AppLovin (NYSE:APP) Shares Down 4.1%

AppLovin Co. (NYSE:APP) traded down 4.1% during mid-day trading on Monday . The stock traded as low as $75.61 and last traded at $76.24. 5,740 shares changed hands during mid-day trading, a decline of 99% from the average session volume of 1,110,609 shares. The stock had previously closed at $79.47.

APP has been the topic of a number of research analyst reports. Stifel Nicolaus raised shares of AppLovin from a “hold” rating to a “buy” rating and increased their price target for the stock from $65.00 to $90.00 in a report on Thursday, September 9th. Macquarie started coverage on shares of AppLovin in a research report on Tuesday, August 31st. They issued an “outperform” rating and a $90.00 target price for the company. JPMorgan Chase & Co. raised their target price on shares of AppLovin from $83.00 to $95.00 and gave the stock an “overweight” rating in a research report on Thursday. Morgan Stanley raised shares of AppLovin from an “underweight” rating to an “equal weight” rating and lowered their price target for the company from $68.00 to $60.00 in a research report on Monday, August 16th. Finally, Citigroup upped their price target on shares of AppLovin from $69.00 to $81.00 and gave the company a “buy” rating in a research note on Friday, June 4th. One research analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Buy” and an average price target of $79.08.

The business’s 50 day simple moving average is $67.96. The company has a current ratio of 2.85, a quick ratio of 2.85 and a debt-to-equity ratio of 0.87.

AppLovin (NYSE:APP) last announced its quarterly earnings data on Tuesday, August 10th. The company reported $0.04 earnings per share for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.01). As a group, research analysts anticipate that AppLovin Co. will post 0.26 earnings per share for the current year.

In related news, CFO Herald Y. Chen purchased 25,000 shares of AppLovin stock in a transaction dated Tuesday, August 17th. The shares were acquired at an average price of $60.00 per share, for a total transaction of $1,500,000.00. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, major shareholder John Krystynak sold 13,139 shares of the business’s stock in a transaction dated Wednesday, August 18th. The shares were sold at an average price of $65.14, for a total transaction of $855,874.46. Following the completion of the sale, the insider now owns 24,049,719 shares in the company, valued at $1,566,598,695.66. The disclosure for this sale can be found here. Insiders sold a total of 153,169 shares of company stock worth $11,117,179 in the last 90 days. 1.90% of the stock is currently owned by insiders.

Several institutional investors have recently added to or reduced their stakes in APP. Banque Cantonale Vaudoise acquired a new stake in AppLovin in the second quarter valued at $38,000. Steward Partners Investment Advisory LLC acquired a new stake in shares of AppLovin in the second quarter valued at about $52,000. Royal Bank of Canada acquired a new stake in AppLovin during the 2nd quarter valued at approximately $62,000. Sandy Spring Bank acquired a new position in shares of AppLovin in the 2nd quarter worth approximately $75,000. Finally, Citigroup Inc. bought a new stake in shares of AppLovin in the 2nd quarter worth approximately $102,000. Institutional investors and hedge funds own 35.80% of the company’s stock.

AppLovin Company Profile (NYSE:APP)

AppLovin Corporation engages in building a software-based platform for mobile app developers to enhance the marketing and monetization of their apps worldwide. The company's software solutions include AppDiscovery, a solution to automate, optimize, and manage user acquisition investments for business clients; and MAX, an in-app bidding solution that optimizes purchases of app ad inventory.

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