AppLovin (NASDAQ:APP) Sees Strong Trading Volume – Here’s What Happened

AppLovin Co. (NASDAQ:APP) shares saw an uptick in trading volume on Friday . 6,112,874 shares were traded during mid-day trading, an increase of 14% from the previous session’s volume of 5,362,742 shares.The stock last traded at $273.20 and had previously closed at $261.70.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on APP shares. Bank of America lifted their price target on AppLovin from $375.00 to $580.00 and gave the stock a “buy” rating in a research note on Thursday, February 13th. Piper Sandler boosted their price target on shares of AppLovin from $400.00 to $575.00 and gave the company an “overweight” rating in a report on Thursday, February 13th. Oppenheimer reaffirmed an “outperform” rating on shares of AppLovin in a research note on Thursday. The Goldman Sachs Group boosted their target price on shares of AppLovin from $220.00 to $335.00 and gave the company a “neutral” rating in a research note on Monday, January 27th. Finally, Citigroup raised their target price on AppLovin from $460.00 to $600.00 and gave the stock a “buy” rating in a research report on Wednesday, February 19th. One analyst has rated the stock with a sell rating, four have given a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $435.47.

AppLovin Stock Up 4.6 %

The company has a market cap of $93.07 billion, a price-to-earnings ratio of 60.07, a PEG ratio of 3.02 and a beta of 2.33. The business has a 50-day simple moving average of $353.26 and a two-hundred day simple moving average of $280.42. The company has a quick ratio of 2.41, a current ratio of 2.41 and a debt-to-equity ratio of 3.70.

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

Insider Activity at AppLovin

In other AppLovin news, CTO Vasily Shikin sold 17,500 shares of the business’s stock in a transaction 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 sale, the chief technology officer now owns 88,389 shares of the company’s stock, valued at $21,359,201.85. The trade was a 16.53 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Arash Adam Foroughi sold 45,000 shares of the firm’s stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $422.21, for a total transaction of $18,999,450.00. Following the transaction, the chief executive officer now owns 2,914,492 shares of the company’s stock, valued at approximately $1,230,527,667.32. This represents a 1.52 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 306,900 shares of company stock worth $106,401,841 in the last ninety days. 14.69% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Mascagni Wealth Management Inc. bought a new position in AppLovin in the 4th quarter valued at $88,000. 111 Capital bought a new position in shares of AppLovin in the fourth quarter valued at about $1,142,000. Wealth Enhancement Advisory Services LLC lifted its position in AppLovin by 2.7% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 105,925 shares of the company’s stock worth $34,302,000 after buying an additional 2,793 shares in the last quarter. NorthCrest Asset Manangement LLC bought a new stake in AppLovin during the 4th quarter worth about $283,000. Finally, Lansforsakringar Fondforvaltning AB publ acquired a new stake in AppLovin in the 4th quarter valued at about $21,804,000. 41.85% of the stock is owned by 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.