AppLovin (NASDAQ:APP) Trading Up 7.5% – Here’s Why

AppLovin Corporation (NASDAQ:APP) traded up 7.5% on Friday . The stock traded as high as $482.31 and last traded at $479.5590. 1,538,797 shares changed hands during mid-day trading, a decline of 72% from the average session volume of 5,505,304 shares. The stock had previously closed at $445.93.

Analysts Set New Price Targets

A number of analysts have commented on APP shares. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $660.00 target price on shares of AppLovin in a report on Thursday, May 7th. Benchmark restated a “buy” rating on shares of AppLovin in a research report on Wednesday, June 10th. UBS Group decreased their price objective on AppLovin from $740.00 to $716.00 and set a “buy” rating for the company in a research note on Thursday, May 7th. KeyCorp set a $775.00 price objective on AppLovin in a report on Wednesday, June 10th. Finally, BTIG Research reissued a “buy” rating and issued a $640.00 target price on shares of AppLovin in a research note on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $669.62.

AppLovin Trading Up 7.0%

The company has a quick ratio of 3.24, a current ratio of 3.24 and a debt-to-equity ratio of 1.49. The stock has a market capitalization of $160.27 billion, a P/E ratio of 40.99, a price-to-earnings-growth ratio of 0.78 and a beta of 2.45. The company has a fifty day simple moving average of $497.00 and a two-hundred day simple moving average of $510.88.

AppLovin (NASDAQ:APP) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $3.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.44 by $0.12. The company had revenue of $1.84 billion during the quarter, compared to the consensus estimate of $1.77 billion. AppLovin had a return on equity of 219.37% and a net margin of 64.29%.The company’s revenue for the quarter was up 58.9% compared to the same quarter last year. During the same period in the prior year, the company earned $1.67 earnings per share. On average, sell-side analysts expect that AppLovin Corporation will post 15.97 earnings per share for the current year.

Insider Buying and Selling at AppLovin

In other AppLovin news, insider Victoria Valenzuela sold 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 4th. The stock was sold at an average price of $565.89, for a total value of $11,317,800.00. Following the completion of the transaction, the insider directly owned 243,961 shares in the company, valued at $138,055,090.29. This trade represents a 7.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Eduardo Vivas sold 163,910 shares of the firm’s stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $504.06, for a total transaction of $82,620,474.60. Following the completion of the transaction, the director directly owned 6,785,087 shares of the company’s stock, valued at $3,420,090,953.22. This represents a 2.36% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 389,924 shares of company stock valued at $195,693,875 in the last three months. 13.66% of the stock is currently owned by insiders.

Hedge Funds Weigh In On AppLovin

A number of institutional investors have recently bought and sold shares of the business. State Street Corp increased its holdings in shares of AppLovin by 111.1% during the 3rd quarter. State Street Corp now owns 11,852,466 shares of the company’s stock worth $8,516,471,000 after acquiring an additional 6,237,051 shares during the last quarter. Corient Private Wealth LLC boosted its position in AppLovin by 3,118.6% during the fourth quarter. Corient Private Wealth LLC now owns 4,194,071 shares of the company’s stock worth $2,826,049,000 after purchasing an additional 4,063,763 shares during the period. Norges Bank bought a new position in AppLovin during the fourth quarter worth $2,040,321,000. Capital Research Global Investors acquired a new position in shares of AppLovin in the third quarter valued at $743,899,000. Finally, Northern Trust Corp increased its holdings in shares of AppLovin by 46.8% in the third quarter. Northern Trust Corp now owns 2,374,460 shares of the company’s stock valued at $1,706,144,000 after purchasing an additional 756,660 shares during the last quarter. Institutional investors and hedge funds own 41.85% of the company’s stock.

About AppLovin

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.