AppLovin (NASDAQ:APP) Announces Earnings Results

AppLovin (NASDAQ:APP) issued its quarterly earnings data on Wednesday. The company reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.57 by $0.10, Briefing.com reports. AppLovin had a return on equity of 24.69% and a net margin of 10.84%. The company had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $973.70 million. During the same period last year, the business earned ($0.01) earnings per share. The business’s revenue was up 47.9% on a year-over-year basis. AppLovin updated its Q2 2024 guidance to EPS.

AppLovin Stock Up 18.2 %

APP traded up $13.49 during trading on Thursday, hitting $87.49. The company had a trading volume of 8,364,780 shares, compared to its average volume of 4,084,283. The firm’s 50-day moving average price is $69.60 and its 200 day moving average price is $51.97. The company has a market capitalization of $28.82 billion, a PE ratio of 87.87, a PEG ratio of 1.48 and a beta of 1.85. The company has a quick ratio of 1.71, a current ratio of 1.71 and a debt-to-equity ratio of 2.31. AppLovin has a one year low of $17.57 and a one year high of $88.50.

Insider Buying and Selling at AppLovin

In other news, insider Victoria Valenzuela sold 2,890 shares of the firm’s stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $57.76, for a total transaction of $166,926.40. Following the completion of the transaction, the insider now directly owns 546,560 shares of the company’s stock, valued at approximately $31,569,305.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director Craig Scott Billings sold 5,550 shares of AppLovin stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $58.33, for a total transaction of $323,731.50. Following the completion of the sale, the director now owns 12,739 shares of the company’s stock, valued at approximately $743,065.87. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Victoria Valenzuela sold 2,890 shares of the firm’s stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $57.76, for a total transaction of $166,926.40. Following the sale, the insider now owns 546,560 shares of the company’s stock, valued at $31,569,305.60. The disclosure for this sale can be found here. Insiders have sold 61,215 shares of company stock valued at $4,416,815 in the last 90 days. 14.69% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages have commented on APP. TheStreet upgraded AppLovin from a “d+” rating to a “c-” rating in a research report on Friday, March 8th. BTIG Research lifted their price target on shares of AppLovin from $87.00 to $100.00 and gave the stock a “buy” rating in a research report on Thursday. Jefferies Financial Group started coverage on shares of AppLovin in a report on Thursday, May 2nd. They issued a “buy” rating and a $93.00 price objective on the stock. Stifel Nicolaus lifted their target price on shares of AppLovin from $85.00 to $98.00 and gave the stock a “buy” rating in a report on Thursday. Finally, Needham & Company LLC reissued a “hold” rating on shares of AppLovin in a research note on Thursday. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat.com, AppLovin currently has an average rating of “Moderate Buy” and a consensus target price of $67.48.

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.