AppLovin (NASDAQ:APP) Stock Price Down 13.6% After Insider Selling

AppLovin Co. (NASDAQ:APP)’s share price was down 13.6% during mid-day trading on Wednesday following insider selling activity. The stock traded as low as $288.92 and last traded at $325.82. Approximately 14,780,647 shares changed hands during mid-day trading, an increase of 155% from the average daily volume of 5,794,863 shares. The stock had previously closed at $377.06.

Specifically, CEO Arash Adam Foroughi sold 45,000 shares of AppLovin stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $422.21, for a total transaction of $18,999,450.00. Following the completion of the transaction, the chief executive officer now owns 2,914,492 shares in the company, valued at approximately $1,230,527,667.32. This trade represents a 1.52 % 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 44,400 shares of AppLovin stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $410.89, for a total value of $18,243,516.00. Following the transaction, the chief executive officer now owns 2,869,492 shares of the company’s stock, valued at $1,179,045,567.88. The trade was a 1.52 % decrease in their position. The disclosure for this sale can be found here.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on APP shares. Oppenheimer reiterated an “outperform” rating and set a $560.00 price objective (up previously from $480.00) on shares of AppLovin in a research note on Thursday, February 13th. Macquarie lifted their price objective on AppLovin from $270.00 to $450.00 and gave the company an “outperform” rating in a research note on Friday, December 6th. Wedbush reiterated an “outperform” rating and set a $270.00 price objective (up previously from $170.00) on shares of AppLovin in a research note on Thursday, November 7th. BTIG Research raised their target price on AppLovin from $202.00 to $291.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Finally, Jefferies Financial Group raised their target price on AppLovin from $400.00 to $425.00 and gave the company a “buy” rating in a research report on Wednesday, January 8th. Four equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $442.18.

AppLovin Trading Down 12.2 %

The company has a current ratio of 2.41, a quick ratio of 2.41 and a debt-to-equity ratio of 3.70. The company has a market capitalization of $111.08 billion, a price-to-earnings ratio of 72.91, a PEG ratio of 3.02 and a beta of 2.30. The company has a fifty day moving average of $368.06 and a 200-day moving average of $250.75.

AppLovin (NASDAQ:APP) last posted its quarterly earnings data on Wednesday, February 12th. The company reported $1.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.12 by $0.61. AppLovin had a return on equity of 188.55% and a net margin of 33.54%. As a group, equities research analysts anticipate that AppLovin Co. will post 6.87 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in APP. Private Advisor Group LLC boosted its holdings in shares of AppLovin by 58.0% during the 3rd quarter. Private Advisor Group LLC now owns 11,291 shares of the company’s stock worth $1,474,000 after purchasing an additional 4,147 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of AppLovin by 1.2% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 13,627 shares of the company’s stock worth $1,741,000 after purchasing an additional 157 shares during the last quarter. Arkadios Wealth Advisors acquired a new position in shares of AppLovin during the 3rd quarter worth approximately $292,000. Pallas Capital Advisors LLC boosted its holdings in shares of AppLovin by 3.0% during the 3rd quarter. Pallas Capital Advisors LLC now owns 15,916 shares of the company’s stock worth $2,078,000 after purchasing an additional 459 shares during the last quarter. Finally, abrdn plc boosted its holdings in shares of AppLovin by 784.2% during the 3rd quarter. abrdn plc now owns 49,691 shares of the company’s stock worth $6,487,000 after purchasing an additional 44,071 shares during the last quarter. 41.85% of the stock is currently owned by institutional investors and hedge funds.

AppLovin Company Profile

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.