 54.7% in the 4th quarter. Avior Wealth Management LLC now owns 215 shares of the company’s stock worth $70,000 after purchasing an additional 76 shares in the last quarter. 41.85% of the stock is owned by hedge funds and other institutional investors.

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.