AppLovin Corporation $APP Shares Acquired by Weiss Asset Management LP

Weiss Asset Management LP lifted its position in AppLovin Corporation (NASDAQ:APP) by 317.6% in the 1st quarter, HoldingsChannel reports. The firm owned 2,280 shares of the company’s stock after purchasing an additional 1,734 shares during the quarter. Weiss Asset Management LP’s holdings in AppLovin were worth $907,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Redhawk Wealth Advisors Inc. raised its position in AppLovin by 2.9% during the 4th quarter. Redhawk Wealth Advisors Inc. now owns 640 shares of the company’s stock worth $431,000 after buying an additional 18 shares during the last quarter. Verdence Capital Advisors LLC boosted its holdings in shares of AppLovin by 5.7% in the 4th quarter. Verdence Capital Advisors LLC now owns 333 shares of the company’s stock valued at $224,000 after acquiring an additional 18 shares during the last quarter. Finivi Inc. increased its stake in shares of AppLovin by 3.2% in the fourth quarter. Finivi Inc. now owns 711 shares of the company’s stock worth $479,000 after acquiring an additional 22 shares during the period. Alta Wealth Advisors LLC increased its stake in shares of AppLovin by 0.6% in the fourth quarter. Alta Wealth Advisors LLC now owns 3,925 shares of the company’s stock worth $2,645,000 after acquiring an additional 24 shares during the period. Finally, Washington Trust Advisors Inc. raised its holdings in shares of AppLovin by 160.0% during the fourth quarter. Washington Trust Advisors Inc. now owns 39 shares of the company’s stock worth $27,000 after purchasing an additional 24 shares during the last quarter. Institutional investors and hedge funds own 41.85% of the company’s stock.

AppLovin Price Performance

AppLovin stock opened at $412.73 on Tuesday. The stock has a market capitalization of $138.65 billion, a P/E ratio of 35.46, a P/E/G ratio of 0.64 and a beta of 2.49. The company’s fifty day moving average price is $497.38 and its 200 day moving average price is $477.57. 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 1 year low of $358.55 and a 1 year high of $745.61.

AppLovin (NASDAQ:APP) last posted its quarterly earnings data on Wednesday, May 6th. The company reported $3.56 earnings per share for the quarter, topping analysts’ consensus estimates of $3.44 by $0.12. The company had revenue of $1.84 billion during 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%. The firm’s revenue for the quarter was up 58.9% on a year-over-year basis. During the same period in the prior year, the business posted $1.67 earnings per share. As a group, equities research analysts anticipate that AppLovin Corporation will post 15.93 earnings per share for the current fiscal year.

Insider Buying and Selling at AppLovin

In related news, CEO Arash Adam Foroughi sold 22,544 shares of the company’s stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $494.98, for a total transaction of $11,158,829.12. Following the completion of the transaction, the chief executive officer owned 2,327,684 shares in the company, valued at $1,152,157,026.32. This represents a 0.96% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Matthew Stumpf sold 9,052 shares of the firm’s stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $600.00, for a total transaction of $5,431,200.00. Following the completion of the transaction, the chief financial officer directly owned 177,450 shares in the company, valued at $106,470,000. This represents a 4.85% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 393,000 shares of company stock valued at $197,297,363. Corporate insiders own 12.81% of the company’s stock.

Analyst Ratings Changes

APP has been the subject of several analyst reports. Citigroup reissued a “buy” rating on shares of AppLovin in a report on Monday, June 22nd. Weiss Ratings lowered AppLovin from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday. Wells Fargo & Company lifted their price target on AppLovin from $571.00 to $575.00 and gave the company an “overweight” rating in a research report on Tuesday, July 7th. Benchmark reissued a “buy” rating on shares of AppLovin in a report on Wednesday, June 10th. Finally, Wedbush restated an “outperform” rating and issued a $640.00 price objective on shares of AppLovin in a research report on Thursday, May 7th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $668.45.

AppLovin Profile

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.