AppLovin (NASDAQ:APP) Stock Price Down 3.1% – Here’s What Happened

AppLovin Co. (NASDAQ:APP)’s stock price fell 3.1% on Thursday . The stock traded as low as $312.80 and last traded at $317.48. 3,461,967 shares changed hands during mid-day trading, a decline of 35% from the average session volume of 5,286,038 shares. The stock had previously closed at $327.62.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on APP. Citigroup boosted their target price on shares of AppLovin from $460.00 to $600.00 and gave the stock a “buy” rating in a report on Wednesday, February 19th. Macquarie boosted their price objective on shares of AppLovin from $270.00 to $450.00 and gave the stock an “outperform” rating in a research note on Friday, December 6th. Benchmark raised their target price on shares of AppLovin from $375.00 to $525.00 and gave the company a “buy” rating in a research note on Thursday, February 13th. UBS Group boosted their price target on AppLovin from $440.00 to $630.00 and gave the stock a “buy” rating in a research report on Thursday, February 13th. Finally, Wells Fargo & Company set a $538.00 price objective on AppLovin and gave the company an “overweight” rating in a research report on Thursday, February 27th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, AppLovin presently has a consensus rating of “Moderate Buy” and a consensus target price of $438.28.

AppLovin Trading Down 4.5 %

The company has a debt-to-equity ratio of 3.70, a current ratio of 2.41 and a quick ratio of 2.41. The firm has a market capitalization of $106.33 billion, a P/E ratio of 68.89, a price-to-earnings-growth ratio of 3.02 and a beta of 2.33. The business’s 50-day moving average is $354.67 and its 200 day moving average is $280.55.

AppLovin (NASDAQ:APP) last released its quarterly earnings results on Wednesday, February 12th. The company reported $1.73 earnings per share for the quarter, beating analysts’ consensus estimates of $1.12 by $0.61. AppLovin had a net margin of 33.54% and a return on equity of 188.55%. As a group, analysts anticipate that AppLovin Co. will post 6.87 EPS for the current fiscal year.

Insider Activity

In other news, CTO Vasily Shikin sold 17,500 shares of the business’s stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $241.65, for a total value of $4,228,875.00. Following the completion of the transaction, the chief technology officer now directly owns 88,389 shares in the company, valued at approximately $21,359,201.85. The trade was a 16.53 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Herald Y. Chen sold 200,000 shares of the company’s stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $324.65, for a total transaction of $64,930,000.00. Following the sale, the director now directly owns 621,209 shares of the company’s stock, valued at approximately $201,675,501.85. This trade represents a 24.35 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 306,900 shares of company stock worth $106,401,841. 14.69% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On AppLovin

Institutional investors have recently modified their holdings of the business. GHP Investment Advisors Inc. bought a new position in AppLovin in the fourth quarter valued at about $25,000. Fuller & Thaler Asset Management Inc. acquired a new stake in shares of AppLovin in the 4th quarter valued at approximately $25,000. Riverview Trust Co grew its holdings in shares of AppLovin by 1,640.0% during the 4th quarter. Riverview Trust Co now owns 87 shares of the company’s stock valued at $28,000 after purchasing an additional 82 shares during the last quarter. Tucker Asset Management LLC acquired a new position in AppLovin during the 4th quarter worth approximately $28,000. Finally, Hemington Wealth Management increased its position in AppLovin by 78.4% during the 4th quarter. Hemington Wealth Management now owns 91 shares of the company’s stock worth $29,000 after purchasing an additional 40 shares in the last quarter. Institutional investors and hedge funds own 41.85% of the company’s stock.

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.