Shares of AppLovin Co. (NASDAQ:APP – Get Free Report) dropped 2.4% during mid-day trading on Wednesday . The stock traded as low as $139.40 and last traded at $140.31. Approximately 880,940 shares traded hands during trading, a decline of 79% from the average daily volume of 4,173,668 shares. The stock had previously closed at $143.81.
Wall Street Analysts Forecast Growth
Several research firms have weighed in on APP. The Goldman Sachs Group downgraded AppLovin from a “buy” rating to a “neutral” rating and raised their price target for the stock from $103.00 to $150.00 in a research report on Monday. Wedbush dropped their price target on AppLovin from $100.00 to $90.00 and set an “outperform” rating for the company in a research report on Thursday, August 8th. UBS Group raised AppLovin from a “neutral” rating to a “buy” rating and raised their price target for the stock from $100.00 to $145.00 in a research report on Tuesday, September 17th. Jefferies Financial Group raised their price target on AppLovin from $105.00 to $108.00 and gave the stock a “buy” rating in a research report on Tuesday, September 10th. Finally, Oppenheimer reissued an “outperform” rating and set a $105.00 price target (up previously from $97.00) on shares of AppLovin in a research report on Thursday, August 8th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $110.01.
AppLovin Stock Performance
The company has a quick ratio of 2.28, a current ratio of 2.28 and a debt-to-equity ratio of 4.27. The company has a 50 day moving average of $107.75 and a 200 day moving average of $88.84. The firm has a market cap of $47.33 billion, a price-to-earnings ratio of 85.60, a PEG ratio of 2.07 and a beta of 1.92.
AppLovin (NASDAQ:APP – Get Free Report) last released its quarterly earnings results on Wednesday, August 7th. The company reported $0.89 EPS for the quarter, topping the consensus estimate of $0.77 by $0.12. The business had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $1.08 billion. AppLovin had a return on equity of 84.16% and a net margin of 20.89%. The company’s revenue was up 44.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.22 earnings per share. As a group, equities research analysts expect that AppLovin Co. will post 3.46 EPS for the current fiscal year.
Insider Activity at AppLovin
In other news, Director Dawson Alyssa Harvey sold 1,500 shares of the company’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $87.90, for a total transaction of $131,850.00. Following the completion of the transaction, the director now directly owns 10,247 shares of the company’s stock, valued at approximately $900,711.30. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Dawson Alyssa Harvey sold 1,500 shares of the company’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $87.90, for a total transaction of $131,850.00. Following the completion of the transaction, the director now directly owns 10,247 shares of the company’s stock, valued at approximately $900,711.30. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Matthew Stumpf sold 60,615 shares of the company’s stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $79.63, for a total value of $4,826,772.45. Following the transaction, the chief financial officer now directly owns 254,458 shares of the company’s stock, valued at $20,262,490.54. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 610,094 shares of company stock valued at $51,022,478 over the last three months. 14.69% of the stock is owned by insiders.
Hedge Funds Weigh In On AppLovin
A number of institutional investors and hedge funds have recently added to or reduced their stakes in APP. EP Wealth Advisors LLC lifted its position in shares of AppLovin by 22.0% during the 4th quarter. EP Wealth Advisors LLC now owns 10,204 shares of the company’s stock valued at $407,000 after acquiring an additional 1,840 shares during the last quarter. Wellington Management Group LLP lifted its position in shares of AppLovin by 1,642.4% during the 4th quarter. Wellington Management Group LLP now owns 182,033 shares of the company’s stock valued at $7,254,000 after acquiring an additional 171,586 shares during the last quarter. Los Angeles Capital Management LLC lifted its position in shares of AppLovin by 76.8% during the 1st quarter. Los Angeles Capital Management LLC now owns 415,501 shares of the company’s stock valued at $28,761,000 after acquiring an additional 180,459 shares during the last quarter. GAMMA Investing LLC lifted its position in shares of AppLovin by 13.6% during the 1st quarter. GAMMA Investing LLC now owns 1,285 shares of the company’s stock valued at $89,000 after acquiring an additional 154 shares during the last quarter. Finally, Fulton Bank N.A. acquired a new stake in shares of AppLovin during the 1st quarter valued at $464,000. 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.