Y Intercept Hong Kong Ltd Purchases 33,305 Shares of AppLovin Corporation $APP

Y Intercept Hong Kong Ltd grew its position in shares of AppLovin Corporation (NASDAQ:APP) by 339.5% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 43,114 shares of the company’s stock after purchasing an additional 33,305 shares during the quarter. AppLovin makes up about 0.4% of Y Intercept Hong Kong Ltd’s investment portfolio, making the stock its 24th largest position. Y Intercept Hong Kong Ltd’s holdings in AppLovin were worth $15,093,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Hilltop National Bank purchased a new stake in AppLovin in the second quarter worth approximately $26,000. Bartlett & CO. Wealth Management LLC purchased a new position in shares of AppLovin during the first quarter worth approximately $29,000. SouthState Corp bought a new stake in shares of AppLovin in the 1st quarter worth approximately $29,000. Cornerstone Planning Group LLC boosted its stake in shares of AppLovin by 428.0% in the 1st quarter. Cornerstone Planning Group LLC now owns 132 shares of the company’s stock valued at $33,000 after purchasing an additional 107 shares in the last quarter. Finally, Hoey Investments Inc. purchased a new stake in shares of AppLovin in the 2nd quarter valued at $35,000. 41.85% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, CTO Vasily Shikin sold 30,000 shares of the company’s stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $437.57, for a total transaction of $13,127,100.00. Following the completion of the transaction, the chief technology officer directly owned 3,360,104 shares of the company’s stock, valued at approximately $1,470,280,707.28. This represents a 0.88% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Arash Adam Foroughi sold 90,000 shares of the company’s stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $421.04, for a total transaction of $37,893,600.00. Following the transaction, the chief executive officer directly owned 2,620,054 shares of the company’s stock, valued at approximately $1,103,147,536.16. This trade represents a 3.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,156,788 shares of company stock valued at $514,863,333. 13.66% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts have issued reports on APP shares. Weiss Ratings lowered shares of AppLovin from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Friday. Morgan Stanley upped their price target on shares of AppLovin from $480.00 to $750.00 and gave the company an “overweight” rating in a research report on Monday, September 29th. Citigroup upped their price target on shares of AppLovin from $600.00 to $850.00 and gave the company a “buy” rating in a research report on Wednesday, October 1st. Royal Bank Of Canada started coverage on shares of AppLovin in a research report on Monday, October 13th. They set an “outperform” rating and a $700.00 price target for the company. Finally, Benchmark upped their price target on shares of AppLovin from $525.00 to $640.00 and gave the company a “buy” rating in a research report on Monday, September 15th. One analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $605.13.

AppLovin Stock Performance

Shares of NASDAQ:APP opened at $620.00 on Monday. The company has a market cap of $209.72 billion, a price-to-earnings ratio of 88.07, a price-to-earnings-growth ratio of 3.37 and a beta of 2.53. The company has a 50-day moving average price of $569.09 and a 200-day moving average price of $425.20. The company has a current ratio of 2.74, a quick ratio of 2.74 and a debt-to-equity ratio of 3.01. AppLovin Corporation has a 12 month low of $158.33 and a 12 month high of $745.61.

AppLovin (NASDAQ:APP) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $2.26 EPS for the quarter, beating the consensus estimate of $2.05 by $0.21. The firm had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $1.37 billion. AppLovin had a net margin of 45.72% and a return on equity of 252.67%. The company’s quarterly revenue was up 77.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.89 earnings per share. As a group, equities analysts anticipate that AppLovin Corporation will post 6.87 EPS for the current 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.