AppLovin (NASDAQ:APP) Stock Price Down 2.3% – What’s Next?

AppLovin Corporation (NASDAQ:APP) dropped 2.3% during mid-day trading on Monday . The stock traded as low as $297.50 and last traded at $298.59. Approximately 4,524,905 shares traded hands during trading, a decline of 21% from the average session volume of 5,754,948 shares. The stock had previously closed at $305.77.

Wall Street Analyst Weigh In

APP has been the subject of several recent research reports. Wedbush dropped their price target on AppLovin from $640.00 to $610.00 and set an “outperform” rating for the company in a research report on Thursday, August 6th. KeyCorp set a $775.00 price objective on AppLovin in a research note on Wednesday, June 10th. Weiss Ratings upgraded AppLovin from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, August 6th. UBS Group cut their target price on AppLovin from $798.00 to $790.00 and set a “buy” rating on the stock in a research report on Thursday, August 6th. Finally, Raymond James Financial began coverage on AppLovin in a research report on Monday, June 29th. They issued a “strong-buy” rating and a $640.00 price target for the company. Three research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $552.74.

AppLovin Trading Up 4.0%

The stock has a fifty day moving average of $419.14 and a 200-day moving average of $446.30. The company has a market cap of $103.92 billion, a PE ratio of 23.87, a PEG ratio of 0.60 and a beta of 2.54. The company has a debt-to-equity ratio of 1.11, a quick ratio of 4.30 and a current ratio of 4.30.

AppLovin (NASDAQ:APP) last released its earnings results on Tuesday, August 4th. The company reported $3.76 earnings per share for the quarter, hitting analysts’ consensus estimates of $3.76. AppLovin had a return on equity of 193.10% and a net margin of 64.58%.The business had revenue of $1.92 billion for the quarter, compared to analyst estimates of $1.94 billion. During the same quarter last year, the firm posted $2.39 earnings per share. The business’s revenue was up 52.8% compared to the same quarter last year. Sell-side analysts anticipate that AppLovin Corporation will post 15.53 EPS for the current fiscal year.

Insider Transactions at AppLovin

In other AppLovin news, CEO Arash Adam Foroughi sold 33,042 shares of the business’s stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $486.95, for a total value of $16,089,801.90. Following the completion of the sale, the chief executive officer directly owned 2,369,351 shares of the company’s stock, valued at $1,153,755,469.45. The trade was a 1.38% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Victoria Valenzuela sold 20,000 shares of the business’s stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $565.89, for a total transaction of $11,317,800.00. Following the completion of the sale, the insider directly owned 243,961 shares of the company’s stock, valued at approximately $138,055,090.29. This trade represents a 7.58% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 303,280 shares of company stock valued at $153,835,185. Company insiders own 12.81% of the company’s stock.

Institutional Trading of AppLovin

Several institutional investors and hedge funds have recently modified their holdings of the stock. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of AppLovin in the second quarter valued at approximately $55,708,000. CYBER HORNET ETFs LLC increased its holdings in AppLovin by 795.2% during the 2nd quarter. CYBER HORNET ETFs LLC now owns 6,669 shares of the company’s stock worth $3,436,000 after purchasing an additional 5,924 shares during the period. California State Teachers Retirement System increased its holdings in AppLovin by 50,874.8% during the 2nd quarter. California State Teachers Retirement System now owns 178,017,633 shares of the company’s stock worth $91,720,025,000 after purchasing an additional 177,668,406 shares during the period. Greenland Capital Management LP bought a new stake in AppLovin during the 2nd quarter valued at $548,000. Finally, Washington Trust Advisors Inc. raised its position in AppLovin by 30.9% during the 2nd quarter. Washington Trust Advisors Inc. now owns 144 shares of the company’s stock valued at $74,000 after purchasing an additional 34 shares in the last quarter. Institutional investors 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.