AppLovin Co. (NASDAQ:APP) Sees Large Decrease in Short Interest

AppLovin Co. (NASDAQ:APP) saw a significant decrease in short interest during the month of October. As of October 31st, there was short interest totalling 18,790,000 shares, a decrease of 14.1% from the October 15th total of 21,880,000 shares. Approximately 9.4% of the shares of the company are short sold. Based on an average daily volume of 4,630,000 shares, the days-to-cover ratio is currently 4.1 days.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on APP shares. Loop Capital increased their target price on shares of AppLovin from $181.00 to $385.00 and gave the stock a “buy” rating in a research note on Monday, November 11th. The Goldman Sachs Group cut AppLovin from a “buy” rating to a “neutral” rating and lifted their price objective for the stock from $103.00 to $150.00 in a report on Monday, October 14th. Daiwa America upgraded AppLovin from a “hold” rating to a “strong-buy” rating in a report on Friday, November 8th. Oppenheimer lifted their price objective on AppLovin from $180.00 to $260.00 and gave the stock an “outperform” rating in a report on Thursday, November 7th. Finally, Bank of America lifted their price objective on AppLovin from $100.00 to $120.00 and gave the stock a “buy” rating in a report on Wednesday, September 11th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $194.31.

AppLovin Stock Up 2.3 %

APP stock opened at $291.09 on Monday. The firm has a market cap of $97.69 billion, a PE ratio of 88.21, a PEG ratio of 3.58 and a beta of 1.86. The company has a debt-to-equity ratio of 3.70, a quick ratio of 2.41 and a current ratio of 2.41. The firm’s 50 day moving average price is $159.14 and its 200-day moving average price is $109.11. AppLovin has a one year low of $35.79 and a one year high of $302.55.

AppLovin (NASDAQ:APP) last released its quarterly earnings results on Wednesday, November 6th. The company reported $1.25 EPS for the quarter, beating the consensus estimate of $0.92 by $0.33. The firm had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.13 billion. AppLovin had a net margin of 26.85% and a return on equity of 122.24%. The business’s revenue for the quarter was up 38.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.30 EPS. On average, equities research analysts anticipate that AppLovin will post 4.06 EPS for the current year.

Insider Buying and Selling at AppLovin

In other news, insider Victoria Valenzuela sold 14,166 shares of the stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $89.98, for a total transaction of $1,274,656.68. Following the sale, the insider now directly owns 352,616 shares of the company’s stock, valued at $31,728,387.68. This represents a 3.86 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CTO Vasily Shikin sold 154,500 shares of the stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $84.14, for a total transaction of $12,999,630.00. Following the sale, the chief technology officer now directly owns 4,530,455 shares in the company, valued at approximately $381,192,483.70. The trade was a 3.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 235,542 shares of company stock valued at $32,012,275. 14.69% of the stock is owned by insiders.

Institutional Trading of AppLovin

Institutional investors have recently made changes to their positions in the company. Mitsubishi UFJ Trust & Banking Corp raised its position in shares of AppLovin by 9,470.1% during the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 250,641 shares of the company’s stock valued at $17,336,000 after buying an additional 248,022 shares during the period. WCM Investment Management LLC increased its holdings in AppLovin by 10.5% in the 3rd quarter. WCM Investment Management LLC now owns 10,820,409 shares of the company’s stock valued at $1,382,307,000 after purchasing an additional 1,029,009 shares during the last quarter. Oppenheimer Asset Management Inc. increased its holdings in AppLovin by 10.0% in the 3rd quarter. Oppenheimer Asset Management Inc. now owns 26,351 shares of the company’s stock valued at $3,440,000 after purchasing an additional 2,385 shares during the last quarter. Acadian Asset Management LLC increased its holdings in AppLovin by 2,081.4% in the 1st quarter. Acadian Asset Management LLC now owns 16,339 shares of the company’s stock valued at $1,127,000 after purchasing an additional 15,590 shares during the last quarter. Finally, Smithbridge Asset Management Inc. DE acquired a new stake in AppLovin in the 3rd quarter valued at approximately $7,086,000. Hedge funds and other institutional investors own 41.85% of the company’s stock.

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.