AppLovin (NASDAQ:APP) Shares Up 2.5% – Here’s What Happened

AppLovin Corporation (NASDAQ:APP) shot up 2.5% during trading on Wednesday . The stock traded as high as $643.58 and last traded at $632.92. 2,893,198 shares traded hands during trading, a decline of 32% from the average session volume of 4,233,429 shares. The stock had previously closed at $617.24.

Analyst Ratings Changes

A number of analysts recently commented on APP shares. 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 note on Monday, September 29th. Scotiabank raised their price target on AppLovin from $575.00 to $750.00 and gave the stock an “outperform” rating in a report on Thursday, November 6th. Wells Fargo & Company lifted their price target on AppLovin from $633.00 to $721.00 and gave the company an “overweight” rating in a research report on Friday, November 7th. Weiss Ratings reissued a “buy (b-)” rating on shares of AppLovin in a report on Monday, December 29th. Finally, The Goldman Sachs Group lifted their target price on AppLovin from $630.00 to $720.00 and gave the company a “neutral” rating in a report on Friday, November 7th. One investment analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $695.90.

AppLovin Stock Performance

The company has a debt-to-equity ratio of 2.38, a quick ratio of 3.25 and a current ratio of 3.25. The stock has a market cap of $213.90 billion, a PE ratio of 76.81, a PEG ratio of 2.09 and a beta of 2.50. The company’s 50-day moving average price is $638.84 and its two-hundred day moving average price is $539.20.

AppLovin (NASDAQ:APP) last announced its earnings results on Wednesday, November 5th. The company reported $2.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.34 by $0.11. AppLovin had a net margin of 51.27% and a return on equity of 258.49%. The company had revenue of $1.41 billion during the quarter, compared to analyst estimates of $1.34 billion. During the same period in the previous year, the business earned $1.29 earnings per share. The firm’s quarterly revenue was up 68.2% compared to the same quarter last year. On average, equities research analysts forecast that AppLovin Corporation will post 6.87 EPS for the current year.

Insider Activity at AppLovin

In other AppLovin news, Director Eduardo Vivas sold 150,000 shares of the stock in a transaction that occurred on Monday, November 10th. The shares were sold at an average price of $650.91, for a total transaction of $97,636,500.00. Following the transaction, the director directly owned 7,133,292 shares in the company, valued at $4,643,131,095.72. This trade represents a 2.06% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Arash Adam Foroughi sold 30,888 shares of AppLovin stock in a transaction that occurred on Friday, November 21st. The stock was sold at an average price of $520.29, for a total transaction of $16,070,717.52. Following the transaction, the chief executive officer directly owned 2,553,161 shares in the company, valued at $1,328,384,136.69. This trade represents a 1.20% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 340,336 shares of company stock valued at $200,062,623. Corporate insiders own 13.66% of the company’s stock.

Hedge Funds Weigh In On AppLovin

Large investors have recently added to or reduced their stakes in the business. Hilltop National Bank bought a new position in shares of AppLovin during the second quarter valued at about $26,000. LFA Lugano Financial Advisors SA bought a new position in AppLovin during the 2nd quarter worth approximately $26,000. Board of the Pension Protection Fund bought a new position in AppLovin during the 4th quarter worth approximately $27,000. Chilton Capital Management LLC purchased a new position in AppLovin in the 3rd quarter worth approximately $29,000. Finally, Activest Wealth Management lifted its position in AppLovin by 760.0% in the third quarter. Activest Wealth Management now owns 43 shares of the company’s stock valued at $31,000 after purchasing an additional 38 shares during the last quarter. Hedge funds and other institutional investors own 41.85% of the company’s stock.

AppLovin Company Profile

AppLovin Corporation is a Palo Alto–based mobile technology company that provides software and services to help app developers grow and monetize their businesses. The company operates a data-driven advertising and marketing platform that connects app publishers and advertisers, delivering tools for user acquisition, monetization, analytics and creative optimization. AppLovin’s technology is integrated into a broad set of mobile applications through software development kits (SDKs) and ad products designed to maximize revenue and engagement for developers.

Key components of AppLovin’s offering include an ad mediation and exchange platform that enables publishers to manage and monetize inventory across multiple demand sources, and a user-acquisition platform that helps advertisers target and scale campaigns.