Y Intercept Hong Kong Ltd Has $17.28 Million Stake in AppLovin Corporation $APP

Y Intercept Hong Kong Ltd raised its stake in AppLovin Corporation (NASDAQ:APP) by 1,763.7% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 43,406 shares of the company’s stock after acquiring an additional 41,077 shares during the quarter. Y Intercept Hong Kong Ltd’s holdings in AppLovin were worth $17,276,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in APP. Revolve Wealth Partners LLC bought a new position in AppLovin in the 4th quarter valued at approximately $294,000. Bison Wealth LLC bought a new stake in shares of AppLovin during the fourth quarter worth $239,000. Integrated Wealth Concepts LLC increased its holdings in shares of AppLovin by 58.0% during the first quarter. Integrated Wealth Concepts LLC now owns 1,692 shares of the company’s stock worth $448,000 after buying an additional 621 shares in the last quarter. NewEdge Advisors LLC increased its holdings in shares of AppLovin by 5.7% during the second quarter. NewEdge Advisors LLC now owns 14,523 shares of the company’s stock worth $5,084,000 after buying an additional 782 shares in the last quarter. Finally, Treasurer of the State of North Carolina lifted its stake in shares of AppLovin by 7.2% in the 2nd quarter. Treasurer of the State of North Carolina now owns 139,189 shares of the company’s stock valued at $48,727,000 after acquiring an additional 9,380 shares during the last quarter. 41.85% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on APP shares. JPMorgan Chase & Co. raised their price objective on AppLovin from $500.00 to $515.00 and gave the company a “neutral” rating in a report on Thursday, May 7th. Needham & Company LLC reaffirmed a “buy” rating and issued a $700.00 target price on shares of AppLovin in a report on Thursday, May 28th. Morgan Stanley reiterated an “overweight” rating on shares of AppLovin in a research report on Wednesday, May 27th. KeyCorp set a $775.00 price target on AppLovin in a research note on Wednesday, June 10th. Finally, Wedbush restated an “outperform” rating and set a $640.00 price target on shares of AppLovin in a report on Thursday, May 7th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, AppLovin currently has a consensus rating of “Moderate Buy” and a consensus price target of $668.27.

AppLovin Price Performance

Shares of NASDAQ:APP opened at $527.06 on Friday. The firm has a market cap of $177.06 billion, a PE ratio of 45.28, a price-to-earnings-growth ratio of 0.91 and a beta of 2.49. The firm’s fifty day moving average is $500.97 and its 200-day moving average is $504.62. The company has a debt-to-equity ratio of 1.49, a quick ratio of 3.24 and a current ratio of 3.24. AppLovin Corporation has a 52 week low of $325.58 and a 52 week high of $745.61.

AppLovin (NASDAQ:APP) last issued its quarterly earnings data on Wednesday, May 6th. The company reported $3.56 earnings per share for the quarter, topping the consensus estimate of $3.44 by $0.12. The company had revenue of $1.84 billion for the quarter, compared to analysts’ expectations of $1.77 billion. AppLovin had a net margin of 64.29% and a return on equity of 219.37%. AppLovin’s revenue for the quarter was up 58.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.67 earnings per share. Sell-side analysts predict that AppLovin Corporation will post 15.96 earnings per share for the current year.

Insider Activity

In other AppLovin news, Director Eduardo Vivas sold 163,910 shares of the company’s stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $504.06, for a total value of $82,620,474.60. Following the sale, the director owned 6,785,087 shares in the company, valued at approximately $3,420,090,953.22. The trade was a 2.36% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Arash Adam Foroughi sold 33,042 shares of the 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 approximately $1,153,755,469.45. The trade was a 1.38% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 389,924 shares of company stock worth $195,693,875. 13.66% of the stock is owned by corporate insiders.

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.